Which US banker and financier was arrested in 2008 and accused of embezzling up to $50 million?
Hedge fund do their own research, which may cost on the scale of US$50,000 for a fund that is not well-established. A lack of verification of financial documents by investors or by independent auditors has, in some cases, assisted in fraud. In the mid-2000s, Kirk Wright of International Management Associates was accused of mail fraud and other securities violations which allegedly defrauded clients of close to US$180 million. In December 2008, Bernard Madoff was arrested for running a US$50 billion Ponzi scheme that closely resembled a hedge fund and was incorrectly described as one. Several feeder hedge funds, of which the largest
Corruption in Angola revealed by the Portuguese newspaper "Diário de Notícias" in June 2011. Several key employees of the Angolan Finance Ministry and the BNA in Luande were sentenced to up to eight years in prison in 2011. There are still investigations going on in Portugal and Angola. In 2010, 18 low-level employees of the central bank and finance ministry were arrested for embezzling roughly 137 million USD. In 2010, a US senate corruption investigation committee reported that, "Aguinaldo Jaime, who served as the governor of the National Bank of Angola from 1999 to 2002, initiated a series of suspicious US$ 50 million