McEnroe Helps Nab Art Dealer

Merkin unloads art, but buyer's identity a mystery

(NEWSER) - Ezra Merkin, the financier who pumped billions of his clients' money into Bernie Madoff's Ponzi scheme, is selling more than 10 paintings by Mark Rothko and two sculptures by Alberto Giacometti for $310 million, reports the Wall Street Journal. Some of the proceeds may go to his defrauded investors, who include charities and nonprofits. More»

(NEWSER) - A New York art dealer was charged today with stealing $88 million in investments and artwork in what may be an art-world Ponzi scheme, the Times reports. Investors and collectors say they entrusted Lawrence Salander with funds or artwork after the dealer promised hefty returns. In many cases, they were paid a fraction of the funds invested, or never saw the artwork again. More»

(NEWSER) - Bernard Madoff pleaded guilty this morning to all 11 felony charges against him, saying he was "sorry and ashamed" for his criminal acts. The judge accepted the plea and revoked Madoff's bail, bringing cheers from spectators in the courtroom. Madoff was escorted out in handcuffs and will remain in custody until his sentencing on June 16. He faces a maximum prison term of 150 years. More»

He could face more than 20 years in prison

(AP) - Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was convicted today on all but one of the 14 counts he faced for allegedly bilking investors out of more than $7 billion in a massive Ponzi scheme he operated for 20 years. Jurors reached their verdicts against Stanford during their fourth day of deliberation, finding him guilty on all charges except a single count of wire fraud. More»

LA County women scammed other parents out of life savings

(NEWSER) - Look out, Bernie Madoff: A trio of mothers in a well-to-do suburb of Los Angeles have been charged with scamming other parents out of millions. Police say the women, all members of an elementary school PTA, ran a $14 million Ponzi scheme by simply winning the trust of victims at school events and social functions, the Pasadena Star-News reports. More»