You should be ware of an investment-related news story, and I want to assure you that your investments with Del Monte Group will not be affected by this story in any way.
As you may have heard, on Thursday, December 11th Bernard L. Madoff, of Madoff Investment Securities LLC, was arrested in what prosecutors say was a $50 billion scheme to defraud investors. The 70-year-old Madoff (MAY-doff) was well respected in the investment community after having served as chairman of the NASDAQ Stock Market. According to charges against Mr. Madoff, instead of investing clients’ money, his firm paid off earlier investors with money from new investors and pocketed the difference. This fits the classic definition of a Ponzi scheme and makes it the largest in history. Some investors claim they've been wiped out, while others are still likely to come forward.
The list of prominent fraud victims is long. According to a person familiar with the business of the real estate and publishing magnate Mort Zuckerman, he is on a list of victims that already included the owners of the New York Mets, a former owner of the Philadelphia Eagles and the chairman of GMAC. The scheme unraveled as markets declined and many investors who lost money elsewhere sought to withdraw money from their investments with Mr. Madoff.
The media–in typical fashion–claims this scandal is far-reaching, as Madoff managed money for some large international banks and various domestic hedge funds. We want to assure you that we had no dealings with him or his firm. Nor to our knowledge have any of the funds we use in your portfolio.
We don’t expect any additional fallout here in the US, except for greater distrust of the financial system among the poor investors that have had to endure so much this year. I think I speak for compliance officers nationwide when I say that what Madoff did is vile and infuriating. We work hard to earn and keep your trust, and we have so many policies and procedures in place to make sure that we always act in your best interest.
I am happy to answer any questions you have on this topic, our compliance program, custodian, or anything else that might be on your mind.
Wishing you and your family all the best this holiday season!
Are you looking for life-long financial planning support beyond traditional wealth management? Then Del Monte Group is the right place for you. At DMG, we address a client’s entire lifestyle to help make all goals become a reality–even if they aren’t directly related to money. Our clients are more than just assets and investments. They are human beings with their own stories, and they are our family. So, when you’re in the greater Alamo or Danville, California area our door is always open to assist you in person Call us at 925.736.6410, send an email to Info@APlaceOfPossibility.com, visit APlaceOfPossibility.com/Calendar to get your meeting on the books. We can't wait to help you.