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NEWS ABOUT: Bernard Madoff

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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 »

Ruth Madoff to Bernie: 'What's a Ponzi Scheme?'

Ruth, Andrew open up to '60 Minutes'

(Newser) - Almost three years ago, Bernie Madoff turned to his wife and said, “I have a confession to make: I’ve been running a Ponzi scheme,” Ruth Madoff recalled on 60 Minutes last night. Son Andrew remembers his mother’s response: “What’s a Ponzi scheme?” Once she... 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's Daughter-in-Law: I'd Spit in His Face

She holds Ponzi schemer responsible for husband's death

(Newser) - The widow of Ponzi schemer Bernard Madoff's older son, who committed suicide last year, said she'd "spit" on her father-in-law if she ever saw him. Stephanie Madoff Mack said she holds Madoff "fully responsible for killing my husband, and I'd spit in his face."... 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 »

'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 »

Ruth Madoff Dumping Bernie

She finally cuts it off after 52 years to reconcile with surviving son

(Newser) - After 52 years of marriage, Bernard Madoff's wife is finally calling it quits. Ruth Madoff, 70, hasn't seen her 73-year-old hubby for more than 8 months, reports the Daily Mail. She's cutting ties with Madoff in an effort to reconcile with her remaining son, Andrew, and her... 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 »

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 »

Madoff's Skivvies Fetch $200 at Auction

Sale raises $400K to go to victims

(Newser) - It's questionable why anyone would pay $200 for used underwear, but the definition of "collector's item" sank even to that level yesterday as the contents of Bernie Madoff's Palm Beach mansion went on the auction block. “It’s history! It’s the big thing! It’... 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 »

Mets Owners: We Knew Nothing of Madoff Scam

First angry response to 'clawback' suit

(Newser) - Though they made millions in profits from Bernard Madoff's phony investment scheme, owners of the Mets knew nothing about the fraud and aren't about to turn over a dime of their money to fleeced investors, they argue in court documents. Lawyers for Fred Wilpon and Saul Katz have filed a... More »

SEC Lawyer Linked to $1.5M in Dirty Madoff Money

Maybe that's why SEC was 'asleep at the swtich,' says critic

(Newser) - The mother of the chief lawyer for the Securities and Exchange Commission reaped $1.5 million in dirty money from Bernie Madoff, court documents are revealing. Attorney David Becker has been named in a clawback lawsuit seeking funds to repay investors ripped off in Madoff's $65 billion Ponzi scheme. The... More »

Ruth Madoff Turned Away From Son's Memorial

It was apparently her punishment for choosing Bernie over boys

(Newser) - Ruth Madoff mourned alone after her son Mark committed suicide , sources tell People. She flew from Florida to Connecticut for the memorial service, but was turned away by Mark’s wife, the New York Post reports. A friend says Ruth’s sons wanted her to choose between them and disgraced... More »

Trustee: JPMorgan Knew of Madoff's Ponzi Scheme

Lawsuit: Bank had warnings for years

(Newser) - Newly revealed court documents in the Bernie Madoff case show that JPMorgan Chase had serious doubts about the con man's investments more than a year before the bottom fell out—but kept right on letting him move billions in investor cash through his accounts, reports the New York Times . Consider... More »

Lawsuit Accuses Marshals of Dirty Madoff Loot Sale

Victims of white-collar criminals deprived of millions

(Newser) - The head of a US Marshals Service unit sold off millions in assets forfeited from white-collar criminals—including some seized from Bernie Madoff’s family—at a deep discount to his “business contacts,” swindling crime victims out of a pile of money, according to a whistle-blower lawsuit from... More »

Judge Yanks Bail for Madoff Secretary

Annette Bongiorno a flight risk, judge decides

(Newser) - Bernard Madoff's personal secretary is going to be spending Christmas behind bars. Annette Bongiorno surrendered to authorities in Florida yesterday after a federal judge canceled her house arrest and revoked her $5 million bail, the Orlando Sentinel reports. The judge decided there was a "very real potential" that Bongiorno,... More »

No Funeral for Mark Madoff

Ponzi schemer's son to be cremated without service

(Newser) - Bernard Madoff's elder son will be cremated with no viewing and no funeral service, sources tell the New York Post . The body of Mark Madoff—who hanged himself on Saturday, the second anniversary of his father's arrest—was claimed by a funeral director on behalf of his family yesterday. His... More »

Wall Street Speculators Hope to Profit on Madoff Victims

They're offering cash upfront, for reduced amounts, to take over claims

(Newser) - Bernie Madoff made a fortune off his victims, and now speculators in the field known as distressed securities hope to do the same. As the New York Times explains: These speculators are contacting those who lost money and offering a deal: We'll give you cash immediately and take over your... More »

Ruth Madoff Blames Bernie for Son Mark's Suicide

Family thinks Bernie may not 'survive this'

(Newser) - In Ruth Madoff's eyes, the death of son Mark is all husband Bernie's fault. "Her wrath is aimed at her husband," a Madoff biographer tells the New York Post , citing family friends. He adds that Ruth is "totally disgusted with" Bernie and "thinks this is the... More »

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