attachedlocalsettings

RE:MadoffPage1of4Re:Madoff6/1/200511:09:31AMFrom:Lamore,PeterTo:Ostrow,WilliamD.
IOmnotsurethathewasbuyingandsellingforthefundsonthesameday.
Itmayjustbeajournalentrybecausethesharesboughthavetobedeliveredtotheclientsaccount.
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ldon0tknow,butassumingheboughtonorabout1/25andsoldonorabout3/15heOtimedOthemarketprettywell.
From:Ostrow,WilliamD.
Sent:Wednesday,June01,200511:07AMTo:Lamore,PeterSubject:RE:MadoffThatOsafunnywaybutIOmsureappropriatewaytoputit.
Iguesshisstomachandgutwerechurning(ifhewasbuyingandsellingonthesameday).
WilliamOstrowStaffAccountantU.
S.
SecuritiesandExchangeCommissionNortheastRegionalOffice3WorldFinancialCenter-Room4300NewYork,NewYork10281-1022From:Lamore,PeterSent:Wednesday,June01,200510:59AMTo:Ostrow,WilliamD.
Subject:RE:MadoffHey,IOmnotquitesurewhat0sgoingonwiththesestatements.
I011showyoulaterbutitseemsclearasmudtome.
ftle.
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html5/1/2009MADOFFEXHIBITS-04202PersonalPrivacyPersonalPrivacyRE:MadoffPage2of4From:Ostrow,WilliamD.
Sent:Wednesday,June01,200510:40AMTo:Lamore,PeterSubject:RE:MadoffIOveattachedtheS&P100tradingdatafrom1994tothepresent.
I011guessthaton1/25heboughtandon3/15hesold.
Maybewecanlodkatwhatthemajorityofcustomerordersforthose50stocksdidduringtheweekofdatawehad.
Thatmightgiveusageneralsenseofhowthemarketwastrending.
WilliamOstrowStaffAccountantU.
S.
SecuritiesandExchangeCommissionNortheastRegionalOffice3WorldFinancialCenter-Room4300NewYork,NewYork10281-1022From:Lamore,PeterSent:Wednesday,June01,200510:25AMTo:Ostrow,WilliamD.
Subject:RE:MadoffBasically50stocksweretradedinbasketfashionon1/25and3/15(noactivityinApril).
TheFeb18tradesseemlikesomekindofanadjustmenttothebasket.
From:OstTow,WilliamD.
Sent:Wednesday,June01,200510:19AMTo:Lamore,PeterSubject:-RE:MadoffThatOsamazing.
Areyouatleastseeing50differenttransactionsonthosedays,whichwouldrepresentallthestocksinthe'basketWilliamOstrowfile.
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html5/1/2009MADOFFEXHIBITS-04203PersonalPrivacyRE:MadoffPage3of4StaffAccountantU~S.
SecuritiesandExchangeCommissionNortheastRegionalOffice3WorldFinancialCenter-Room4300NewYork,NewYork10281-1022From:Lamore,PeterSent:Wednesday,June01,200510:17AMTo:Os~-ow,WilliamD.
Subject:RE:MadoffHilarious.
Nothing.
OnlytransactionsonFeb18andMarch15.
From:Ostrow,WilliamD.
Sent:Wednesday,June01,200510:14AMTo:Lamore,Peter;Nee,JohnSubject:RE:MadoffLetmeknowiftherewereanytransactionsduringthetimeperiodwerequested(Feb.
28OMarch11,2005)forKingateandIwillchecktoseeiftheyareonthedatabaseofordersentered.
WilliamOstrowStaffAccountantU.
S.
SecuritiesandExchangeCommissionNortheastRegionalOffice3WorldFinancialCenter-Room4300NewYork,NewYork10281-1022fil~t-llr.
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m~ilhtml5/1/2r)C)9MADOFFEXHIBITS-04204PersonalPrivacyPersonalPrivacyPage4of4RE:MadoffFrom:Lamore,PeterSent:Wednesday,June01,200510:11AMTo:Nee,John;Ostrow,WilliamD.
Subject:MadoffCliffnotesversionofmydiscussionwithBerniethismorning:BemiereiteratedthathismodelonlyidentifiesthebasketofsecuritiesintheS&P100whichwouldreplicatetheS&P100attheleastcost(numberofsecuritiesandshares).
Itdoesnottellhimwhentoenterandexitthemarket.
2)BemieOsgutfeeltellshimwhentoenterthemarketandexitthemarket.
HisgutfeelincludeshisobservationsofthetradingroomhereinNY,whathisEuropeancontactsaretellinghim,whathereadsiniersandpublications.
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Interestingly.
whenwesidetrackedanddiscussedthetradingstrategyof,Bemiestated(7DonOtquoteme,but1thinkthemostvaluableinformatiotowouldbewhenalargebuyerorsellerisinthemarket.
ONotwhetheracompanyOsfundamentalsareimprovmg.
3)Iaskedhimaboutmonthlyperformancedataofhismodelandhestatedhedoesn0ttrackit.
Ihighlydoubtthis.
Hesaidithasbeenroughly+10to15%overthelastfiveyears.
[ThefundssuchasSeuuywouldhaveit.
]4)1didreceivethelistofbrokerswhoexecuteforhismodeland2005monthlystatementsinpaperformatforKingateGlobalandKingateEuro.
ftle.
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