Bernie Madoff

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From Prison, Madoff Defends Two Dead Sons

They weren't in on Ponzi scheme, he tells NBC

(Newser) - Bernie Madoff is trying to clear the names of his dead sons caught up in his mammoth Ponzi scheme. In emails to NBC , the 76-year-old insists that Andrew and Mark never knew about his illegal dealings. Andrew died of cancer last year at age 48, and Mark committed suicide at... More »

JPMorgan to Cough Up $2B in Madoff Case

Bank accused of turning a blind eye to vast Ponzi scheme

(Newser) - Five years after history's biggest Ponzi scheme was exposed, Bernie Madoff's main banker is facing a rare criminal action for its role in the scam and is preparing to settle for around $2 billion, reports the New York Times . JPMorgan is accused of turning a blind eye to... More »

10K More Madoff Investors Could Get Cash

Victim pool has been expanded

(Newser) - Bernie Madoff's victim pool has been expanded to include so-called "third party" investors, or people who lost money they had invested with "middleman" firms that in turn invested it with Madoff. That means more than 10,000 people—initially denied from receiving compensation distributed by the liquidation... More »

Peter Madoff Gets 10 Years Over Brother's Ponzi Scheme

He will probably lose all his assets, too

(Newser) - Bernie Madoff's younger brother got sentenced to 10 years in prison today after admitting to crimes such as falsifying documents and lying to regulators. But Peter Madoff, 67, continued to insist he didn't know about Bernie's massive Ponzi scheme, a claim the judge called "frankly not... More »

Madoff Trustee Ready to Repay $2.4B

Lawsuits by investors could slow down, reduce payout

(Newser) - It's been more than three years since Bernie Madoff's giant Ponzi scheme was discovered, resulting in $17 billion in lost principle for his investors. But now the trustee in charge of Madoff's bankruptcy says he's ready to give the stolen funds back to the duped investors—... More »

Peter Madoff Taken Into FBI Custody

Bernie's brother to plead guilty later today

(Newser) - The FBI took Bernie Madoff's brother into custody this morning, ahead of a scheduled court appearance in which Peter Madoff will plead guilty to two criminal charges. That appearance will take place at the same courthouse where Bernie was sentenced to 150 years in prison for his Ponzi scheme.... More »

Madoff's Brother to Plead Guilty, Get 10 Years

Peter Madoff was a top exec at Bernie's fraudulent hedge fund

(Newser) - Bernie Madoff's brother is heading to prison for 10 years. Peter Madoff made an agreement with prosecutors and will plead guilty on Friday to two charges: falsifying the records of an investment adviser and conspiracy to commit securities fraud and other crimes, reports the Wall Street Journal . Peter served... More »

Mets’ Owners Settle Madoff Case for $162M

Money to come from bosses' payout as Madoff victims

(Newser) - The New York Mets' owners have avoided a trial over what they knew about Bernie Madoff's Ponzi scheme by settling today with the trustee for Madoff victims for $162 million, the New York Times reports. Trustee Irving Picard had sued Fred Wilpon and Saul Katz for $1 billion (later... More »

Mets Owners Owe $83M in Madoff Case

Trustee Irving Picard will get his day in court

(Newser) - Bernie Madoff's historic Ponzi scheme is finally dragging the New York Mets to court. A judge ruled today that the team's owners must return up to $83 million withdrawn from Madoff's firm and go to trial over whether they ignored warning signs of the investment scam, MarketWatch... More »

De Niro to Play Madoff

Actor to co-produce biopic

(Newser) - The world’s most notorious Ponzi schemer will soon make his first cinematic appearance—portrayed by Robert De Niro. The actor and his partner, Jane Rosenthal, are producing a Bernie Madoff biopic based on Truth and Consequences: Life Inside the Madoff Family, by Laurie Sandell. The Telegraph reports that HBO... More »

Ruth Madoff to Bernie: 'What's a Ponzi Scheme?'

Ruth, Andrew open up to '60 Minutes'

(Newser) - Almost three years ago, Bernie Madoff turned to his wife and said, “I have a confession to make: I’ve been running a Ponzi scheme,” Ruth Madoff recalled on 60 Minutes last night. Son Andrew remembers his mother’s response: “What’s a Ponzi scheme?” Once she... More »

New Book Depicts Madoffs' Scary Dysfunction

Imperial Bernie created misery all around him

(Newser) - A new book about Bernie Madoff's family is hitting bookstores tomorrow and depicting a miserable, greedy, vain clan of epic proportions. Here are highlights from the New York Post 's rundown of Truth and Consequences, by Laurie Sandell with cooperation from Ruth Madoff and her son Andrew:
  • Bernie.
... More »

SEC Shredded Files to Cover Up Crimes: Whistleblower

Matt Taibbi reports on an insane, probably illegal practice

(Newser) - Police aren’t generally in the habit of destroying evidence from failed investigations—but the SEC is, according to one whistleblower. SEC attorney Darcy Flynn spilled the beans to Congress in July, saying that the SEC routinely destroys all documents related to its preliminary investigations if they don’t proceed.... More »

Ruth Madoff Dumping Bernie

She finally cuts it off after 52 years to reconcile with surviving son

(Newser) - After 52 years of marriage, Bernard Madoff's wife is finally calling it quits. Ruth Madoff, 70, hasn't seen her 73-year-old hubby for more than 8 months, reports the Daily Mail. She's cutting ties with Madoff in an effort to reconcile with her remaining son, Andrew, and her... More »

Madoff: I'm a 'Human Piñata'

Thinks he doesn't deserve to die in prison

(Newser) - There are probably at least a few former investors who wish this was literal: Bernie Madoff says the judge in his Ponzi scheme trial made him the "human piñata of Wall Street" when he dished out a 150-year sentence. Madoff tells the New York Times Judge Denny Chin'... More »

Madoff's Skivvies Fetch $200 at Auction

Sale raises $400K to go to victims

(Newser) - It's questionable why anyone would pay $200 for used underwear, but the definition of "collector's item" sank even to that level yesterday as the contents of Bernie Madoff's Palm Beach mansion went on the auction block. “It’s history! It’s the big thing! It’... More »

Husband Burned by Madoff Wants New Divorce Deal

He lost his share of settlement in Ponzi scheme

(Newser) - Bernie Madoff is messing up divorce settlements now, too. A husband wants his wife to give him back millions of dollars because he lost his share of their combined wealth in Madoff's Ponzi scheme, reports the New York Times . Steven Simkin and Laura Blank split up in 2006 and... More »

Revealed: Madoff Drank Lousy Wine

And he hoarded minibar bottles

(Newser) - Apparently Bernie Madoff didn’t spend much of his Ponzi loot on wine. US marshals plan to auction off Madoff’s wine collection, and though the estimated $15,000 price tag might sound like a lot to Joe Sixpack, wine experts are scoffing at his taste. “He was clearly... More »

Madoff to New York: 'I'm a Good Person'

Ponzi schemer reveals how his crimes have destroyed his family

(Newser) - “How could I have done this?" asks convicted fraudster Bernie Madoff in his weekly prison therapy sessions. "I'm a good person." But although Madoff spectacularly betrayed his investors, the betrayal he inflicted on his family was far worse, writes Steve Fishman in a lengthy piece in New ... More »

Madoff: Banks 'Had to Know' About My Scheme

In first interview, says they were 'complicit' by not acting against him

(Newser) - How did Bernie Madoff pull off such a massive Ponzi scheme under the noses of the banks and hedge funds he dealt with? Simple, he says. They knew he was a fraud. “They had to know,” Madoff tells the New York Times in his first interview since being... More »

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