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NEWS ABOUT: Bernie Madoff

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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 A judge ruled today that the team's owners must return up to $83 million withdrawn from Madoff's firm and go to trial over whether they ignored warning signs of the investment scam, MarketWatch...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 »

Ruth Madoff Turned Away From Son's Memorial

It was apparently her punishment for choosing Bernie over boys

(Newser) - Ruth Madoff mourned alone after her son Mark committed suicide , sources tell People. She flew from Florida to Connecticut for the memorial service, but was turned away by Mark’s wife, the New York Post reports. A friend says Ruth’s sons wanted her to choose between them and disgraced... More »

Mets Owners Made $300M Off Madoff Scheme: Suit

Bosses 'categorically reject' claim

(Newser) - The New York Mets’ two owners, along with their businesses and families, made some $300 million in fictitious profits from Bernie Madoff’s Ponzi scheme—putting them among its top beneficiaries, says a lawsuit unsealed today. The Mets withdrew some $90 million from the team’s 16 accounts with Madoff,... More »

Distraught Madoff Getting 'Back Into the Groove'

But now he's back in the groove

(Newser) - When "Inmate Madoff, report to the chapel" crackled over the intercom last Saturday, "everybody knew"—sort of—says a recent inmate at Madoff's North Carolina lockup. "Every time there's a death of a relative, you have to report to the chapel," the former inmate explained,... More »

Late Madoff Investor to Return $7.2B to Victims

Nearly half cash losses now recovered

(Newser) - The pool of funds available to Bernie Madoff's victims is about to expand by $7.2 billion, thanks to a deal with the biggest beneficiary of the Ponzi scheme. The estate of Florida philanthropist Jeffry Picower has agreed to “return every penny received from almost 35 years of investing... More »

Mark Madoff's Widow: Have Pity

Our children are innocent victims, Stephanie Morgan tells press

(Newser) - Mark Madoff's widow has appealed to the public to have some compassion in the wake of her husband's suicide . "Regardless of what you feel about my father-in-law and his monstrous crimes, Mark's children are innocent victims and this is tragic for them," said Stephanie Morgan in her first... More »

Ruth Madoff Blames Bernie for Son Mark's Suicide

Family thinks Bernie may not 'survive this'

(Newser) - In Ruth Madoff's eyes, the death of son Mark is all husband Bernie's fault. "Her wrath is aimed at her husband," a Madoff biographer tells the New York Post , citing family friends. He adds that Ruth is "totally disgusted with" Bernie and "thinks this is the... More »

Not Going to Mark Madoff's Funeral: Bernie

Prison rules say dad's ineligible for furlough

(Newser) - Mark Madoff might not have wanted his notorious father at his funeral anyway, but Bernie Madoff will likely be barred from attending, the New York Post reports. The North Carolina prison’s Inmate Handbook says prisoners can have supervised furloughs for immediate family members’ funerals only if they’ve got... More »

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