Bernie Madoff

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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—...

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....

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...

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...

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 A judge ruled today that the team's owners must return up to $83 million withdrawn from Madoff's firm and go to trial over whether they ignored warning signs of the investment scam, MarketWatch...

Robert De Niro to Play Bernie Madoff
 De Niro to 
 Play Madoff 

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...

'60 Minutes' Video: Ruth, Andrew Madoff 'Trusted' Bernie
Ruth Madoff to Bernie:
'What's a Ponzi Scheme?'
'60 minutes'

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...

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.
...

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....

Ruth Madoff Dumping Bernie
 Ruth Madoff Dumping Bernie 

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...

Madoff: I'm a 'Human Pinata'
 Madoff: I'm a 'Human Piñata' 

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'...

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’...

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...

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...

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 ...

Bernie Madoff Interview: He Says Banks, Hedge Funds 'Had to Know' About His Ponzi Scheme
Madoff: Banks 'Had to Know' About My Scheme
first interview

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...

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...

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,...

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,...

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...

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