EFS Release - January 21, 2009

MADOFF Scandal, a little portrait of the fraud in the international stock market and financial system.

Operating from ...

34 pension funds

The 9 biggest business groups, in the main sectors of the global economy

The Brazilian Securities and Exchange Commission (CVM)

The main Banks in Latin America

More than US$ 500 billion in net assets

More than US$ 3 trillion in assets

The biggest scandal in the international stock market and financial system

How one person managed to keep secret for such a long time this fraud, even publishing monthly reports, annual fiscal statements, bank transactions and several financial transactions.

One of the biggest frauds against the USA financial system was revealed last Thursday. The Nasdaq former president, Mr. Bernard Madoff, was arrested for fraud against the international financial system. It has been causing global damages estimated in US$ 50 billion.

The Securities and Exchange Commission - SEC, a government division that oversees the USA stock market, had never examined the Madoff accountancy books. A curious fact is that Madoff used to be a SEC's advisor regarding to the stock market regulation, besides that he is a regular donator for political campaigns.

This fraud scheme in hedge funds brought several losses to many Brazilian investors, especially those who invest in the Fairfield Sentry Fund.

The Brazilian Exchange Commission – CVM through its president, informs that there is not anything like that in Brazil.

They are wrong!!! It has been insistently brought to the public attention the Eletrobras case, a scandal that is bigger than the Madoff one.

In the Eletrobras scandal there are frauds in the balance sheets, a liability of billions of dollars, the lack of debentures/bearer bonds convertibility in preferred shares, illegal appropriation of capital, illegal dividends distribution to BNDES, BNDESPAR, CAIXA ECONOMICA FEDERAL and the BRAZILIAN GOVERNMENT to the detriment of the other stockholders. 

A little coincidence with the Madoff case is that the Eletrobras controller partner points out the CVM president, the Brazilian government division that regulates the stock market.

However, there is not a similar fraud in Brazil, only a much bigger one, according to our denunciation received by members of the SEC’s staff, and also forwarded to the chairmen of the FED, NYSE, US DEFENSE DEPARTMENT, UN, COSRA, WTO and the WORLD BANK. (Click here and learn more about the denunciation)

Therefore, we ratify the letter we have send so as to warn you and we request a prudent research regarding this matter due to its complexity and relevance.

Best regards,

Édison Freitas de Siqueira

>> See the flowchart and understand de Brazilian fraud to the stock market and international investors.

>> Click here if you want to know more about this fraud.

>> Read the article "Debêntures Eletrobrás & Empréstimo Compulsório"

>> Read the article "O Bilionário Caso Eletrobrás - Banco Mundial - Relatório ROSC e Imprensa".

>> Contact us.

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