Madoff Shakes NY Real Estate Industry

Take a look at what $9M will get you in New York City

(NEWSER) - The guy who brought you Cabbage Patch Kids and Pokemon has snapped up the penthouse apartment of erstwhile Ponzi schemer Bernard Madoff, reports the New York Post . Al Kahn is the CEO of 4Kids Entertainment, and will be calling the 4000-square-foot lux digs in Manhattan's Upper East Side home sweet home. Asking price was reduced from from $9.9 million to $8.9 million; Kahn is thought to have paid just under. More»

Patio trumps 'karma' concerns

(NEWSER) - Bernard Madoff may be a despicable con artist, but say this for the guy: he had a nice place. Now that place, a penthouse overlooking Manhattan’s Upper East Side, belongs to toy mogul Al Kahn and his wife, Patsy, and they say they couldn’t be happier, reports the New York Post . Not only does the place have a great view, it came at a bargain price—just $8 million, far below the original $9.9 million asking price. More»

Marshals Service puts property up for sale

(AP) - Those who see Bernard Madoff as an evil purveyor of excess might be disappointed by his beach house: It's not that palatial. At 3,014 square feet, the home is cottage-size by super-rich standards. There's no garage. Not even a walk-in closet. But the 1.2-acre lot sits closer to the surf than larger neighboring homes in Montauk, NY, and the house features a columned porch with stunning views. More»

(NEWSER) - Bernie Madoff has reached his destination for the next 150 years or so. Clad in a blue jumpsuit, the fraudulent financier arrived at Butner Federal Correctional Complex in North Carolina just before noon today, ABC News reports. But the 71-year-old can take heart, because he “hit the inmate lottery,” by being assigned to Butner, according to one federal sentencing attorney. More»

Eight employees got disciplined, however

(NEWSER) - SEC staffers managed to miss Bernie Madoff's Ponzi scheme for more than a decade despite numerous warnings, but that is apparently not a fireable offense. The agency disciplined eight employees involved in the case, with the most severe punishment being a 30-day suspension coupled with a demotion, reports the Washington Post . The others got a range of lesser penalties, including pay cuts and, in one case, only a "counseling memo." More»