Ponzi scheme

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Jurors Reach Verdict in Madoff Workers Trial

5 former employees all found guilty of hiding fraud

(Newser) - Five former employees of imprisoned financier Bernard Madoff were convicted today at the end of a six-month trial that portrayed them as telling an elaborate web of lies to hide a fraud that enriched them and cheated investors out of billions of dollars. The trial—one of the longest in... More »

JPMorgan Execs Unscathed in $1.7B Madoff Settlement

Fines will go to pay off victims

(Newser) - JPMorgan has officially signed off on a $1.7 billion settlement laying to rest complaints about its dealings with infamous Ponzi schemer Bernard Madoff. Prosecutors accuse the bank of turning a blind eye to Madoff's frauds—the bank filed a Suspicious Activity Report on Madoff with UK regulators in... More »

JPMorgan to Cough Up $2B in Madoff Case

Bank accused of turning a blind eye to vast Ponzi scheme

(Newser) - Five years after history's biggest Ponzi scheme was exposed, Bernie Madoff's main banker is facing a rare criminal action for its role in the scam and is preparing to settle for around $2 billion, reports the New York Times . JPMorgan is accused of turning a blind eye to... More »

10K More Madoff Investors Could Get Cash

Victim pool has been expanded

(Newser) - Bernie Madoff's victim pool has been expanded to include so-called "third party" investors, or people who lost money they had invested with "middleman" firms that in turn invested it with Madoff. That means more than 10,000 people—initially denied from receiving compensation distributed by the liquidation... More »

Madoff's Office Was Sexual Hotbed: Court Papers

Prosecutors make accusation in Manhattan federal court

(Newser) - Bernie Madoff's office was a hotbed of relationships that included a love triangle involving the Ponzi scheme king himself, according to court documents released today. Four associates of Madoff Securities and Madoff's former secretary were in Manhattan federal court facing charges over the $65 billion scheme when prosecutors... More »

Peter Madoff Gets 10 Years Over Brother's Ponzi Scheme

He will probably lose all his assets, too

(Newser) - Bernie Madoff's younger brother got sentenced to 10 years in prison today after admitting to crimes such as falsifying documents and lying to regulators. But Peter Madoff, 67, continued to insist he didn't know about Bernie's massive Ponzi scheme, a claim the judge called "frankly not... More »

Kabul Bank Was a Massive Ponzi Scheme: Audit

Its purpose: to benefit Karzai insiders

(Newser) - Fraud was rampant at Kabul Bank—and a new report shows how deeply the corruption went. Indeed, "from its very beginning, the bank was a well-concealed Ponzi scheme," says an audit obtained by the New York Times . The bank's primary purpose, the audit suggests, was financial gain... More »

Madoff Victims Have $2.48B on the Way

1,230 people getting checks averaging $2M

(Newser) - The check is indeed in the mail for Madoff victims: Following a judge's approval, some 1,230 victims of Bernie Madoff's Ponzi scheme will soon receive money totaling $2.48 billion. Mailed yesterday, the checks average about $2 million each, and range between $1,784 and $526.9... More »

Madoff Trustee Ready to Repay $2.4B

Lawsuits by investors could slow down, reduce payout

(Newser) - It's been more than three years since Bernie Madoff's giant Ponzi scheme was discovered, resulting in $17 billion in lost principle for his investors. But now the trustee in charge of Madoff's bankruptcy says he's ready to give the stolen funds back to the duped investors—... More »

Peter Madoff Taken Into FBI Custody

Bernie's brother to plead guilty later today

(Newser) - The FBI took Bernie Madoff's brother into custody this morning, ahead of a scheduled court appearance in which Peter Madoff will plead guilty to two criminal charges. That appearance will take place at the same courthouse where Bernie was sentenced to 150 years in prison for his Ponzi scheme.... More »

Madoff's Brother to Plead Guilty, Get 10 Years

Peter Madoff was a top exec at Bernie's fraudulent hedge fund

(Newser) - Bernie Madoff's brother is heading to prison for 10 years. Peter Madoff made an agreement with prosecutors and will plead guilty on Friday to two charges: falsifying the records of an investment adviser and conspiracy to commit securities fraud and other crimes, reports the Wall Street Journal . Peter served... More »

Ponzi Schemer Stanford Gets 110 Years

Texas financier called 'ruthless predator' by prosecutors

(Newser) - R. Allen Stanford's epic fall from billionaire to imprisoned fraudster came to a conclusion today as a judge sentenced him to 110 years in prison, reports the Wall Street Journal . Stanford was convicted in March of bilking investors in a $7 billion Ponzi scheme that spanned 20 years. Prosecutors... More »

Ponzi Schemers Busted After 12 Years On the Run

Illinois 'mini-Madoffs' found in small Arizona town

(Newser) - An Illinois couple who ripped off friends, family, and elderly people in a multi-million dollar Ponzi scheme has been arrested in Arizona, 12 years after they fled their home state before they could be sentenced on fraud and money laundering charges. Nelson Grant Hallahan, 65, and wife Janet Hallahan, 54,... More »

Allen Stanford Found Guilty in $7B Ponzi Scheme

He could face more than 20 years in prison

(Newser) - 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... More »

Mets Owners Owe $83M in Madoff Case

Trustee Irving Picard will get his day in court

(Newser) - Bernie Madoff's historic Ponzi scheme is finally dragging the New York Mets to court. A judge ruled today that the team's owners must return up to $83 million withdrawn from Madoff's firm and go to trial over whether they ignored warning signs of the investment scam, MarketWatch... More »

Obama, Others Won't Return Ponzi Cash

Receiver wants the $1.8M Allen Stanford gave to politicians

(Newser) - The receiver in charge of recovering money for R. Allen Stanford's fleeced investors is trying to recover some $1.8 million the alleged Ponzi schemer gave to a host of political causes—but they refuse to return the money, Reuters reports. Among the holdouts: President Obama's campaign, and... More »

Prosecutors: Alleged Ponzi Schemer Stanford Faking Amnesia

Prison evaluators say he's performing so badly on tests, he can't be trying

(Newser) - R. Allen Stanford is only pretending to have amnesia, prosecutors told a judge yesterday, urging him to declare the alleged Ponzi schemer fit to stand trial. Stanford's trial has been on hold since January, when doctors testified that he might have suffered a brain injury in a prison brawl.... More »

SEC Not Firing Anyone for Missing Madoff's Scheme

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... More »

MF Global Hid Debt From Investors

While Corzine lobbied, successfully, to curb financial regulation

(Newser) - MF Global appears to have spent the past two years hiding its debt risk from investors by temporarily slashing debt right before issuing its quarterly reports, in a shady-but-legal process known as “window dressing,” the Wall Street Journal reports. The company insists borrowing fluctuated due to “client... More »

New Book Depicts Madoffs' Scary Dysfunction

Imperial Bernie created misery all around him

(Newser) - A new book about Bernie Madoff's family is hitting bookstores tomorrow and depicting a miserable, greedy, vain clan of epic proportions. Here are highlights from the New York Post 's rundown of Truth and Consequences, by Laurie Sandell with cooperation from Ruth Madoff and her son Andrew:
  • Bernie.
... More »

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