Bernard Madoff

Stories 1 - 20 |  Next >>

Bernie Madoff's Only Surviving Son Dead at 48

Andrew Madoff had battled lymphoma

(Newser) - Bernie Madoff's son Andrew died this morning of cancer at age 48, his lawyer tells CNBC . "Andrew Madoff has lost his courageous battle against mantle cell lymphoma," the lawyer says, per Reuters . "He died peacefully at Memorial Sloan Kettering Cancer Center on September 3, 2014, surrounded... More »

Jurors Reach Verdict in Madoff Workers Trial

5 former employees all found guilty of hiding fraud

(Newser) - Five former employees of imprisoned financier Bernard Madoff were convicted today at the end of a six-month trial that portrayed them as telling an elaborate web of lies to hide a fraud that enriched them and cheated investors out of billions of dollars. The trial—one of the longest in... More »

JPMorgan Execs Unscathed in $1.7B Madoff Settlement

Fines will go to pay off victims

(Newser) - JPMorgan has officially signed off on a $1.7 billion settlement laying to rest complaints about its dealings with infamous Ponzi schemer Bernard Madoff. Prosecutors accuse the bank of turning a blind eye to Madoff's frauds—the bank filed a Suspicious Activity Report on Madoff with UK regulators in... More »

JPMorgan to Cough Up $2B in Madoff Case

Bank accused of turning a blind eye to vast Ponzi scheme

(Newser) - Five years after history's biggest Ponzi scheme was exposed, Bernie Madoff's main banker is facing a rare criminal action for its role in the scam and is preparing to settle for around $2 billion, reports the New York Times . JPMorgan is accused of turning a blind eye to... More »

10K More Madoff Investors Could Get Cash

Victim pool has been expanded

(Newser) - Bernie Madoff's victim pool has been expanded to include so-called "third party" investors, or people who lost money they had invested with "middleman" firms that in turn invested it with Madoff. That means more than 10,000 people—initially denied from receiving compensation distributed by the liquidation... More »

Madoff's Office Was Sexual Hotbed: Court Papers

Prosecutors make accusation in Manhattan federal court

(Newser) - Bernie Madoff's office was a hotbed of relationships that included a love triangle involving the Ponzi scheme king himself, according to court documents released today. Four associates of Madoff Securities and Madoff's former secretary were in Manhattan federal court facing charges over the $65 billion scheme when prosecutors... More »

Madoff Victims Have $2.48B on the Way

1,230 people getting checks averaging $2M

(Newser) - The check is indeed in the mail for Madoff victims: Following a judge's approval, some 1,230 victims of Bernie Madoff's Ponzi scheme will soon receive money totaling $2.48 billion. Mailed yesterday, the checks average about $2 million each, and range between $1,784 and $526.9... More »

Madoff Trustee Ready to Repay $2.4B

Lawsuits by investors could slow down, reduce payout

(Newser) - It's been more than three years since Bernie Madoff's giant Ponzi scheme was discovered, resulting in $17 billion in lost principle for his investors. But now the trustee in charge of Madoff's bankruptcy says he's ready to give the stolen funds back to the duped investors—... More »

Peter Madoff Taken Into FBI Custody

Bernie's brother to plead guilty later today

(Newser) - The FBI took Bernie Madoff's brother into custody this morning, ahead of a scheduled court appearance in which Peter Madoff will plead guilty to two criminal charges. That appearance will take place at the same courthouse where Bernie was sentenced to 150 years in prison for his Ponzi scheme.... More »

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 »

Stories 1 - 20 |  Next >>

AROUND THE WEB