SLOW burn Bernie

I've moaned about how slow things are to move against Irish fraudsters when compared to how quick the US authorities moved against Bernie Madoff. His sons blew the whistle in October 2008 and by March 2009 he was serving a life sentence. There's nothing like the immediate threat of jail to uncover any hidden stashes of money. But it seems the US financial watchdogs have not covered themselves in glory. Self-confessed 'Greek geek' Harry Markopolos has written No One Would Listen about his ten year battle to expose Madoff as a fraud. He was pointing the finger long before Madoff was forced to admit he was a conman. Check out this very interesting extract here.

FRAUDSTER'S Paradise

Consider that four days ago art dealer Lawrence Salander was charged with stealing $88.5 million from his clients. It appears to be a pretty grubby ponzi-scheme. Lawsuits started against him last October and by November he declared bankruptcy. It took six months for criminal charges to be brought against him. He's small-time compared to Bernie Madoff and his $64 billion scam. Madoff confessed to his sons on 10 December last year, he was arrested on 11 December and jailed on 12 March - three months from start to finish.
Irish lawyer Michael Lynn exploited the idiotic regulations to take out multiple mortgages on properties. He used the cash to expand his property developing business. Lynn owes financial institutions €82.5 million. People have lost their family homes because Lynn didn't pay-off outstanding mortgages as promised. The Law Society appointed an officer to investigate his practice in September 2007, the High Court shut down his law business in October that year. Two judges referred documents to the Garda Fraud Squad and the Director of Public Prosecutions. Now, 18 months later Michael Lynn remains free to run his property firms. No criminal charges have been brought against him. A High Court bench warrant was issued but can only be executed if he sets foot in Ireland. The Madoff case was done and dusted in a sixth of the time since Lynn's fraud came to light. Truly then Ireland is the fraudster's paradise.