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NEWS ABOUT: Bernard Madoff

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Madoff Victims Trustee Eyes Brother's Bucks

New focus on Peter as trustee seeks to compensate swindle victims

(Newser) - A federal court official may seek to claw back any funds transferred by Bernard Madoff's swindle company to his brother, reports the New York Post. The new focus on Madoff's sibling, an officer in his firm, was revealed in a letter to an attorney representing a New York law student.... More »

Ruth Madoff Pays Bernie First Visit in Jail

Ponzi schemer's wife stays silent after Manhattan meeting

(Newser) - Ruth Madoff visited her husband in his new prison home for the first time yesterday, the New York Post reports. The swindler's wife, accompanied by private security, appeared calm and relaxed after her 20-minute meeting with Bernard Madoff in the Manhattan Correctional Center, although she refused to answer reporters' questions... More »

Cuomo Charges Madoff Feeder With Fraud

Says 'investment guru' Merkin was really just 'master marketer'

(Newser) - New York AG Andrew Cuomo has charged J. Ezra Merkin, a prominent New York philanthropist who funneled $2.4 billion into Bernie Madoff’s Ponzi scheme, with fraud, the Wall Street Journal reports. The complaint doesn’t accuse Merkin of knowing about the scheme. But it alleges that he lied... More »

Feds Seize Yet Another Madoff Boat

$430K Long Island vessel will be sold to aid victims

(Newser) - After nabbing a yacht and a motorboat and seizing his Florida mansion, feds have taken a third vessel belonging to Bernie Madoff: a fancy fishing boat found off Long Island, the New York Daily News reports. The 38-foot boat, bought for $430,812 in 2003, is named Sitting Bull, in... More »

Madoff's Taste in Home Decor Full of Bull

(Newser) - While seizing Bernie Madoff's Palm Beach possessions yesterday, US Marshals got an eyeful of the fraudster's home furnishings, reports the Palm Beach Post. And they weren't impressed. "I've never seen so much bull in my life," said one deputy. "Pictures of bulls, bull statues, even bulls on... More »

Feds Grab Madoff Mansion

$11M Palm Beach pad will be sold to pay pack Ponzi scheme victims

(Newser) - Federal authorities seized Bernard Madoff's Florida mansion yesterday shortly after confiscating his two yachts, the New York Daily News reports. US marshals and Palm Beach police took over the five-bedroom $11 million mansion—which is in Ruth Madoff's name—as part of an effort to seize as many Madoff assets... More »

Feds Seize Madoff's Boats

Yacht, motorboat part of his $823M fortune

(Newser) - US Marshals seized two boats belonging to jailed schemer Bernie Madoff today, the AP reports. The vessels—a 55-foot yacht and a 24-foot motorboat that were docked at separate Florida marinas—were part of the $823 million in assets Madoff and his wife had accumulated by the end of last... More »

Madoff Feeder Fund Charged With Fraud

Mass. complaint vs. Fairfield Greenwich is regulatory, not criminal

(Newser) - Massachusetts regulators charged Fairfield Greenwich Group with fraud today, the Wall Street Journal reports, saying it failed in its fiduciary duties by funneling money into Bernard Madoff’s Ponzi scheme. Fairfield was one of Madoff’s top feeder funds, and there was a “profound disparity between the due diligence... More »

Judge Kills Allowance for Madoff Bro

Rulings in response to lawsuits also extend freeze to feeder funds

(Newser) - A appeals judge yesterday nixed a deal that gave Bernard Madoff brother Peter a $10,000 monthly allowance out of his frozen assets, reports the New York Daily News. The ruling, which came in response to a suit from a law student who lost his $500,000 inheritance, prevents him... More »

Madoff 'Cheated on Wife, Too'

Ponzi schemer linked to exec assistant at media firm: insider

(Newser) - His investors may not have been the only ones Bernie Madoff cheated: sources tell the New York Daily News that the Ponzi schemer had at least one extramarital affair . He was involved with an executive assistant at a big media firm "eight or nine years ago," one insider... More »

Madoff 'Used London Office as Piggy Bank'

Brits considering charges against Madoff's UK employees

(Newser) - British investigators believe Bernard Madoff's London operation played a central role in his Ponzi scheme, the Times of London reports. Authorities suspect the business was either "a cog in the giant washing machine" laundering Madoff's billions, his personal piggy bank, or both. Ruth Madoff received $2 million from Madoff's... More »

Scammed Law Student Wins Freeze of Madoff Bro Funds

Peter Madoff had 'full knowledge' of scam, lawsuit charges

(Newser) - A Brooklyn law student who lost a $500,000 inheritance in the Bernard Madoff scam has won a court order freezing the assets of the swindler's brother, reports Reuters. Peter Madoff was in charge the student's trust, which he invested in Madoff's s scheme. Peter Madoff was an executive officer... More »

France Will Battle US for Madoff Chateau

Rival prosecutors preparing to grab Riviera pad

(Newser) - A legal tug-of-war is getting underway over the Madoffs' Riviera chateau, reports the New York Post. Bernard and Ruth Madoff's $1 million French pad is among the assets US federal prosecutors want the couple to forfeit to help reimburse scammed investors, but French authorities—who have opened a criminal inquiry... More »

Madoff Assets Top $1B

Trustee seeks Bernie's UK stocks, but $1M French home likely out of reach

(Newser) - The trustee digging up Bernard Madoff's assets has uncovered another $75 million in a Gibraltar bank account, pushing the total above $1 billion, the Wall Street Journal reports. In a civil hearing today, Assistant US Attorney Barbara Ward discussed the pursuit of other Madoff assets, saying France will likely seize... More »

Investors Hire Gumshoes to Snoop on Fund Managers

Fraud schemes prove boon to private eyes

(Newser) - Investors are increasingly hiring private investigators to dig up dirt on fund managers in hopes of avoiding the next Madoff-style fraud, Bloomberg reports. Background checks are expensive—depending on the firm, they may cost $1,000 per company or individual investigated—and can take weeks, but investors say they are... More »

Congo Con Joins Madoff Victims' Chorus ... Sorta

Standard 'foreign investment' scam email made it past US Attorney's office

(Newser) - The federal prosecutors collecting testimonials from victims of Bernard Madoff for the judge slated to sentence him don’t appear to have been too discerning, Josh Marshall reports for Talking Points Memo, after a standard-issue “African businessman” spam email made it into the pile. And though the promised $3.... More »

Judge Denies Madoff's Bail Appeal

Fraudster will wait in jail until June sentencing

(Newser) - A federal appeals court today denied Bernard Madoff’s request to be released on bail until his June sentencing date, the New York Daily News reports. “The defendant’s age and exposure to imprisonment are undisputed, and the court did not err in inferring an incentive to flee from... More »

Madoff Lawyer, DA Lock Horns on Bail

(Newser) - Bernard Madoff’s lawyer argued today that the financier, who has pleaded guilty to a $65 billion Ponzi scheme, should be free on bail until June sentencing, the New York Times reports. Ira Sorkin cited past precedent in similar cases, but the prosecution said Madoff has incentive to flee—and... More »

Madoff Victims Get Free Meal

New York restaurant offers three-course meal to Ponzi scheme victims

(Newser) - There ain't no such thing as a free lunch—but if you were a victim of Bernie Madoff's Ponzi scheme, a restaurant in New York will give you a free dinner. This week Nino's 208, an Italian restaurant located near Madoff's offices, is offering the city's swindled any three courses... More »

Do Us a Favor: Don't Apologize

(Newser) - Bernard Madoff said he was sorry last week. But it’s hard to believe him, writes Joe Queenan in the Los Angeles Times, given that he’s refused to help the government find his pilfered billions, or even identify his co-conspirators. It reminded Queenan of the time his “alcoholic,... More »

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