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Prosecutors said the five created false records and fabricated exotic-sounding transactions to fool investors and regulators. All have pleaded not guilty to dozens of charges, including securities fraud and conspiracy to defraud Madoff's clients. Some have indicated in court filings that they were unaware of the fraud or said that Madoff fooled them.
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"The next generation often sees opportunities that are better than coming back to the family business, so continuity is one of the issues," said Roger King, director of the Tanoto Center for Asian Family Business and Entrepreneurship Studies at Hong Kong University of Science and Technology.
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Remember how Peter Lynch went out on top at Fidelity? Remember Michael Jordan doing the same in Chicago? It’s unfortunate that train wrecks like Jamie and guys like Roger Clements couldn’t have done the same. Think of all the angst that might have been avoided.
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