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Until collapsing, he reputedly never had a losing year, a clear sign something was wrong, but as long as the good times lasted, who cared - including the SEC, advised of his Ponzi scheme but ignored it. The signals were obvious:
-- "constant high returns;
-- unmatched by any other broker;
-- a lack of third party oversight;
-- a backroom accounting firm physically incapable of auditing the multi-billion dollar operation;
-- a broker-dealer operation directly under his thumb; and"
-- an atmosphere of total secrecy.
Once exposed, it turned out that some of Wall Street's "biggest exploiters and smartest swindlers were completely 'taken' by one of their own....There is nothing worse for the ego of a respectable swindler than to be trumped" by an even bigger one and to have it go on for so long.
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