Ponzi scheme

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Largest Fraud Vermont Has Ever Seen Started With a Peak

Things were rotten from the start of the 2008 purchase of Jay Peak

(Newser) - Vermont's Jay Peak ski resort was for sale, and a Florida man wanted it—and got it. But as Dan D'Ambrosio and April McCullum of the Burlington Free Press describe in a lengthy three-part series, it would only be years later that authorities would determine Ariel Quiros only...

Fraud Suspect Attempts Very Unusual Getaway

California man didn't get far on his sea scooter

(Newser) - A California man accused of scamming members of his local church in a $35 million Ponzi scheme attempted a daring getaway Monday with federal agents in hot pursuit. The FBI says 44-year-old Matthew Piercey fled in his pickup truck before entering Lake Shasta, the state's largest reservoir, and attempting...

Judge Won't Release Madoff

Ponzi scheme victims are still suffering, ruling says

(Newser) - Saying "many people are still suffering from" the crimes committed by Bernie Madoff, a federal judge refused Thursday to set the convict free. Madoff, 82, is serving a 150-year sentence, but his lawyers said he's dying of kidney disease and asked that he be released now, CNBC reports....

Madoff Victims to Receive Another Check

Senator opposes convict's request for early release

(Newser) - Another $378.5 million is on its way to victims of Bernie Madoff's Ponzi scheme. The Justice Department said Monday that this will be the fifth round of payments, from a government fund of forfeited money, that altogether will total more than $4 billion, NBC reports. More than 38,...

Madoff Wants to Make 'Dying Plea' for Release

Lawyer says fraudster wants to personally tell judge he is remorseful

(Newser) - Bernie Madoff, who disclosed last month that he is dying of kidney disease , wants to make a "final dying, personal plea" for freedom, the fraudster's lawyer said Thursday in a request for a new hearing. Attorney Brandon Sample said it would be "eminently reasonable" to schedule a...

Bernie Madoff: I Don't Have Much Time Left to Live

The disgraced Ponzi schemer says he has kidney disease

(Newser) - Epic Ponzi schemer Bernard Madoff asked a federal judge Wednesday to grant him a "compassionate release" from his 150-year prison sentence, saying he has terminal kidney failure and less than 18 months to live, the AP reports. Madoff's attorney filed court papers saying the 81-year-old has end-stage kidney...

Bernie Madoff Asks Trump for Clemency

'The very definition of chutzpah'

(Newser) - Bernie Madoff is now 10 years into his 150-year sentence for orchestrating a $65 billion Ponzi scheme—and the 81-year-old is looking for a way out. Justice Department records show that Madoff has petitioned President Trump to commute his sentence, and the request is listed as "pending," ABC...

Former Madoff Secretary Wants Early Prison Release

Annette Bongiorno will have served two thirds of her six-year prison term by March 19

(Newser) - A lawyer for the former secretary for imprisoned financier Bernard Madoff is asking that she be released from prison in March. Attorney Roland Riopelle says 70-year-old Annette Bongiorno will have served two thirds of her six-year prison term by March 19 and should be released then. He cited a law...

Man Who Bilked $100M From Investors Escapes Prison

Frederick Berg was discovered missing Wednesday in California

(Newser) - A Washington state man who bilked investors out of more than $100 million in a Ponzi scheme has escaped from a federal prison in central California, according to the US Marshals Service. Prison officials said Frederick Berg, 55, was discovered missing Wednesday from a minimum-security work camp next to a...

Taylor Swift's Ticketmaster Scheme Is a 'Scam'

Critics are calling it 'pay-to-play,' 'almost a Ponzi scheme'

(Newser) - Taylor Swift and Ticketmaster have teamed up to help ensure tickets to her upcoming tour go to her biggest fans, not scalpers. That's so nice, right? Wrong. The complicated process, which utilizes Ticketmaster's new Verified Fan service, asks fans to buy Swift merch or promote her music on...

Most Money From Madoff's Sons' Estates Will Go to Victims

Estates reach $23M deal with government

(Newser) - Victims of Bernie Madoff's Ponzi scheme will divvy up $23 million from the estates of his two sons. The estates of Mark Madoff, who killed himself in 2010, and Andrew Madoff, who died of cancer in 2014, reached a deal with the US government—eight years in the making—...

4th Person Connected to Madoff Commits Suicide

Father of four jumped from NY hotel

(Newser) - A hedge fund manager who was duped in Bernie Madoff's Ponzi scheme jumped from the 24th floor of a New York hotel on Monday, becoming the fourth person linked to Madoff to commit suicide, reports the New York Daily News . Police and witnesses say Charles Murphy, 56, jumped from...

2 Charged in Ponzi Schemes Tied to Adele, Hamilton

Joseph Meli, Steven Simmons joked about their $81M 'shell game': FBI

(Newser) - Two men were charged Friday with roles in Ponzi schemes that cheated wealthy people, including some who believed they were investing in ticket businesses for popular shows like an Adele concert and Broadway's Hamilton. Joseph Meli, 42, of Manhattan, and Steven Simmons, 48, of Wilton, Conn., were arrested on...

Man Who Brought You 'NSync, Backstreet Boys Dies in Prison

Lou Pearlman ran a giant Ponzi scheme, in addition to the boy bands

(Newser) - The man who brought about the rise of the boy band—notably 'NSync, the Backstreet Boys, and O-Town—died Friday in prison, reports the Orlando Sentinel . Lou Pearlman was serving a 25-year sentence for his role in a $300 million Ponzi scheme when he died of unknown causes at...

Panama Papers Name Americans Accused of Fraud

Seems Mossack Fonseca failed to vet its clients

(Newser) - The Panama Papers database went online Monday and revealed the names of over 360,000 people and companies involved in offshore companies—including 36 Americans accused of financial wrongdoing, USA Today reports. Among them is Leonard Gotshalk, a former Atlanta Falcons offensive tackle who was accused in 2010 by federal...

Feds: Man Used Stolen Funds to Freeze His Wife

Whileon Chay indicted, thought to be on the run in Peru

(Newser) - A man being charged with running a Ponzi scheme out of New Jersey is not only accused of squirreling away $5 million of his customers' money, reports Bloomberg , but he allegedly spent it on some pretty standard and pretty strange stuff. Whileon Chay, 38, "would show up to meet...

Jurors Reach Verdict in Madoff Workers Trial

5 former employees all found guilty of hiding fraud

(Newser) - Five former employees of imprisoned financier Bernard Madoff were convicted today at the end of a six-month trial that portrayed them as telling an elaborate web of lies to hide a fraud that enriched them and cheated investors out of billions of dollars. The trial—one of the longest in...

JPMorgan Execs Unscathed in $1.7B Madoff Settlement

Fines will go to pay off victims

(Newser) - JPMorgan has officially signed off on a $1.7 billion settlement laying to rest complaints about its dealings with infamous Ponzi schemer Bernard Madoff. Prosecutors accuse the bank of turning a blind eye to Madoff's frauds—the bank filed a Suspicious Activity Report on Madoff with UK regulators in...

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...

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...

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