Ponzi scheme

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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 A judge ruled today that the team's owners must return up to $83 million withdrawn from Madoff's firm and go to trial over whether they ignored warning signs of the investment scam, MarketWatch...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 »

Bernie and I Attempted Suicide: Ruth Madoff

She says she and Bernie tried to kill themselves after story broke

(Newser) - Ruth Madoff makes a jarring admission to 60 Minutes, saying she and husband Bernie attempted suicide with pills after his Ponzi scheme unraveled, reports CBS News . "I don't know whose idea it was, but we decided to kill ourselves because it was so horrendous what was happening,"... More »

Madoff Boast: I'm Treated Like a Mafia Don

Prison has a 'college campus feel,' says the don

(Newser) - Just call him Don Ponzi. Scammer Bernard Madoff boasted to his daughter-in-law that he's treated "like a Mafia don" at his prison digs in North Carolina with "loads of friends" who "respect" him. "As you can imagine, I am quite the celebrity, and am treated... More »

Mets' Owners Won't Lose All Their Madoff Money

Judge gives partial victory to both sides in lawsuit

(Newser) - The New York Mets' owners may have to return some of $300 million in profits they made dealing with Bernie Madoff, but their $700 million principal is probably safe. A judge has decided that for trustee Irving Picard to pursue the Mets owners' principal investment, he must prove that they... More »

Full Tilt Poker Was Ponzi Scheme: Feds

Poker celebs cheated users out of $300M: Justice Department

(Newser) - More trouble for Full Tilt Poker: The popular website cheated players out of $300 million while reaping hundreds of millions for a number of poker celebrities, the Justice Department says. The site brought in $444 million for luminaries of the game, including site execs Howard Lederer and Christopher Ferguson,... More »

Yes, It's a Ponzi Scheme —but We Can Fix It

Social Security can be easily saved, with political courage: Krauthammer

(Newser) - Rick Perry keeps riling people by calling Social Security a Ponzi scheme . But guess what, writes Charles Krauthammer in the Washington Post : It is a Ponzi scheme. In fact, it's almost the very definition of one. The big difference is that a Ponzi scheme is illegal while Social Security... More »

Société Générale Probed Over Role in Ponzi Scheme

Justice Dept. will probe whether subsidiary ignored suspicious transactions

(Newser) - The Justice Department has launched a criminal probe against a subsidiary of Société Générale that alleged Ponzi schemer R. Allen Stanford funneled money through, based on suspicions that it ignored some fishy transactions, sources tell the Wall Street Journal . A Société Générale spokesman confirmed... More »

'Amish Bernie Madoff' Busted

Ohio man accused of running $16.8m Ponzi scheme

(Newser) - We've had the Bernie Madoff of campaign treasurers , so now meet the Amish Madoff. A 77-year-old man in Ohio is accused of scamming thousands of investors in 29 states, mostly his fellow Amish, out of $16.8 million. Prosecutors say Monroe Beachy ran a Ponzi scheme for decades, telling... More »

Booster Says He Gave Cash, Prostitutes to Miami Players

Convicted ponzi schemer's allegations could doom football program

(Newser) - A convicted Ponzi schemer and former University of Miami booster has come forward alleging that he gave millions in illicit benefits to Hurricanes players—including cash, prostitutes, jewelry, trips, and even an abortion. Nevin Shapiro, who is currently in prison for his role in a $930 million Ponzi scheme, detailed... More »

PTA Moms Busted in $14M Ponzi Scheme

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... More »

Madoff: I'm a 'Human Piñata'

Thinks he doesn't deserve to die in prison

(Newser) - There are probably at least a few former investors who wish this was literal: Bernie Madoff says the judge in his Ponzi scheme trial made him the "human piñata of Wall Street" when he dished out a 150-year sentence. Madoff tells the New York Times Judge Denny Chin'... More »

Tobey Maguire Sued Over Poker Winnings

'Spider-Man' star caught in poker game ponzi scheme

(Newser) - Spider-Man star Tobey Maguire and other celebrities have been caught in a web of lawsuits seeking to reclaim more than $4 million won during unlicensed poker matches at upscale Beverly Hills hotels, court records show. The lawsuits were filed by a bankruptcy trustee attempting to recoup money for investors who... More »

Madoff Is Wall Street's Hot New Investment

Banks buying up Ponzi claims to cash in later

(Newser) - The wizards of Wall Street have found a way to turn Bernard Madoff into a hot investment. Big banks have been buying up the claims of the victims of Madoff's massive Ponzi scheme, offering scammed investors a fraction of what they are owed in the hopes of making big... More »

Husband Burned by Madoff Wants New Divorce Deal

He lost his share of settlement in Ponzi scheme

(Newser) - Bernie Madoff is messing up divorce settlements now, too. A husband wants his wife to give him back millions of dollars because he lost his share of their combined wealth in Madoff's Ponzi scheme, reports the New York Times . Steven Simkin and Laura Blank split up in 2006 and... More »

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