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NEWS ABOUT: Bernard Madoff

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Madoff 'Staged the Whole Thing': Secretary

With nerves fraying, Ponzi schemer 'chose to get arrested'

(Newser) - Bernie Madoff’s secretary thinks he staged his own arrest. “Bernie was never careless,” Eleanor Squillari writes in Vanity Fair. “He set up exactly how he wanted to go down.” Madoff began acting strangely weeks before the arrest, writing odd things in his appointment book. He’... More »

Madoff Money Man Steps Down

Cuomo pushes Merkin out

(Newser) - Thanks to some strong arming from Andrew Cuomo, financier J. Ezra Merkin is stepping down as manager of his hedge fund and placing it into receivership, the Wall Street Journal reports. Cuomo charged Merkin in a civil fraud complaint last month, saying he “betrayed hundreds of investors,” by... More »

Madoff Clients to Get $100M Back Soon

Funds address fraction of 9,000 claims: trustee

(Newser) - It's a start. Some of Bernie Madoff's clients will get back at least a portion of the money that he stole. Trustee Irving Picard says he expects to approve at least $100 million of investor claims—mere hundreds out of nearly 9,000 filed claims—by May 25, Bloomberg reports.... More »

$12B Withdrawn From Madoff Accounts Before Arrest

(Newser) - Operators of so-called feeder funds withdrew $12 billion from Bernie Madoff's accounts in the year before his arrest, nearly half of it in the final three months, reports the New York Times. The analysis of financial records offers hope that defrauded investors will be able to recoup at least some... More »

'Mini-Madoff' Scammed Churchgoers, Blames Banks

(Newser) - For some, 2009 may be remembered as the year of the Ponzi scheme: Last year, federal regulators prosecuted 13 such scams, but in just the first few months of this year, they’ve already filed 22 cases, reports ABC News. One recent bust is Long Island's Peter Dawson, who stiffed... More »

Stung by Madoff, SEC Steps Up Pace, Triples Fraud Cases

Embarrassed committee gets aggressive with enforcement

(Newser) - Haunted by the failure to catch Bernie Madoff, the Securities and Exchange Commission is dramatically stepping up its investigation workload, reports the LA Times. Since February, the SEC has frozen the assets of 27 fraud suspects, compared to seven in the same period last year. “The clear message from... More »

Madoff Victims' Advocate Sues Ezra Merkin

Trustee wants $558M back from feeder-fund withdrawals

(Newser) - The trustee representing investors who lost their savings with Bernie Madoff is suing Ezra Merkin, the feeder-fund manager who withdrew $558 million from Madoff's shop before the collapse of his Ponzi scheme. Irving Picard, who is responsible for winding down Madoff's defunct company, alleges that Merkin should have known from... More »

Madoff's $100K AmEx Bills Point to Rampant Abuse

Investors' money kept family living luxe

(Newser) - Ponzi-schemer Bernard Madoff used investors’ money as a “personal piggy bank” to support family, as well as some staff, extravagances, ABC reports. Documents filed in New York bankruptcy court show that Ruth Madoff used the company card to purchase nearly $5,000 of clothing at Paris boutiques last January,... More »

Secretary Dishes About Madoff's 'Roving Eye'

Inside details paint picture of lewd Ponzi schemer

(Newser) - Bernie Madoff “was irresistible to women,” his longtime secretary says, and the confessed Ponzi schemer felt the same way about them, perusing escort ads and keeping “about a dozen phone numbers for his masseuses” in his address book. Eleanor Squillari reveals intimate details about her boss, including... More »

Trustee Sues Madoff Insider, Says He Must Have Known

LA money manager got rich on fake returns

(Newser) - A trustee overseeing the liquidation of Bernie Madoff's assets filed a lawsuit against one of the Ponzi schemer’s investors yesterday, accusing investment manager Stanley Chais of getting such “implausibly high” returns that he should have known they were a sham. Chais and his family withdrew “untold” funds... More »

Pols, Hacker Among 'Influentials'

(Newser) - Time has unveiled its latest tallying of the world’s 100 most influential people, and yes, of course, Barack Obama is on it. But the other 99 choices aren’t as obvious. Bernie Madoff makes the list, as do Rush Limbaugh, George Clooney, and 4Chan’s Moot. And as usual,... More »

Dirty-Dealing Madoff Was a Clean Freak

Ponzi schemer a Luddite who crawled on all fours to align rugs

(Newser) - "Neat freak" may be one of the more polite epithets used to describe Bernie Madoff, who comes off as an obsessive-compulsive nut in a Fortune profile by James Bandler and Nicholas Varchaver. In immaculately tailored suits, he dusted furniture and got down on hands and knees to straighten rugs.... More »

Madoff's 'Ninja' Deputy Willing to Talk to Feds

(Newser) - Bernie Madoff's chief deputy is ready to talk, Fortune reports. Frank DiPascali is working out a deal with federal prosecutors in which he’ll name names and give details of how the massive Ponzi scheme operated. Among the surprises: No Madoff family members will be implicated, at least by DiPascali.... More »

Judge Holds Madoff Assets for Feds

Holdings may go to government through criminal forfeiture

(Newser) - A federal judge stopped Bernard Madoff's assets from moving into bankruptcy today, saying the government may claim them through criminal forfeiture because of Madoff's Ponzi scheme, Bloomberg reports. US District Judge Denny Chin blocked more than $100 million from being moved, a setback to investors who had won the right... More »

Madoff Kin Seek Advice on Life Behind Bars

Bernie's relatives look into former inmate's 'Fedtime 101' course

(Newser) - Two of Bernie Madoff’s family members have contacted a consultant who teaches a class on life in the slammer, the New York Post reports. Madoff’s niece, a compliance officer at his firm, is “concerned about her safety,” a source told the Post. Shana called a former... More »

Swank Hair Salon Cuts Ruth Madoff

Ponzi scheming hubby burned too many clients

(Newser) - Ruth Madoff might be going gray—and not due to stress over Bernie’s legal troubles. She’s been banned from getting her hair colored at a New York salon, the Post reports. “The Pierre Michel salon's clients are among some of Manhattan's most elite,” says a rep.... More »

Madoff's Mets Tix Sell for $7,500 on eBay

600% profit on seats to home opener will help repay victims

(Newser) - A Bernard Madoff investment has finally made an honest profit, the New York Daily News reports. The Ponzi kingpin's pair of tickets for the New York Mets home opener tonight, face value $525 each, sold for $7,500 after a fierce eBay bidding war. Along with revenue from the sale... More »

Judge Okays Bankruptcy for Bernie Madoff

Makes personal assets more easily available to victims

(Newser) - Bernard Madoff’s victims can force him into bankruptcy and seek any assets that weren’t proceeds of his crimes, a federal judge ruled today, over objections from federal prosecutors, the SEC, and the trustee overseeing the bankruptcy of Madoff’s firm. The judge ruled that bankruptcy had the best... More »

Madoff Investor Slapped With 1st Suit to Recover Gains

Trustee plans lawsuits all over the world

(Newser) - The first of what may be many lawsuits aimed at clawing back money from investors who gained from the Bernie Madoff ponzi scheme has been filed, the Wall Street Journal reports. The trustee for defrauded investors, Irving Picard, yesterday filed suit against a Virgin Islands-based investor, Vizcaya Partners, which withdrew... More »

Madoff's Mets Tickets Up for Grabs on Ebay

Home-plate 'Ponzi' tickets will be sold to repay scammed investors

(Newser) - Scamster Bernard Madoff has lost his mansion, his yacht, his freedom and now his prized Mets season tickets, the Los Angeles Times reports. The trustee liquidating the shamed financier and lifelong Mets fan's assets has traded Madoff's $80,000 platinum tickets for a "more marketable" $60,000 gold set... More »

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