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The World's Largest Hedge Fund Is A Fraud

In Appendices 2 and 3 we list the fleets that will have reached the end of their nominal term of use, in the context of the IIP, by the end of CP5 and by the end of CP6 respectively. Determining whether continued operation is appropriate will also be influenced by the incremental cost of providing PRM-TSI 5 compliance and ETCS functionality. Much will depend on the attractiveness of specifications and lease rentals for continued operation of current vehicles offered by ROSCOs measured against the capabilities and capital and financing costs of new trains. These trade-offs will be tested for. | The World s Largest Hedge Fund is a Fraud November 7 2005 Submission to the SEC Madoff Investment Securities LLC www.madoff.com Opening Remarks I am the original source for the information presented herein having first presented my rationale both verbally and in writing to the SEC s Boston office in May 1999 before any public information doubting Madoff Investment Securities LLC appeared in the press. There was no whistleblower or insider involved in compiling this report. I used the Mosaic Theory to assemble my set of observations. My observations were collected first-hand by listening to fund of fund investors talk about their investments in a hedge fund run by Madoff Investment Securities LLC a SEC registered firm. I have also spoken to the heads of various Wall Street equity derivative trading desks and every single one of the senior managers I spoke with told me that Bernie Madoff was a fraud. Of course no one wants to take undue career risk by sticking their head up and saying the emperor isn t wearing any clothes but. I am a derivatives expert and have traded or assisted in the trading of several billion us in options strategies for hedge funds and institutional clients. I have experience managing splitstrike conversion products both using index options and using individual stock options both with and without index puts. Very few people in the world have the mathematical background needed to manage these types of products but I am one of them. I have outlined a detailed set of Red Flags that make me very suspicious that Bernie Madoffs returns aren t real and if they are real then they would almost certainly have to be generated by front-running customer order flow from the broker-dealer arm of Madoff Investment Securities. LLC. Due to the sensitive nature of the case I detail below its dissemination within the SEC must be limited to those with a need to know. The firm involved is located in the New York Region. As a result of this case several careers on .