Bernie Madoff/Steven Kazan — Steven Kazan/Bernie Madoff.
The comparisons are undeniable. Both misappropriated billions of dollars. Both enriched friends/family at the expense of victims. Both held themselves out “pioneers” while committing vast fraud. Both will leave a legacy of fraud and bad faith impacting tens of thousands of victims solely to enrich themselves. Unfortunately, only one of them is in jail. Madoff. The other (Kazan) continues to misappropriate funds from asbestos claimant. The difference? In every Asbestos Trust Kazan inserts a “License to Commit Fraud” thus allowing him to continue his wrath of dishonesty (i.e. …“No Asbestos Claimants’ Representative are to have or incur any liability to any Entity for any act or omissions arising out of the Chapter 11 cases or during the entirety of the Chapter 11 cases). 2 Criminals (although only one has been convicted – Madoff) – 2 “Losers” – 2 of the biggest fund frauds in history – 2 very bad individuals.
Let’s look at a side by side comparison of the 2 “Frauds” Kazan and Madoff:
- Theft/Misappropriation of Billions of Dollars – Both Kazan and Madoff misappropriated Billions of Dollars. Madoff misappropriated from investors to himself, friends and family. Kazan misappropriated from Asbestos Victims to himself, friends, family, “interested” and dishonest lawyers (this is ongoing).
- Fraudulent Holding Themselves out as Experts in Their Field – Both Kazan and Madoff fraudulently held themselves out as “experts” in their fields. Madoff in investments. Kazan in asbestos litigation.
- Used “Stolen” Money to Enrich Family and Friends – Again – Kazan is even ‘worse’ than Madoff here. Both have diverted millions/billions to friends and family victims. But Kazan is stealing from Asbestos Victims Trust Funds (those individuals who Kazan is paid as a Fiduciary to protect). Every single asbestos victim who files a claim with an asbestos trust receives LESS money because of Kazan’s theft (if they get compensated at all).
- Lied in Annual Reports and Annual Filings to the Government to continue the concealment of Fraud: Madoff admitted this conduct. For Kazan – one just has to look at the Annual Reports for the Trusts in which he “serves”. Millions diverted to interested parties (ex-asbestos defense lawyers) friends and family members. Both used Partners, family and ‘cronies’ as front men for their fraud. Kazan regularly uses his dishonest partner David McClain. Madoff used family members and friends…
- Ruining the Lives of Thousands of Victims due to their Greed, Theft and Fraud: Both Kazan and Madoff ruined the lives of thousands of victims. Madoff, but stealing their retirement. Kazan, by stealing and corrupting Asbestos Trust Funds (so they’re ‘unavailable’ for future victims)
- Concocted Fraudulent Rules to Allow for the Theft of Millions – Both Madoff and Kazan “made up” their own Rules despite being Fiduciaries – allowing them to divert millions to themselves, family and friends.
- GIVING JEWS A BAD NAME – Every negative stereotype applied to those of Jewish Descent is applicable to Kazan and Madoff. “Money Grubbing”. “All about Money”. “Ganevs” (Thieves). “Thinking they are ‘chosen ones’ to commit fraud” Both Kazan and Madoff have set individuals of Jewish Descent (including the author) back DECADES in dealing the anti-semitism, racism and hate. Every negative stereotype of Jews is defined by their conduct.