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NEWS ABOUT: Bernard Madoff

Mark Madoff's Suicide Tightens Screws on Brother

Mark's death won't stop cases against brother Andrew

(Newser) - Bernie Madoff's son Mark may have committed suicide on Saturday but the lawsuits against him and his brother, Andrew, stemming from their father's Ponzi scheme are alive and well. Andrew Madoff, now Bernard Madoff's only surviving son, had the same responsibilities as his brother at the family firm, and is... More »

Mark Madoff Hadn't Spoken to His Father in 2 Years

Friends say he couldn't move on after Ponzi revelations

(Newser) - Mark Madoff, the son of Ponzi schemer Bernie who killed himself this morning, hadn't spoken to his father in two years, friends tell the Wall Street Journal . Brother Andrew hasn't either, but Mark seemed to have more difficulty than Andrew in trying to get beyond their father's fraud case. He... More »

Austrian Madoff 'Victim' Actually Accomplice: Lawsuit

Vienna's Sonja Kohn accused of funneling billions into Ponzi scheme

(Newser) - Before the suicide of his son , this was shaping up to be the big Bernie Madoff story of the day: A Vienna banker who once called herself one of the Ponzi scheme's biggest victims may in reality have been Madoff's biggest conspirator. The trustee handling the investigation accuses Sonja Kohn... More »

Bernie Madoff Son Hangs Himself

Mark Madoff had been left 'unalterably bitter' by sins of the father

(Newser) - The 46-year-old son of Ponzi schemer Bernard Madoff has been found hanging in an apparent suicide in his SoHo apartment, reports the New York Post. Mark Madoff, who sources recently told the Wall Street Journal was left "unalterably bitter" by his father's crimes, hadn't faced criminal charges to date,... More »

HSBC Sued for Aiding Bernie Madoff

Trustee says bank enabled fraud by ignoring warning signs

(Newser) - Bernie Madoff's Ponzi scheme survived for so long because HSBC ignored "red flags" and kept funneling investors' money to the fraudster, says the trustee trying to reclaim money for Madoff's victims. Irving Picard is suing the bank and a group of feeder funds for at least $9 billion, the... More »

FBI Arrests Two Madoff Aides

Joann Crupi, Annette Bongiorno were part of his back-office staff

(AP) - Two members of Bernie Madoff's back office staff were arrested on undisclosed federal charges by the FBI this morning. Joann Crupi was arrested at her home in Westfield, NJ; Annette Bongiorno was arrested at her home in Boca Raton. The charges have not been unsealed yet. Authorities said previously that... More »

Madoff Auction Makes $2M

Bernie's used boxers: The perfect holiday gift!

(Newser) - If ever you had a desire to buy a pair of Bernie Madoff’s cuticle scissors … you missed your chance. More of the Ponzi schemer’s stuff , including, yes, cuticle scissors, was auctioned off yesterday. The sale grossed more than $2 million—quite a bit more than the $1.... More »

Madoff's Piano, Slippers on Auction Block

400 personal items up for sale to help repay Ponzi schemer's victims

(Newser) - Seekers of Ponzi scheme memorabilia will be able to snap up more of Bernard Madoff's possessions at an auction next month. The shamed financier's Steinway grand piano, silverware, and even his monogrammed slippers will be on the auction block. The proceeds will be used to repay victims of his multi-billion-dollar... More »

Trustee Wants $30M More From Madoffs

Irving Picard sues, again, for money

(Newser) - The court-appointed trustee seeking to recover billions of dollars lost by Bernie Madoff is suing for $30 million that he says the Madoff family invested in oil, gas, and tech, reports the AP . The suit filed by trustee Irving Picard says the investments were used as vehicles to funnel money... More »

Trustee Plans to Sue Madoff Scheme 'Winners'

People who profited likely to face clawbacks

(Newser) - Thanks to the nature of Ponzi schemes, some people who invested money with Bernie Madoff and got out early enough ended up actually making money. The court-appointed trustee recovering money for Madoff's victims, however, says he plans to sue up to 1,000 of the scheme's "winners" to regain... More »

Madoff Has $9B Secret Stash: Fellow Inmate

Former partner knows where it is, may cut deal

(Newser) - Bernie Madoff has a secret stash, and his partner in crime knows where it is. The Ponzi schemer has told fellow federal prisoners he funneled $9 billion to three people—“I think it was personal friends,” the source tells the New York Post —and he suspects Frank... More »

Prisoner Madoff: 'F*** My Victims'

Ponzi schemer serving 150-year sentence becomes celeb in prison

(Newser) - Bernie Madoff isn't wasting time fretting over the lives he ruined and the fortunes he destroyed. Shortly after he arrived at a federal prison in North Carolina last summer, another inmate was pestering him about the people he had duped, and the Ponzi schemer lost his patience. "Fuck my... More »

17 Most Corrupt Industries

Want to retain your honor? Don't get into these professions

(Newser) - Goldman Sachs got you convinced Wall Street is the most corrupt place to work? Not quite: The Daily Beast worked with an anti-corruption research organization to determine the 17 most corrupt industries in America. The top five, along with representative examples:
  1. Utilities: FirstEnergy allegedly covered up a reactor head that
... More »

Post-Madoff SEC Bites Goldman Sachs

After Ponzi scheme debacle, regulator is back, with bigger fangs

(Newser) - Having let the Madoff scandal unfold virtually under its nose, the SEC sounded an alert with the announcement of its lawsuit charging Goldman Sachs with fraud. "The message: The SEC is back on the job," Greg Gordon writes for McClatchy . "The release is very judgmental about the... More »

New Owners Love Bernie Madoff's Pad

Patio trumps 'karma' concerns

(Newser) - Bernard Madoff may be a despicable con artist, but say this for the guy: he had a nice place. Now that place, a penthouse overlooking Manhattan’s Upper East Side, belongs to toy mogul Al Kahn and his wife, Patsy, and they say they couldn’t be happier, reports the... More »

Madoff Was Beaten in Prison

Burly fellow inmate broke his nose, fractured his ribs over apparent debt

(Newser) - Bernie Madoff suffered a broken nose, fractured ribs, and cuts on his face in a prison beating in December, a fellow prisoner tells the Wall Street Journal . One prison source said the assailant thought Madoff owed him money, and another said the assailant was a muscular man serving time for... More »

Americans Would Forgive Tiger Before John Edwards...

...or Chris Brown, Polanski, Madoff: poll

(Newser) - Americans appear to be in the mood to forgive a variety of national figures laid low by this or that scandal, and Tiger Woods in particular. Some 32% of respondents to a CBS News poll said they would pardon the transgressions of the likes of Woods, Charlie Sheen, and John... More »

Madoff Kin Seek New Names

Ponzi schemer's daughter-in-law wants change for family

(Newser) - Bernard Madoff's daughter-in-law has decided she no longer wants to carry the financial world's least-trusted name. Stephanie Madoff, wife of Madoff's son Mark, has filed a name change request for herself and her two young children, Audrey and Nicholas, in Manhattan court, the New York Daily News reports. More »

Cabbage Patch CEO Snags Madoff Pad

Take a look at what $9M will get you in New York City

(Newser) - The guy who brought you Cabbage Patch Kids and Pokemon has snapped up the penthouse apartment of erstwhile Ponzi schemer Bernard Madoff, reports the New York Post . Al Kahn is the CEO of 4Kids Entertainment, and will be calling the 4000-square-foot lux digs in Manhattan's Upper East Side home sweet... More »

Madoff's Brother Target of Crime Probe

Peter Madoff subject of 'wide-ranging' Ponzi scheme inquiry

(Newser) - Finance's most-tarnished family name took another hit yesterday when it emerged that Peter Madoff is the target of a criminal probe relating to big brother Bernie's Ponzi scheme. A court filing states that the Manhattan US attorney's office is conducting an "active and wide ranging" probe of Peter, who... More »

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