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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: securities fraud

securities fraud stories: 48 news summaries

1 - 20 of 48 Stories | 1 2 3 Next >>

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 Madoff HQ Was 
 'Coke-Fueled 
 Animal House' 

Ponzi kingpin now sharing cell with drug offender

Oct 21, 09 2:58 AM CDT
(Newser) - Bernie Madoff ran the druggiest, most decadent securities fraud in town, according to court papers filed yesterday. Madoff's offices were so awash in cocaine—paid for with investors' money—that it was nicknamed "the North Pole," and the firm hosted drug-fueled parties featuring topless waitresses, according to a... More »

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cocaine • lawsuit • Ponzi scheme • securities fraud • Bernard Madoff • Bernard L. Madoff Investment Securities

First Major Financial Crisis Trial Begins

Bear Stearns execs accused of lying as funds imploded

Oct 15, 09 2:43 AM CDT
(Newser) - The first major criminal trial against top Wall Street execs involved in the financial crisis kicked off in New York yesterday. Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin are accused of misleading investors in a desperate attempt to stop them from abandoning the funds, even as they... More »

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subprime mortgages • Bear Stearns • Ralph Cioffi • securities fraud • financial crisis • Matthew Tannin

Only Half of Madoff's Clients Lost Money

The rest withdrew more than they invested, prosecutors say

Sep 23, 09 11:41 AM CDT
(AP) - Federal prosecutors said yesterday that a review of most accounts held by Bernard Madoff's customers when he was arrested shows that about half of the customers had not lost money because they withdrew more than they originally invested. That doesn't, however, take into account the loss of any money they... More »

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Ponzi scheme • securities fraud • Bernard Madoff • victim • trustee

(Newser) - Investigators see yesterday's guilty plea of Bernard Madoff's right-hand man as a major breakthrough in their efforts to untangle the elaborate Ponzi scheme, BusinessWeek reports. Frank DiPascali, chief financial officer at Madoff's firm, has promised to cooperate with prosecutors and is expected to name other people involved in the scam... More »

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Ponzi scheme • securities fraud • witness • defrauding investors • Bernard Madoff • Bernard L. Madoff Investment Securities • Frank DiPascali

(Newser) - Ruth Madoff won't be able to spend $100 without scrutiny under a deal approved by a bankruptcy judge overseeing the liquidation of her husband's financial firm, the Wall Street Journal reports. Madoff agreed to give a full accounting of her income and any spending over $100 to a court-appointed trustee... More »

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Ponzi scheme • securities fraud • defrauding investors • Bernard Madoff • Ruth Madoff • Irving Picard

(Newser) - A high-flying New York lawyer who orchestrated a Ponzi scheme to fund his lavish lifestyle has been sentenced to 20 years in jail, the New York Times reports. Marc Dreier pleaded guilty to charges including conspiracy and securities fraud relating to the scam, which bilked hedge funds and other investors... More »

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fraud • sentencing • Ponzi scheme • securities fraud • defrauding investors • Bernard Madoff • Marc Dreier • prison sentence

 NY Lawyer 
 Pleads Guilty 
 to $400M Fraud 

Dreier bilked clients, spent cash on yacht and beach houses

May 12, 09 8:34 AM CDT
(Newser) - New York lawyer Marc Dreier pleaded guilty yesterday to selling hundreds of millions in bogus promissory notes to hedge funds and other clients, reports the Times. Dreier, 59, used the $400 million to fund a Manhattan apartment, beachfront houses, and an $18 million yacht. “He has disgraced the honorable... More »

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fraud • hedge fund • conspiracy • money laundering • wire fraud • securities fraud • hedge funds • Marc Dreier • Jay-ZTV

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 »

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

Ruth Madoff Pays Bernie First Visit in Jail

Ponzi schemer's wife stays silent after Manhattan meeting

Apr 7, 09 3:05 AM CDT
(Newser) - Ruth Madoff visited her husband in his new prison home for the first time yesterday, the New York Post reports. The swindler's wife, accompanied by private security, appeared calm and relaxed after her 20-minute meeting with Bernard Madoff in the Manhattan Correctional Center, although she refused to answer reporters' questions... More »

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jail • Ponzi scheme • visitation • securities fraud • Bernard Madoff • Ruth Madoff

 Feds Grab Madoff Mansion 

$11M Palm Beach pad will be sold to pay pack Ponzi scheme victims

Apr 2, 09 1:35 AM CDT
(Newser) - Federal authorities seized Bernard Madoff's Florida mansion yesterday shortly after confiscating his two yachts, the New York Daily News reports. US marshals and Palm Beach police took over the five-bedroom $11 million mansion—which is in Ruth Madoff's name—as part of an effort to seize as many Madoff assets... More »

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Ponzi scheme • Palm Beach • securities fraud • Bernard Madoff • Ruth Madoff

Judge Kills Allowance for Madoff Bro

Rulings in response to lawsuits also extend freeze to feeder funds

Apr 1, 09 4:37 AM CDT
(Newser) - A appeals judge yesterday nixed a deal that gave Bernard Madoff brother Peter a $10,000 monthly allowance out of his frozen assets, reports the New York Daily News. The ruling, which came in response to a suit from a law student who lost his $500,000 inheritance, prevents him... More »

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

Madoff 'Used London Office as Piggy Bank'

Brits considering charges against Madoff's UK employees

Mar 28, 09 4:35 AM CDT
(Newser) - British investigators believe Bernard Madoff's London operation played a central role in his Ponzi scheme, the Times of London reports. Authorities suspect the business was either "a cog in the giant washing machine" laundering Madoff's billions, his personal piggy bank, or both. Ruth Madoff received $2 million from Madoff's... More »

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London • Britain • Ponzi scheme • securities fraud • Bernard Madoff • Bernard L. Madoff Investment Securities

 Madoff Lists $826M in Assets 

List reveals couple's homes, cash, luxury goods mostly in Ruth's name

Mar 14, 09 6:52 AM CDT
(Newser) - A list of the Madoffs' assets released yesterday falls a long way short of the tens of billions investors and prosecutors are looking for, the Wall Street Journal reports. A $700 million valuation for Bernard Madoff's investment business made up the bulk of the roughly $826 million in assets listed,... More »

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

opinion

 Life? Nah. Make 
 Him Work at SEC 


Mar 12, 09 5:23 PM CDT
(Newser) - Now that Bernie Madoff is guilty, it’s time to talk sentencing. CNBC hosted a contest to come up with the most inventive one for the disgraced financier, and the winner is: working for the SEC, "catching people just like him." But that doesn’t mean the other... More »

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crime • contest • guilty plea • Ponzi scheme • scandal • securities fraud • sentence • Bernard Madoff • Bill Maher Grid

(Newser) - Bernard Madoff pleaded guilty this morning to all 11 felony charges against him, saying he was "sorry and ashamed" for his criminal acts. The judge accepted the plea and revoked Madoff's bail, bringing cheers from spectators in the courtroom. Madoff was escorted out in handcuffs and will remain in... More »

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fraud • New York City • perjury • guilty plea • plea • Ponzi scheme • securities fraud • courthouse • Bernard Madoff • Bill Maher Grid

(AP) - Bernard Madoff's lawyer told a judge today his client will plead guilty later this week to 11 counts including money laundering, perjury and securities, mail and wire fraud. Prosecutors say the disgraced money manager will face up to 150 years in prison on the charges. More »

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Federal Court • money laundering • perjury • guilty plea • wire fraud • Ponzi scheme • attorney • securities fraud • conflict of interest • Bernard Madoff • mail fraud • Bill Maher Grid

(AP) - Disgraced money manager Bernard Madoff emerged from seclusion today to confront a potential conflict of interest in his massive fraud case: a $900,000 investment by his lawyer's sons. Prosecutors asked the judge to rule on the conflict to clear the way for another highly anticipated proceeding Thursday, when Madoff... More »

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Federal Court • lawyer • Ponzi scheme • scandal • securities fraud • conflict of interest • Bernard Madoff • Ira Sorkin

 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

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

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