Madoff Sent to Prison's Medical Wing

(NEWSER) - Contrary to what you might have read in the New York Post, Bernie Madoff does not have cancer, Bloomberg reports. “While the N.Y. Post story is full of inaccuracies, and we can’t specifically address all of them, we can tell you that Bernie Madoff is not terminally ill, and has not been diagnosed with cancer,” a Bureau of Prisons spokeswoman says. The Post reported that he might have pancreatic cancer. His lawyer offered little help in clarifying the situation: “I don’t discuss my client’s physical or mental condition.” More»

Former partner knows where it is, may cut deal

(NEWSER) - Bernie Madoff has a secret stash, and his partner in crime knows where it is. The Ponzi schemer has told fellow federal prisoners he funneled $9 billion to three people—“I think it was personal friends,” the source tells the New York Post —and he suspects Frank DiPascali is using his knowledge of the recipients to make a deal with prosecutors. More»

Trustee has recovered $1.4 billion in clawbacks, with more to come

(NEWSER) - The government fund that insures brokerage firms has so far paid 1,368 victims of Bernie Madoff’s Ponzi scheme $534 million in reparations—more than it has paid out in all its previous liquidations combined, in its almost 40 years in existence. And it ain’t over, Madoff trustee Irving Picard tells the Boston Globe . He’s identified $4.43 billion in legitimate claims so far, and has thousands more to go. More»

Jailed Ponzi lawyer just wanted a beach house. $380 million later...

(NEWSER) - Before he left house arrest in his posh New York apartment to start serving a 20-year sentence, Ponzi schemer Marc Dreier attempted to explain his bizarre actions. Dreier sold bogus debt to expand his law firm, impersonating execs from other companies to do so. His criminal enterprise, he tells Vanity Fair, was based on desire for a beachfront Hamptons home. “I wanted to just, well, appease myself,” he says. More»

Senior VP Cheronda Guyton used house that belonged to Madoff victims

(NEWSER) - Wells Fargo said today it has fired the executive who turned a seized California beachfront mansion into a personal playground, the Los Angeles Times reports. Neighbors say they saw Cheronda Guyton staying in the $12 million Malibu Colony property, which had been turned over to the bank by a couple who’d been victims of the Bernard Madoff Ponzi scheme and needed the money to pay off other debts. More»