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NEWS ABOUT: Bernard Madoff

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Madoff Judge Charged 'Defending' Self Against Wife

Federal judge is overseeing Lehman case, too

(Newser) - The bankruptcy judge presiding over the Bernie Madoff and Lehman Brothers proceedings has his own legal woes after bruising his wife's jaw in what he describes as a slapfest, the New York Post reports. After James Peck's wife arrived home late on her birthday, the couple fought over a ladder.... More »

Madoff Grandkids May Change Name

It's not easy being related to a Ponzi schemer

(Newser) - What to do if you’re the innocent grandchild of a Ponzi schemer, feeling the public backlash at your ritzy uptown prep school? Change your name—at least, that’s what the family of Bernie Madoff is considering for his grandkids, the New York Post reports. Good luck, little Madoffs—... More »

Cache of Madoff Evidence Found in Warehouse

Bernie 'sick' of house arrest in $7M Park Ave. apartment: source

(Newser) - Investigators are going over millions of documents found in a Queens warehouse that may shed light on Bernard Madoff’s alleged Ponzi scheme, the New York Daily News reports. The warehouse was used to store records from Madoff Investment Securities, spanning the firm’s decades-long history. More »

Bank Dumped Madoff Funds— but Didn't Tell Its Clients

JPMorgan beat scam while investors lost out

(Newser) - JPMorgan Chase emerged from Bernie Madoff's Ponzi scheme unscathed, but some of the bank's clients weren't so lucky. For years the bank offered its clients derivatives that were ultimately linked to Madoff, and also put $250 million in those funds. But a joint investigation by the New York Times and... More »

Tough Economy Bares a Slew of 'Mini-Madoffs'

Investors increasingly are becoming wary

(Newser) - Cash-strapped investors looking for redemption from investment funds are turning up surprises in the form of “mini-Madoffs,” Ponzi schemes that—while dwarfed by the alleged $50 billion fraud perpetrated by Bernie Madoff—nevertheless have taken victims for millions, reports the New York Times. At least six frauds with... More »

Spanish Bank Offers $1.82B to Madoff Victims

The make-good may prompt other banks to offer compensation to fleeced clients

(Newser) - Spanish banking giant Banco Santander, whose clients lost nearly $3.1 billion in Bernard Madoff’s Ponzi scheme, has offered to pay back customers some $1.82 billion, reports Bloomberg. The bank is facing a lawsuit in US federal court, filed by investors who say it failed to exercise due... More »

Guess Who Also Cheats at Golf

(Newser) - Bernie Madoff’s golf buddies knew something was up. No, not the whole global Ponzi scheme thing, which many would lose fortunes in. But something did seem fishy about his golf handicap. Madoff played off a 14 or 15, says one participant from a May tournament, but it should have... More »

Trust Fund Teens TP Madoff Mansion

Pranksters blast accused swindler for wiping out future fortunes

(Newser) - Pranksters whose future fortunes were battered by accused swindler Bernard Madofff festooned his tony Palm Beach digs with toilet paper over the weekend, reports the Palm Beach Post. Teenage boys called the newspaper to claim responsibility for the guerrilla tactic and blasted Madoff for wiping out their trust funds. The... More »

Zsa Zsa Lost Millions to Madoff

Madoff not so 'darling' to actress, 91, who's out up tp $10M

(Newser) - Actress Zsa Zsa Gabor has lost as much as $10 million to accused Ponzi scheme swindler Bernard Madoff, Reuters reports. The actress, 91, is not taking the recently discovered losses well, according to her lawyer. The Hungarian-born cinematic darling of the 1950s and '60s— who chalked up a string of... More »

Downturn Threatens 100K Charities

(Newser) - The economic crisis isn’t just hurting Wall Street executives—it also spells dark times for the charities they once supported, the Wall Street Journal reports. The number of US nonprofits climbed from about 750,000 a decade ago to more than a million today, but watchers say 100,000... More »

Madoff Scandal Turns Up Heat on Financial Advisers

Loophole lets Madoff types profit from bad advice, they say

(Newser) - Wall Street advisers and brokers are tussling over the details of a looming regulatory overhaul as Washington takes steps to prevent another Bernard Madoff scandal, Bloomberg reports. Advisers want brokers who counsel clients to be subject to the same oversight they’re under; currently, their brokerage counterparts can profit by... More »

Madoff Fund Made No Trades

Records of trades don't match stock prices

(Newser) - The fund run by Wall Street swindler Bernie Madoff apparently did not execute a single trade the entire time it was raking in billions of dollars in investment cash from unsuspecting clients, reports Reuters. Monthly statements of trades from Madoff were pure fiction that kept up appearances in the $50... More »

Schapiro Pledges to 'Reinvigorate' SEC

Obama nominee wants better cooperation among agencies in nabbing next Madoff

(Newser) - Mary Schapiro, Barack Obama’s nominee to head the Securities and Exchange Commission, told senators today she would make enforcement a top priority, CNN reports. Her confirmation hearing was also peppered with questions about how Bernard Madoff’s Ponzi scheme slipped past regulators; Schapiro currently heads an industry watchdog group.... More »

Ruth Madoff: Accomplice or Another Victim?

Both possibilities hard to believe, friends say of inseparable couple

(Newser) - Bernard Madoff and his wife, Ruth, have been married for nearly 50 years and are practically inseparable. They worked together, and the outgoing blonde with the all-American look attracted friends to his hedge fund, the New York Times reports. So did she know or didn't she? "It’s hard... More »

Critics Question Toughness of Obama's SEC Pick

Confirmation hearing today for Schapiro

(Newser) - As Mary Schapiro, Barack Obama's nominee to lead the SEC, heads to Capitol Hill to face Senate confirmation hearings today, questions linger about her light touch with big Wall Street firms. A seasoned regulator, Schapiro nevertheless spent much of last year cracking down on small brokerages and minor players, reports... More »

NY Investigates Madoff Chum in Charity Losses

Nonprofits say Merkin invested millions without their knowledge

(Newser) - New York investigators widened their inquiry into Bernie Madoff's Ponzi scheme yesterday, as claims emerged that a middleman may have defrauded charities of millions of dollars. Money manager Ezra Merkin allegedly invested the money of 15 nonprofits in Madoff funds without their knowledge, reports the New York Daily News. New... More »

Another Judge Sends Madoff Home

Feds' appeal to put financial scammer behind bars rejected

(Newser) - A second judge rejected a bid to revoke Bernard Madoff's bail during a hearing today in which the accused scam artist wore a bulletproof vest, Bloomberg reports, sending him home to his Manhattan penthouse rather than into custody. Prosecutors argued Madoff can’t be trusted, citing attempts to mail  jewelry... More »

The Upside of the Madoff Mishegoss

Thank Bernie for reminding us that Jews shouldn't be WASPs

(Newser) - Bernie Madoff, the professionally dishonest, gelt-grubbing financier, seems to conform to some of the worst stereotypes about Jews and money, writes Joseph Epstein in Newsweek. While Madoff appears to have made a particular specialty of swindling fellow Jews, he is actually less anti-Semite than "truly equal-opportunity son of a... More »

Madoff Delays Could Point to Plea Bargain

Wording in court order suggests negotiations in $50B fraud case

(Newser) - Signs emerged yesterday that disgraced financier Bernard Madoff is trying to cut a deal that could end his $50 billion fraud case without trial, the New York Times reports. A federal magistrate refused to revoke Madoff’s bail and delayed a hearing on Madoff’s case for 30 days so... More »

Madoff Stays Free on Bail

Judge doesn't revoke bail

(AP) - A New York judge ruled today that Bernard Madoff may remain free on bail, rejecting a bid by prosecutors to send the disgraced investor to jail. Madoff mailed more than $1 million in jewelry and heirlooms to family and friends over the holidays. Prosecutors said the gifts were grounds to... More »

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