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NEWS ABOUT: Bernard Madoff

Trustee to Sue Madoff's Sons, Brother, Niece

He'll seek $198 million; sons may also have 'criminal problem'

(Newser) - Bernie Madoff’s sons, brother, and niece will all be sued this week for $198 million, the trustee in charge of sorting out the Ponzi mess said last night. Sons Mark and Andrew Madoff in particular withdrew roughly $35 million, despite making little if any investment. “Whether or not... More »

Only Half of Madoff's Clients Lost Money

The rest withdrew more than they invested, prosecutors say

(AP) - Federal prosecutors said yesterday that a review of most accounts held by Bernard Madoff's customers when he was arrested shows that about half of the customers had not lost money because they withdrew more than they originally invested. That doesn't, however, take into account the loss of any money they... More »

Madoff's Beach Home Sells for More Than Asking Price

Montauk manse was on the market for $8.75M

(Newser) - Bernie Madoff's Montauk beach house is off the market, ABC reports. A buyer paid cash "over the asking price" of $8.75 million, say Realtors involved with the deal. The US Marshals Service, which is selling the home to get money back for Madoff's victims, won't divulge the buyer's... More »

Wells Fargo Fires Exec Who Squatted at Malibu Pad

Senior VP Cheronda Guyton used house that belonged to Madoff victims

(Newser) - Wells Fargo said today it has fired the executive who turned a seized California beachfront mansion into a personal playground, the Los Angeles Times reports. Neighbors say they saw Cheronda Guyton staying in the $12 million Malibu Colony property, which had been turned over to the bank by a couple... More »

Wells Fargo Exec Squats in Foreclosed Beach House

Owner of $12M spread was Madoff victim

(Newser) - Wells Fargo has tried to distance itself from an executive who allegedly hung out in a bank-owned $12 million beach house, promising “decisive action” against any employee “who may have violated Wells Fargo’s policies.” Cheronda Guyton, the senior VP in charge of foreclosed commercial properties, allegedly... More »

Madoff on Fooling SEC: 'Just Be Casual'

Ponzi schemer taped giving associates tips to dodge regulators

(Newser) - The most important thing to remember if you want to fool the SEC is to act casual, Bernie Madoff told executives at Fairfield Greenwich Group. “You don't want them to think you're concerned about anything,” the Ponzi scheme mastermind said in a phone call taped in 2005, CNN ... More »

Inside the Madoff Homes

The government prepares to auction off the Ponzi penthouse

(Newser) - America’s most luxurious crime scene is for sale. The US Marshals Service will auction off Bernie Madoff’s 4,000-square-foot Manhattan penthouse duplex this week, and it gave AP photographers a look inside the premises, which Madoff valued at $7 million. For photos of the swank pad, along with... More »

Despite Sex and Scandal, Madoff Books Are a Bust

(AP) - Sex and scandal have not been enough to make major sellers out of books about Bernard Madoff. According to Nielsen BookScan, neither a much-discussed tell-all by alleged ex-mistress Sheryl Weinstein nor a recent wave of biographies about the imprisoned financier have caught on with the public. Weinstein's Madoff's Other Secret,... More »

SEC Report: We Never Did 'Competent' Madoff Probe

(Newser) - The SEC's inspector general says the agency had plenty of chances to take down Bernie Madoff and whiffed on every one, Bloomberg reports. In a report released today, H. David Kotz writes that the SEC received "detailed and substantive complaints over the years to warrant a thorough and comprehensive... More »

Madoff's $8.75M Beach House Not All That

Marshals Service puts property up for sale

(AP) - Those who see Bernard Madoff as an evil purveyor of excess might be disappointed by his beach house: It's not that palatial. At 3,014 square feet, the home is cottage-size by super-rich standards. There's no garage. Not even a walk-in closet. But the 1.2-acre lot sits closer to... More »

Trustee Set to Gouge Madoff's Sons, Brother

May ask for $50M of clients' cash back

(Newser) - They're not accused of being in on the fix, but that's not stopping the court-appointed trustee of Bernard Madoff from going after the swindler’s sons and brother, CBS News reports. Trustee Irving Picard will file civil complaints against Mark, Andrew, and Peter Madoff and seek up to $50 million... More »

For Sale: Madoff's $8.75M Hampton Home

$8.75M home being sold by government to pay restitution

(Newser) - Bernie Madoff’s Montauk beach home could be yours for just $8.75 million. The 3,000-square-foot home will go on the market this week—the first of three being sold by the government to get Madoff’s victims some of their money back, Bloomberg reports. Unfortunately for those investors,... More »

Madoff-Burned Owners Must Sell Mets: Author

Mets call remark 'completely irresponsible'

(Newser) - The Wilpon family will have to sell the New York Mets after losing $700 million to Bernie Madoff's Ponzi scheme, according to an author who wrote about the money manager. “It's possible they would have to sell by next year,” says Erin Arvedlund, author of Too Good to ... More »

Madoff Lover Still Talking About Tiny Penis

Oh, and forget about her being in the clear—Weinstein says she 'had to know'

(Newser) - Sheryl Weinstein is still expounding on Bernie Madoff’s “not very large” penis, most recently to Cindy Adams of the New York Post. “It was narrow,” she says. “Tiny in terms of girth, not length.” Still, he somehow convinced scores of women to sleep with... More »

Ruth Madoff Knew Nothing: Mistress

Weinstein says Bernie was afraid divorce would reveal scheme

(Newser) - Ruth Madoff was probably thrilled to hear another woman talk about sleeping with her husband this morning. Alleged Madoff mistress Sheryl Weinstein told Good Morning America that the financier was terrified Ruth would find out about their affair, because “divorces or something like that leads to books being opened…... More »

Madoff Is Cancer-Free: Prison Official

(Newser) - Contrary to what you might have read in the New York Post, Bernie Madoff does not have cancer, Bloomberg reports. “While the N.Y. Post story is full of inaccuracies, and we can’t specifically address all of them, we can tell you that Bernie Madoff is not terminally... More »

Madoff Dying of Cancer: Inmates

Some speculate this is why he took the fall

(Newser) - Bernie Madoff may not serve much of his 150-year sentence: The Ponzi schemer is suffering from cancer, fellow inmates tell the New York Post, and has been telling everyone he doesn't have long to live. “He’s been taking about 20 pills a day for his cancer,” one... More »

Accounting Firm Faces $2B in Lawsuits in Madoff Scam

PricewaterhouseCoopers Canada slapped with 7 lawsuits

(Newser) - The Canadian branch of the world’s largest accounting firm is facing seven lawsuits for up to $2 billion on behalf of investors who fell victim to Bernard Madoff, the Telegraph reports. PricewaterhouseCoopers Canada was the auditor of a feeder fund, Fairfield Sentry, that directed cash to the Ponzi schemer.... More »

Top NYC Hotels for Cheaters

Five sites of well-known sex scandals

(Newser) - New York has housed many a famous cheater in its fancy hotels—the Daily News lists the top five:
  • Four Seasons: Alex Rodriguez courted prostitutes here while still married to Cynthia, alleges Manhattan madam Kristin Davis.
  • Days Inn: Gov. David Paterson went the budget route at this $150-a-night hotel during
... More »

Madoff Liked Them Gorgeous, Blond, and Young

Secretaries were paid off to be discreet

(Newser) - Bernie Madoff practically had his own harem, and former mistresses were often paid off—to the tune of $250,000 in one case—to keep quiet, the New York Post reports in a look at the latest Madoff book. “He started having affairs all over the place,” one... More »

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