Bernie Madoff

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Why the Mets Pay a 57-Year-Old $1.2M Every July 1

Bobby Bonilla will get that each year through 2035

(Newser) - It's a pretty safe bet that July 1 is Bobby Bonilla's favorite day of the year. That's because it's the day on which the New York Mets pay him $1,193,248.20. Bonilla, 57, hasn't picked up a bat since 2001, when he last... More »

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.... More »

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,... More »

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... More »

Prosecutors Weigh In on Madoff's Request for Mercy

He must stay in prison even if he's dying, they tell judge

(Newser) - Bernie Madoff says he's dying and should be released from prison on compassionate grounds. A professor who advocates for criminal justice reform agrees . Prosecutors do not. "The nature of Madoff's crime—unprecedented in scope and magnitude—wholly justified the 150-year sentence this Court imposed and is by... More »

Professor: It's Time to Set Bernie Madoff Free

He qualifies for compassionate release, argues professor in op-ed

(Newser) - Bernie Madoff wants a judge to grant him "compassionate release" from prison because he is dying of kidney disease. In a New York Times op-ed, a sociology and criminal justice professor argues that the judge should do so. Yes, Madoff "is as close to the financial equivalent of... More »

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... More »

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... More »

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... More »

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—... More »

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... More »

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 »

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