Bernard Madoff

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No Cushy 'Camp Fed' for Madoff
 No Cushy 'Camp Fed' for Madoff 
ANALYSIS
Jun 30, 2009 12:49 PM CDT

No Cushy 'Camp Fed' for Madoff

(Newser) - Bernard Madoff’s high profile and long sentence will likely land him in a medium- or high-security prison, Bloomberg reports. Though previous white-collar criminals have spent terms at federal prison “camps,” any sentence longer than 10 years makes an inmate ineligible for that cushy treatment. Insiders also say...

10 More to Be Charged in Madoff Scam

Source: Disgraced financier may get plenty of company during his century-and-half inside

(Newser) - At least ten more people are likely to be charged as the probe into Bernard Madoff's massive fraud continues, an insider tells AP. The only other person charged so far has been Madoff's accountant. The source declined to say whether the other people likely to face federal charges are relatives...

Ruth Madoff: 'Not a Day Goes By When I Don't Ache'

Bernie's wife releases statement on Ponzi schemer

(Newser) - Ruth Madoff said in a statement today she’s “embarrassed and ashamed” of her husband’s crime, the Wall Street Journal reports—and anyone who believes she’s shown “indifference or lack of sympathy” in her silence has perceived “exactly the opposite of the truth.” “...

Madoff Gets the Max: 150 Years
 Madoff Gets the Max: 150 Years 
Jun 29, 2009 9:52 AM CDT

Madoff Gets the Max: 150 Years

(Newser) - A federal judge threw the book at Bernie Madoff today, sentencing him to 150 years in prison, the maximum allowed by law in the $65 billion scam. He called Madoff’s crimes “staggering,” and chided him for not doing all he could to help investigators. He added that...

How Will Ruth Madoff Survive on Just $2.5M?

With $125K to spend yearly, time to trade in the pair of Mercedes

(Newser) - With just $2.5 million at her disposal as her husband heads to jail, Ruth Madoff won't exactly be sentenced to penury, but she'll have to cut her annual expenses to the low six figures if she wants it to last her lifetime, reports Brett Arends of the Wall Street ...

Where's the Money, Bernie?
Where's the
Money, Bernie?
Jun 29, 2009 4:21 AM CDT

Where's the Money, Bernie?

(Newser) - Investigators have only recovered $1.2 billion of the $13.2 billion bilked from investors by Bernard Madoff since 1995, reports the Wall Street Journal. Eligible victims may be compensated up to $500,000 by the Securities Investor Protection Corp., but the rest will have to come from whatever investigators...

Madoff's Wife to Give Up $80M; Bernie Hit for $170B

(Newser) - Ruth Madoff struck a deal with federal prosecutors today to forfeit nearly $80 million in assets and retain only $2.5 million in cash, the Wall Street Journal reports. The wife of swindler Bernard Madoff reached the agreement with the US attorney's office in Manhattan. Meanwhile, a US judge entered...

Ruth Madoff Rides Subway
 Ruth Madoff Rides Subway 
Jun 25, 2009 10:35 AM CDT

Ruth Madoff Rides Subway

Ponzi schemer's wife blames paps, of all people, for ruining her life

(Newser) - Ruth Madoff’s life has hit a new low—literally. It's subterranean: The New York Post spotted her on the subway yesterday, seated directly underneath an ad promoting 99-cent cellphones. The disgraced financier's wife, with gray-streaked hair and distinctly unfashionable attire, was not happy with the photographer, asking, “...

At $5B in Profits, One Client May Have Out-Madoffed Madoff

(Newser) - At least one person looks to have benefited more from Bernie Madoff’s Ponzi scheme than Bernie Madoff, ProPublica reports. Jeffry Picower, a secretive philanthropist and investor in medical technologies, is on the books as having withdrawn some $5.1 billion in returns from 1995 to 2008, well beyond his...

Madoff Lawyer: 12 Years Is Enough

Sorkin says court must resist 'mob vengeance'

(Newser) - Bernard Madoff’s lawyer says his client shouldn’t be jailed for life for his $65 billion Ponzi scheme, Reuters reports, urging the sentencing judge in a letter not to heed calls from victims for “mob vengeance.” A 12-year sentence would be enough, though 15-20 years wouldn’t...

For Ruth Madoff, Prison Is a 2-Story Condo
For Ruth Madoff, Prison Is a 2-Story Condo
ANALYSIS
Jun 13, 2009 2:40 PM CDT

For Ruth Madoff, Prison Is a 2-Story Condo

Disowned by sons, Bernie's wife gets cold shoulder in NYC

(Newser) - Behind every disgraced financier is a disgraced wife, but the public reaction to Ruth Madoff has been especially withering, Lynnley Browning writes in the New York Times. While the wives of other swindlers have reinvented themselves, Mrs. Madoff—scorned by her hairdresser, florist, and sons—has not tried to restore...

Brits Hit Court to Battle Yanks for Madoff Assets

UK liquidators have already seized $235K Aston Martin

(Newser) - The Madoff liquidators are turning on each other, reports the Times of London. The trustees handling the London arm of the Ponzi schemer's imploded business recently seized several American assets, including a $235,000 vintage Aston Martin, that were acquired with London money. UK liquidators will argue tomorrow in a...

Madoff Yanked $165M from London Branch Just Before Bust

Cash transferred to scammer vanished

(Newser) - A month before he came clean on his Ponzi scheme, Bernie Madoff sold $165 million in UK bonds from his London office and the money disappeared, the Independent reports. Madoff ordered a director of the London arm to transfer the money to his New York office so Madoff could use...

Madoff Sons Give Dad the Cold Shoulder

Haven't spoken to him since Ponzi confession

(Newser) - Bernie Madoff’s sons haven’t spoken to their father since he told them about his Ponzi scheme in December, a confession that drove Andrew to tears and Mark to anger. Nor have they spoken to their mother, whom they see as an enabler, David Margolick writes in a Vanity ...

Madoff 'Staged the Whole Thing': Secretary

With nerves fraying, Ponzi schemer 'chose to get arrested'

(Newser) - Bernie Madoff’s secretary thinks he staged his own arrest. “Bernie was never careless,” Eleanor Squillari writes in Vanity Fair. “He set up exactly how he wanted to go down.” Madoff began acting strangely weeks before the arrest, writing odd things in his appointment book. He’...

Madoff Money Man Steps Down
 Madoff Money Man Steps Down 
May 19, 2009 10:45 AM CDT

Madoff Money Man Steps Down

Cuomo pushes Merkin out

(Newser) - Thanks to some strong arming from Andrew Cuomo, financier J. Ezra Merkin is stepping down as manager of his hedge fund and placing it into receivership, the Wall Street Journal reports. Cuomo charged Merkin in a civil fraud complaint last month, saying he “betrayed hundreds of investors,” by...

Madoff Clients to Get $100M Back Soon

Funds address fraction of 9,000 claims: trustee

(Newser) - It's a start. Some of Bernie Madoff's clients will get back at least a portion of the money that he stole. Trustee Irving Picard says he expects to approve at least $100 million of investor claims—mere hundreds out of nearly 9,000 filed claims—by May 25, Bloomberg reports....

$12B Withdrawn From Madoff Accounts Before Arrest

(Newser) - Operators of so-called feeder funds withdrew $12 billion from Bernie Madoff's accounts in the year before his arrest, nearly half of it in the final three months, reports the New York Times. The analysis of financial records offers hope that defrauded investors will be able to recoup at least some...

'Mini-Madoff' Scammed Churchgoers, Blames Banks

(Newser) - For some, 2009 may be remembered as the year of the Ponzi scheme: Last year, federal regulators prosecuted 13 such scams, but in just the first few months of this year, they’ve already filed 22 cases, reports ABC News. One recent bust is Long Island's Peter Dawson, who stiffed...

Stung by Madoff, SEC Steps Up Pace, Triples Fraud Cases

Embarrassed committee gets aggressive with enforcement

(Newser) - Haunted by the failure to catch Bernie Madoff, the Securities and Exchange Commission is dramatically stepping up its investigation workload, reports the LA Times. Since February, the SEC has frozen the assets of 27 fraud suspects, compared to seven in the same period last year. “The clear message from...

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