Skip to: Content
Skip to: Site Navigation
Skip to: Search
SUNDAY, NOVEMBER 22, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter

NEWS ABOUT: Ponzi scheme

Ponzi scheme stories: 247 news summaries

81 - 100 of 247 Stories | << Prev 1 2 3 4 5 6 7 8 9 ... 13 Next >>

Switch to grid view »

 Madoff Money Man Steps Down 

Cuomo pushes Merkin out

May 19, 09 10:45 AM CDT
(Newser) - Thanks to some strong arming from Andrew Cuomo, financier J. Ezra Merkin is stepping down as manager of his hedge fund and placing it into receivership, the Wall Street Journal reports. Cuomo charged Merkin in a civil fraud complaint last month, saying he “betrayed hundreds of investors,”... More »

MORE ABOUT:
hedge fund • Andrew Cuomo • Ponzi scheme • New York Attorney General • Bernard Madoff • Ezra Merkin

Madoff Clients
to Get $100M
Back Soon

Funds address
fraction of 9,000
claims: trustee

May 14, 09 4:13 PM CDT
(Newser) - It's a start. Some of Bernie Madoff's clients will get back at least a portion of the money that he stole. Trustee Irving Picard says he expects to approve at least $100 million of investor claims—mere hundreds out of nearly 9,000 filed claims—by May 25, Bloomberg reports.... More »

MORE ABOUT:
investors • lawsuit • Ponzi scheme • defrauding investors • Bernard Madoff • Bernard L. Madoff Investment Securities • clawback

Stanford Exec Faces First Criminal Charge

Probe of alleged Ponzi scheme nabs chief investment officer

May 13, 09 8:26 AM CDT
(Newser) - A federal grand jury in Houston yesterday handed up the first criminal indictment in Stanford Financial Group's alleged Ponzi scheme, reports the Houston Chronicle. Chief investment officer Laura Pendergest-Holt, 35, faces two counts of obstruction. She and boss Allen Stanford already face accusations in a civil suit by the SEC.... More »

MORE ABOUT:
federal courts • Ponzi scheme • federal indictment • bank fraud • Stanford Financial Group • Robert Allen Stanford • Laura Pendergest-Holt

(Newser) - Operators of so-called feeder funds withdrew $12 billion from Bernie Madoff's accounts in the year before his arrest, nearly half of it in the final three months, reports the New York Times. The analysis of financial records offers hope that defrauded investors will be able to recoup at least some... More »

MORE ABOUT:
fraud • Ponzi scheme • defrauding investors • Bernard Madoff • Bernard L. Madoff Investment Securities

Stanford Was a Drug Informant: Report

Fraudster was likely shielded from SEC in 2006 for his trouble

May 11, 09 7:34 AM CDT
(Newser) - Allen Stanford may have received earlier protection from the SEC by working as a drug trade informant, a BBC investigation has found. The accused fraudster’s bank paid $3.1 million to the DEA a decade ago as a middleman for a Mexican drug lord, and in 2006 an SEC... More »

MORE ABOUT:
fraud • drugs • DEA • SEC • Drug Enforcement Administration • drug trade • Ponzi scheme • bank fraud • Robert Allen Stanford • Securities and Exchange Commission

(Newser) - For some, 2009 may be remembered as the year of the Ponzi scheme: Last year, federal regulators prosecuted 13 such scams, but in just the first few months of this year, they’ve already filed 22 cases, reports ABC News. One recent bust is Long Island's Peter Dawson, who stiffed... More »

MORE ABOUT:
subprime mortgages • Ponzi scheme • mortgage lender • housing bubble • banks • Bernard Madoff

Stung by Madoff, SEC Steps Up Pace, Triples Fraud Cases

Embarrassed committee gets aggressive with enforcement

May 8, 09 8:18 AM CDT
(Newser) - Haunted by the failure to catch Bernie Madoff, the Securities and Exchange Commission is dramatically stepping up its investigation workload, reports the LA Times. Since February, the SEC has frozen the assets of 27 fraud suspects, compared to seven in the same period last year. “The clear message from... More »

MORE ABOUT:
Ponzi scheme • securities fraud • Bernard Madoff • Mary Schapiro • Robert Allen Stanford • Securities and Exchange Commission

Madoff Victims' Advocate Sues Ezra Merkin

Trustee wants $558M back from feeder-fund withdrawals

May 8, 09 7:24 AM CDT
(Newser) - The trustee representing investors who lost their savings with Bernie Madoff is suing Ezra Merkin, the feeder-fund manager who withdrew $558 million from Madoff's shop before the collapse of his Ponzi scheme. Irving Picard, who is responsible for winding down Madoff's defunct company, alleges that Merkin should have known from... More »

MORE ABOUT:
fraud • Ponzi scheme • GMAC • Bernard Madoff • Ezra Merkin • Bernard L. Madoff Investment Securities • Irving Picard

Madoff's $100K AmEx Bills
Point to  Rampant Abuse

Investors' money kept family living luxe

May 7, 09 10:02 AM CDT
(Newser) - Ponzi-schemer Bernard Madoff used investors’ money as a “personal piggy bank” to support family, as well as some staff, extravagances, ABC reports. Documents filed in New York bankruptcy court show that Ruth Madoff used the company card to purchase nearly $5,000 of clothing at Paris boutiques last January,... More »

MORE ABOUT:
American Express • Ponzi scheme • Bernard Madoff • Ruth Madoff • Bernard L. Madoff Investment Securities • Peter Madoff • Andrew Madoff • Mark Madoff

 Secretary Dishes 
 About Madoff's 
 'Roving Eye' 

Inside details paint picture of lewd Ponzi schemer

May 6, 09 8:42 AM CDT
(Newser) - Bernie Madoff “was irresistible to women,” his longtime secretary says, and the confessed Ponzi schemer felt the same way about them, perusing escort ads and keeping “about a dozen phone numbers for his masseuses” in his address book. Eleanor Squillari reveals intimate details about her boss, including... More »

MORE ABOUT:
sex • Ponzi scheme • masseuse • Bernard Madoff • Ruth Madoff • Bernard L. Madoff Investment Securities • Eleanor Squillari

Trustee Sues Madoff Insider, Says He Must Have Known

LA money manager
got rich on fake returns

May 2, 09 11:09 AM CDT
(Newser) - A trustee overseeing the liquidation of Bernie Madoff's assets filed a lawsuit against one of the Ponzi schemer’s investors yesterday, accusing investment manager Stanley Chais of getting such “implausibly high” returns that he should have known they were a sham. Chais and his family withdrew “untold” funds... More »

MORE ABOUT:
fraud • Ponzi scheme • Bernard Madoff • Stanley Chais • Irving Picard

investigation

Dirty-Dealing Madoff Was a Clean Freak

Ponzi schemer a Luddite who crawled on all fours to align rugs

Apr 24, 09 2:01 PM CDT
(Newser) - "Neat freak" may be one of the more polite epithets used to describe Bernie Madoff, who comes off as an obsessive-compulsive nut in a Fortune profile by James Bandler and Nicholas Varchaver. In immaculately tailored suits, he dusted furniture and got down on hands and knees to straighten rugs.... More »

MORE ABOUT:
fraud • SEC • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • cleanliness

(Newser) - Bernie Madoff's chief deputy is ready to talk, Fortune reports. Frank DiPascali is working out a deal with federal prosecutors in which he’ll name names and give details of how the massive Ponzi scheme operated. Among the surprises: No Madoff family members will be implicated, at least by DiPascali.... More »

MORE ABOUT:
fraud • Ponzi scheme • Bernard Madoff • Frank DiPascali

'Devastated' Stanford:
I'm No Thief 

Billionaire denies running Ponzi scheme, points finger at former CFO

Apr 21, 09 2:25 AM CDT
(Newser) - “As God is my witness, there is no Ponzi scheme," accused swindler Sir Robert Allen Stanford told the Houston Chronicle yesterday. His financial companies were well-run before the government seized and "disemboweled" them, claimed the billionaire. If any fraud was committed at Stanford Financial, it was done... More »

MORE ABOUT:
SEC • Ponzi scheme • bank scandal • Stanford Financial Group • Robert Allen Stanford

Judge Holds Madoff Assets for Feds

Holdings may go to government through criminal forfeiture

Apr 20, 09 6:19 PM CDT
(Newser) - A federal judge stopped Bernard Madoff's assets from moving into bankruptcy today, saying the government may claim them through criminal forfeiture because of Madoff's Ponzi scheme, Bloomberg reports. US District Judge Denny Chin blocked more than $100 million from being moved, a setback to investors who had won the right... More »

MORE ABOUT:
crime • Ponzi scheme • federal judges • criminal prosecution • U.S. Bankruptcy Court • Bernard Madoff • assets • trustee

Stanford Pulled in $5B While SEC Dithered

Feds ignored employee warnings, fumbled
over jurisdiction

Apr 16, 09 12:13 PM CDT
(Newser) - When the Securities and Exchange Commission sent probing questionnaires in 2005 to investors who’d bought certificates of deposit from Stanford Group, panic set in. “Then it all seemed to go away,” says one former Stanford employee. Concerns over jurisdiction stayed the SEC’s hand for almost 4... More »

MORE ABOUT:
SEC • Ponzi scheme • Financial Industry Regulatory Authority • Stanford Financial Group • Robert Allen Stanford • Securities and Exchange Commission

 Swank Hair Salon 
 Cuts Ruth Madoff 

Ponzi scheming hubby burned too many clients

Apr 13, 09 7:15 AM CDT
(Newser) - Ruth Madoff might be going gray—and not due to stress over Bernie’s legal troubles. She’s been banned from getting her hair colored at a New York salon, the Post reports. “The Pierre Michel salon's clients are among some of Manhattan's most elite,” says a rep.... More »

MORE ABOUT:
New York • Ponzi scheme • Bernard Madoff • Ruth Madoff

Madoff's Mets Tix Sell for $7,500 on eBay

600% profit on seats to home opener will help repay victims

Apr 13, 09 5:14 AM CDT
(Newser) - A Bernard Madoff investment has finally made an honest profit, the New York Daily News reports. The Ponzi kingpin's pair of tickets for the New York Mets home opener tonight, face value $525 each, sold for $7,500 after a fierce eBay bidding war. Along with revenue from the sale... More »

MORE ABOUT:
eBay • New York Mets • Ponzi scheme • baseball • tickets • Bernard Madoff

Madoff's Mets Tickets
Up for Grabs on Ebay

Home-plate 'Ponzi' tickets will be sold to repay scammed investors

Apr 9, 09 5:07 AM CDT
(Newser) - Scamster Bernard Madoff has lost his mansion, his yacht, his freedom and now his prized Mets season tickets, the Los Angeles Times reports. The trustee liquidating the shamed financier and lifelong Mets fan's assets has traded Madoff's $80,000 platinum tickets for a "more marketable" $60,000 gold set... More »

MORE ABOUT:
eBay • New York Mets • Ponzi scheme • baseball • Bernard Madoff

Madoff Victims Trustee
Eyes Brother's Bucks

New focus on Peter as trustee seeks to compensate swindle victims

Apr 8, 09 4:43 AM CDT
(Newser) - A federal court official may seek to claw back any funds transferred by Bernard Madoff's swindle company to his brother, reports the New York Post. The new focus on Madoff's sibling, an officer in his firm, was revealed in a letter to an attorney representing a New York law... More »

MORE ABOUT:
theft • scam • Ponzi scheme • Bernard Madoff • Ruth Madoff • Peter Madoff

81 - 100 of 247 Stories | << Prev 1 2 3 4 5 6 7 8 9 ... 13 Next >>


from our news partners