Madoff's New Home: Much Smaller

New York law allows those who lost money to reclaim from those who gained

(NEWSER) - The threat that authorities will seek to recoup profits reaped through their investments in Bernard Madoff’s Ponzi scheme have some investors hurrying to put those funds in hard-to-reach places, the Wall Street Journal reports, like homes, trusts or life-insurance policies. So-called “clawback” lawsuits could allow those who were wiped out to access funds—both profit and principal—paid out to other investors. More»

Some speculate this is why he took the fall

(NEWSER) - Bernie Madoff may not serve much of his 150-year sentence: The Ponzi schemer is suffering from cancer, fellow inmates tell the New York Post, and has been telling everyone he doesn't have long to live. “He’s been taking about 20 pills a day for his cancer,” one tells the tabloid. "He talks about it all the time. He's not doing very well." Not that the Post musters any sympathy. Today's headline reads: "MADOFF DYING—UNLESS HE CAN CHEAT DEATH, TOO." More»

(NEWSER) - Investigators see yesterday's guilty plea of Bernard Madoff's right-hand man as a major breakthrough in their efforts to untangle the elaborate Ponzi scheme, BusinessWeek reports. Frank DiPascali, chief financial officer at Madoff's firm, has promised to cooperate with prosecutors and is expected to name other people involved in the scam and to help trace assets Madoff may have stashed around the world. More»

Conman resigned to life in prison

(NEWSER) - Bernie Madoff will do his time, his lawyer said today. The 71-year-old con man sentenced to 150 years in prison on a slew of fraud charges related to his massive Ponzi scheme won’t file an appeal, Bloomberg reports. “In terms of the appeal, done, over,” Madoff’s attorney Ira Sorkin said today. More»

Investigator's questions could have exposed Ponzi scheme in 2004

(NEWSER) - An SEC investigator whose questions could have exposed Bernard Madoff's fraud in 2004 was shifted to an unrelated case after raising the alarm, the Washington Post reports. One of the supervisors who told the staffer to focus instead on a mutual funds investigation later married Madoff's niece, and the relationship is now being probed by the SEC. More»