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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: Ponzi scheme

Ponzi scheme stories: 247 news summaries

141 - 160 of 247 Stories | << Prev 1 ... 4 5 6 7 8 9 10 11 12 13 Next >>

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Madoff Aide Generated Fake Papers for Scam: Workers

Feds continue to hunt for cohorts

Mar 9, 09 6:42 AM CDT
(Newser) - A longtime Bernie Madoff aide generated fake trading tickets for the accused swindler to use to document trades that never took place, workers have told federal authorities. The employees were instructed to research stock trade prices, then create bogus tickets showing purported trades and fake profits in line with made-up... More »

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Wall Street • scam • Ponzi scheme • Bernard Madoff • Ruth Madoff

updated

 Madoff May Plead Guilty 

Lawyers indicate that a plea deal is pending

Mar 6, 09 11:03 AM CST
(AP) - Prosecutors filed court papers today indicating Bernard Madoff may be ready to plead guilty to charges arising from one of the biggest financial frauds in history. Madoff, 70, is scheduled for court twice next week, including a Tuesday appearance to waive any potential conflicts of interest involving his lawyer and... More »

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fraud • United States • scam • guilty plea • plea bargain • Ponzi scheme • Bernard Madoff

Doubt Cast on $50B Figure in Madoff Case

Insiders think real losses closer to $20B; no one really knows

Mar 6, 09 9:35 AM CST
(AP) - Bernard Madoff and $50 billion. His name and that number have become inseparable in describing the enormity of what has been called the largest white-collar fraud in history. Investigators claim Madoff himself told them that he stole $50 billion, but it is becoming increasingly clear that the number may be... More »

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fraud • investors • Ponzi scheme • Bernard Madoff • Securities and Exchange Commission

 So Where 
 Did Madoff's 
 Wife Get $70M? 

Lawyers for scammed clients seek source
of Ruth's fortune

Mar 4, 09 7:30 AM CST
(Newser) - Lawyers representing some of Bernie Madoff’s victims are stumped by his legal team's claim that $70 million of his wife’s assets have nothing to do with his scam, Reuters reports. So far Ruth Madoff—who hasn't been charged with a crime—hasn't had to detail the source of... More »

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Ponzi scheme • securities fraud • Bernard Madoff • Ruth Madoff • Bernard L. Madoff Investment Securities

Madoff Lawyer Hit by Death Threats

Accused swindler may have hid money under attorney's name

Mar 4, 09 2:19 AM CST
(Newser) - Bernard Madoff's criminal defense lawyer has received several death threats amid more than a dozen emails of a "cursing and screaming" nature, sources tell ABC. "I deeply regret that the Sorkin family did not perish in the Nazi death camps," said one angry email sent to Ira... More »

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death threats • lawyer • Ponzi scheme • attorney • securities fraud • Bernard Madoff • Bernard L. Madoff Investment Securities

Ruth Madoff
in Court Battle
to Keep $70M

Lawyers argue wife's assets have nothing
to do with scam

Mar 3, 09 3:33 AM CST
(Newser) - Ruth Madoff is battling in court to hang onto $70 million in assets she claims have nothing to do with her husband's alleged $50 billion scam. Lawyers for the Madoffs are seeking to protect the assets—including $17 million in cash, $45 million in bonds, and the $7 million Manhattan... More »

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Ponzi scheme • asset forfeiture • Bernard Madoff • Ruth Madoff • Bernard L. Madoff Investment Securities

(AP) - A federal judge ruled today that thousands of investor accounts with R. Allen Stanford's financial companies will remain frozen for another 10 days, while a court-appointed receiver said he's developing a plan to return some of the money to its owners. Stanford's companies have been in receivership since the Securities... More »

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Ponzi scheme • federal judges • bank fraud • receivership • Stanford Financial Group • Robert Allen Stanford • frozen account

Feds: Stanford Ran Massive Ponzi Scheme

Chief investment officer freed on 300K bond after night in jail

Feb 28, 09 6:22 AM CST
(Newser) - Federal officials have labeled shamed financier R. Allen Stanford’s operation a Ponzi scheme for the first time, the Houston Chronicle reports. The accusation—meaning the company used cash from new investors to pay older ones—came in an amended civil fraud complaint from the SEC yesterday alleging Stanford and... More »

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Ponzi scheme • securities fraud • federal prosecution • Stanford Financial Group • Robert Allen Stanford • Laura Pendergest-Holt

SEC Overlooked Stanford Fraud in 2003

Former employee warned agency, others
of 'Ponzi scheme'

Feb 27, 09 9:49 AM CST
(Newser) - A former employee of Sir Allen Stanford warned the SEC in 2003 of an “illegal Ponzi scheme” involving his firms, but regulators brushed off the allegations, the Financial Times reports. The whistleblower also told another regulatory body that one of Stanford’s companies was “engaged in a Ponzi... More »

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fraud • SEC • Ponzi scheme • whistleblower • Bernard Madoff • NASD • Financial Industry Regulatory Authority • Bernard L. Madoff Investment Securities • Stanford Financial Group • Robert Allen Stanford

FBI Arrests
High-Ranking Stanford Exec

Investment officer
faces SEC
obstruction charges

Feb 26, 09 8:09 PM CST
(AP) - FBI agents have arrested the chief investment officer of Stanford Financial Group, accusing Laura Pendergest-Holt of obstructing an SEC fraud investigation. The SEC has been investigating allegations of an $8 billion investment fraud involving Texas billionaire R. Allen Stanford's financial group. Pendergest-Holt, arrested in Houston, will appear in court tomorrow.... More »

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fraud • Texas • billionaire • Ponzi scheme • defrauding investors • Robert Allen Stanford • Securities and Exchange Commission

(Newser) - Author and Nazi hunter Elie Wiesel, who lost $15.2 million in foundation money and a good chunk of his own fortune to Bernie Madoff, railed today against the “psychopath” financier, the New York Post reports. “He should be put in a solitary cell with a screen,... More »

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fraud • charity • Ponzi scheme • endowment • Bernard Madoff • Elie Wiesel • Bill Maher Grid

Feds: Swindlers Blew $500M on Horses, Houses, Teddies

Another day, another fraud casee

Feb 26, 09 4:52 AM CST
(Newser) - A pair of money managers who once co-owned the New York Islanders hockey team have been charged by federal prosecutors with treating $550 million in client investments like their own "personal piggy bank," reports Reuters. Paul Greenwood, 61, and Stephen Walsh, 64, managing general partners of WG Trading... More »

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fraud • money management • Ponzi scheme • New York Islanders • securities fraud • defrauding investors

Stanford Bank
in Antigua Missing $8B

'It appears to be
a Ponzi scheme,' investigator says

Feb 22, 09 5:03 PM CST
(Newser) - Investigators rummaging around Allen Stanford's Antiguan bank have confirmed media reports that $8 billion is missing, the Times of London reports. “The $8 billion you hear about in the media isn’t there,” one official told customers outside the Stanford International Bank. "It appears to be a... More »

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fraud • bank • Antigua • Ponzi scheme • bank fraud • Stanford Financial Group • Robert Allen Stanford

(Newser) - The trustee liquidating Bernard Madoff’s companies said today the disgraced financier appears not to have purchased any securities for his clients for “perhaps as much as 13 years,” Bloomberg reports. It was “cash in and cash out,” Irving Picard said. "It was all just... More »

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fraud • SEC • Ponzi scheme • defrauding investors • Bernard Madoff • Irving Picard • clawback • Securities Investor Protection Corporation

(Newser) - Bernard Madoff’s alleged mega-fraud and the large number of Jewish investors he apparently snookered is stoking anti-Semitic feeling in tony Palm Beach, ABC News reports. “It is a terrible thing to say, but some of the WASPs are delighted, they take great pleasure in this,” said an... More »

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philanthropy • fraud • Judaism • investment • Ponzi scheme • Palm Beach • anti-Semitism • scandal • Bernard Madoff • charitable giving

(Newser) - Before he was charged with massive fraud, Sir Allen Stanford was often charged with an equally grievous offense: subverting the game of cricket. The Texan was among the sport’s deepest-pocketed fans, but the fast-paced Twenty20 tournaments he favored annoy purists. When Stanford put up $20 million in prize money... More »

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fraud • cricket • Antigua • Ponzi scheme • Robert Allen Stanford

Venezuela Seizes Stanford Bank, Calls It Healthy

Country provided up to 30% of group's funds

Feb 19, 09 9:56 AM CST
(Newser) - Venezuela has taken control of a bank run by alleged fraudster R. Allen Stanford and his Stanford International Group, the New York Times reports. A banking regulator said the retail bank is essentially healthy, but Venezuelans are still fretting. “When Venezuelan forces say nothing is wrong,” explained... More »

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Latin America • fraud • Venezuela • Ponzi scheme • Hugo Chávez • Stanford Financial Group • Robert Allen Stanford

Stanford May Have Ties to Mexican Drug Cartel

FBI money laundering probe predated SEC swoop on financier

Feb 19, 09 7:23 AM CST
(Newser) - Fugitive financier R. Allen Stanford was under investigation over possible ties to a Mexican drug cartel long before the SEC swooped in on his firm, federal authorities tell ABC News. The FBI and other agencies began probing Stanford on suspicion of money laundering a year ago, after Mexican authorities detained... More »

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FBI • fraud • money laundering • drug cartel • Ponzi scheme • Stanford Financial Group • Robert Allen Stanford

SEC Missed Stanford Warning Signs

Minor fines levied for violations that should have been red flags

Feb 19, 09 5:24 AM CST
(Newser) - Years of SEC probes into the Stanford Group's finances resulted in wrist-slaps for violations that experts believe should have been huge red flags for investigators, the New York Times reports. The firm, suspected of engaging in an $8 billion fraud, paid out just $60,000 in the past 2 years... More »

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fraud • SEC • regulation • Ponzi scheme • securities fraud • Stanford Financial Group • Robert Allen Stanford

 Antigua, Stanford's 
 Banking Base, Braces 

Account holders line up to withdraw money, despite assurances from PM

Feb 18, 09 11:53 AM CST
(Newser) - The SEC's allegations of fraud against R. Allen Stanford prompted concern on the tiny Caribbean island of Antigua, the base of the financier's bank. Despite reassurances from the prime minister, customers lined up at both branches of the Bank of Antigua to make withdrawals yesterday. Some seemed to emerge with... More »

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fraud • SEC • Antigua • Ponzi scheme • Stanford Financial Group • Robert Allen Stanford • Bank of Antigua

141 - 160 of 247 Stories | << Prev 1 ... 4 5 6 7 8 9 10 11 12 13 Next >>


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