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NEWS ABOUT: defrauding investors

defrauding investors stories: 54 news summaries

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 'Lebanese Madoff' 
 Shames Hezbollah 

Financier accused of using ties to party to dupe Shiites out of their savings

Sep 16, 09 1:48 AM CDT
(Newser) - A Lebanese businessman's billion-dollar Ponzi scheme has left thousands of investors penniless and Hezbollah leaders seriously embarrassed, reports the New York Times. Salah Ezzedine—dubbed the "Lebanese Bernie Madoff" by the nation's press—has strong ties to Hezbollah, and many of the mostly Shiite investors in his scheme say... More »

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Lebanon • fraud • Shiite • Hezbollah • Ponzi scheme • defrauding investors • Salah Ezzedine

(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

BofA Settles SEC Suit Over Merrill Bonuses for $33M

Commission says bank misled investors over Merrill payout

Aug 3, 09 1:13 PM CDT
(Newser) - Bank of America will pay $33 million to settle a federal lawsuit, filed today, which says the bank misled its investors, Reuters reports. During its takeover of Merrill Lynch, the lawsuit charges, Bank of America told investors Merrill wouldn’t pay bonuses without BoA’s permission before the deal closed.... More »

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Bank of America • investors • Merrill Lynch • SEC • lawsuit • bonuses • defrauding investors • Securities and Exchange Commission

 Trustee Sues 
 Ruth Madoff 
 for $44M 

Bankruptcy trustee says fraudster's wife received more than she'll admit to

Jul 29, 09 4:14 PM CDT
(Newser) - The trustee in the Bernie Madoff case sued the swindler's wife today to demand the return of $44 million to bilked investors, Newsday reports. The complaint doesn't allege criminal activity by Ruth Madoff but says she directly received funds from her husband’s multi-billion-dollar Ponzi scheme. Ruth Madoff gave up... More »

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fraud • lawsuit • Ponzi scheme • investment fund • defrauding investors • Bernard Madoff • Ruth Madoff

Jailed Financier Stanford Wants Cell With Better A/C

Alleged fraudster files a motion to move to cushier Houston jail

Jul 28, 09 2:15 PM CDT
(Newser) - Accused financier R. Allen Stanford is demanding he be moved from his current jail to a nicer facility in Houston, on grounds that his current cell is not comfortable enough, the New York Post reports. Stanford, charged with swindling investors out of $7 billion, complained through his lawyer that the... More »

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fraud • prison • crime • Ponzi scheme • investor • defrauding investors • Robert Allen Stanford

(Newser) - London investigators have uncovered a $130 million Ponzi scheme that duped hundreds of celebrities and businessmen around the world, reports the Telegraph. The scammers were so slick that many of their victims refuse to believe they were sucked in by the ersatz high-yield fund, and are still expecting payment, according... More »

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pyramid scheme • London • crime • investors • England • Britain • Ponzi scheme • defrauding investors

(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

SEC Staffer Was Waved Off Madoff Probe

Investigator's questions could have exposed Ponzi scheme in 2004

Jul 2, 09 5:52 AM CDT
(Newser) - An SEC investigator whose questions could have exposed Bernard Madoff's fraud in 2004 was shifted to an unrelated case after raising the alarm, the Washington Post reports. One of the supervisors who told the staffer to focus instead on a mutual funds investigation later married Madoff's niece, and the relationship... More »

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SEC • Ponzi scheme • defrauding investors • Bernard Madoff • Bernard L. Madoff Investment Securities

10 More to Be Charged
in Madoff Scam

Source: Disgraced financier may get plenty of company during his century-and-half inside

Jun 30, 09 2:44 AM CDT
(Newser) - At least ten more people are likely to be charged as the probe into Bernard Madoff's massive fraud continues, an insider tells AP. The only other person charged so far has been Madoff's accountant. The source declined to say whether the other people likely to face federal charges are relatives... More »

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Ponzi scheme • defrauding investors • Bernard Madoff • Bernard L. Madoff Investment Securities

Where's the
Money, Bernie?


Jun 29, 09 4:21 AM CDT
(Newser) - Investigators have only recovered $1.2 billion of the $13.2 billion bilked from investors by Bernard Madoff since 1995, reports the Wall Street Journal. Eligible victims may be compensated up to $500,000 by the Securities Investor Protection Corp., but the rest will have to come from whatever investigators... More »

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Manhattan • investors • sentencing • Ponzi scheme • defrauding investors • Bernard Madoff • Ruth Madoff

(Newser) - At least one person looks to have benefited more from Bernie Madoff’s Ponzi scheme than Bernie Madoff, ProPublica reports. Jeffry Picower, a secretive philanthropist and investor in medical technologies, is on the books as having withdrawn some $5.1 billion in returns from 1995 to 2008, well beyond his... More »

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philanthropy • Ponzi scheme • defrauding investors • Bernard Madoff • charitable giving • return on investment • Jeffry Picower • Picower Foundation • medical technology

 Stanford Surrenders to FBI 

Alleged fraudster turns himself in after grand jury hands down criminal charges

Jun 19, 09 12:26 AM CDT
(Newser) - Sir Robert Allen Stanford turned himself in to authorities soon after criminal charges were filed against him yesterday, the BBC reports. The billionaire financier is now in FBI custody, according to his lawyer. Stanford, whose firm Stanford Financial was shut down by authorities earlier this year, already faces civil charges... More »

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fraud • Ponzi scheme • defrauding investors • Stanford Financial Group • Robert Allen Stanford

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 »

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

(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 »

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

Investors Hire Gumshoes to Snoop on Fund Managers

Fraud schemes prove boon to private eyes

Mar 23, 09 4:24 PM CDT
(Newser) - Investors are increasingly hiring private investigators to dig up dirt on fund managers in hopes of avoiding the next Madoff-style fraud, Bloomberg reports. Background checks are expensive—depending on the firm, they may cost $1,000 per company or individual investigated—and can take weeks, but investors say they are... More »

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fraud • background check • private investigator • Ponzi scheme • investor • defrauding investors • background checks • Bernard Madoff • Bernard L. Madoff Investment Securities • Arthur Nadel

 Feds Go After Madoff's  
 Sons, Wife's Jewelry 

US seeks payback
of loans, along with gems, cufflinks

Mar 17, 09 8:16 PM CDT
(Newser) - The Madoff accounting continues. Authorities said today they intend to collect millions of dollars from Bernie's sons, about $2.6 million worth of his wife's jewelry, and 35 watches and cufflinks that belonged to the Ponzi schemer himself, the Daily News reports. Madoff lent son Mark $9.5 million, much... More »

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Ponzi scheme • jewelry • defrauding investors • Bernard Madoff • Ruth Madoff • Bernard L. Madoff Investment Securities • Andrew Madoff • Mark Madoff

(Newser) - As dastardly as Bernard Madoff’s scam was, it’s hard not to pin some blame on the victims themselves, Joe Nocera writes in the New York Times. They shouldn’t have put all their eggs in one basket, no matter how promising it seemed: “Diversification has many virtues;... More »

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

(AP) - Bernie Madoff's new Manhattan home is the size of a walk-in closet, with cinderblock walls, linoleum floors, and a bunk bed. Breakfast will be served before sunrise, and the disgraced financier can stretch his legs outside, but only every other day—in a cage. The Metropolitan Correctional Center took in... More »

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prison • guilty • Ponzi scheme • defrauding investors • Bernard Madoff • Bernard L. Madoff Investment Securities • Bill Maher Grid

Madoff Profiteers Scramble From Threat of Clawbacks

New York law allows those who lost money to reclaim from those who gained

Mar 12, 09 10:40 AM CDT
(Newser) - The threat that authorities will seek to recoup profits reaped through their investments in Bernard Madoff’s Ponzi scheme have some investors hurrying to put those funds in hard-to-reach places, the Wall Street Journal reports, like homes, trusts or life-insurance policies. So-called “clawback” lawsuits could allow those who were... More »

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profits • lawsuit • Ponzi scheme • defrauding investors • Bernard Madoff • Bernard L. Madoff Investment Securities • clawback • Bill Maher Grid

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