Ponzi scheme

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Madoff Lieutenant Expected to Blow Lid Off Scam

(Newser) - Investigators see yesterday's guilty plea of Bernard Madoff's right-hand man as a major breakthrough in their efforts to untangle the elaborate Ponzi scheme, BusinessWeek reports. Frank DiPascali, chief financial officer at Madoff's firm, has promised to cooperate with prosecutors and is expected to name other people involved in the scam...

Madoff Aide Pleads Guilty, Will Help Prosecutors

DiPascali will get time off his 125 years

(Newser) - Bernie Madoff's right-hand man pleaded guilty to a slew of fraud charges today and agreed to help prosecutors unravel how the multi-billion-dollar Ponzi scheme worked, the Wall Street Journal reports. In return, Frank DiPascali, 52, will get time shaved off his potential sentence of 125 years. DiPascali began working for...

SEC Did Grill Madoff...About Whether He Was Hiring

Young, inexperienced investigators awed, missed signs of Ponzi scheme

(Newser) - Bernie Madoff got nervous every time SEC investigators came around, but he shouldn't have: A new book claims the regulators were so green they were awestruck by Madoff—and even asked about job openings and dropped off resumes, the New York Post reports. “They’d send kids. I think...

Ruth Madoff to Bare All Expenditures Over $100

(Newser) - Ruth Madoff won't be able to spend $100 without scrutiny under a deal approved by a bankruptcy judge overseeing the liquidation of her husband's financial firm, the Wall Street Journal reports. Madoff agreed to give a full accounting of her income and any spending over $100 to a court-appointed trustee...

Trustee Sues Ruth Madoff for $44M

Bankruptcy trustee says fraudster's wife received more than she'll admit to

(Newser) - The trustee in the Bernie Madoff case sued the swindler's wife today to demand the return of $44 million to bilked investors, Newsday reports. The complaint doesn't allege criminal activity by Ruth Madoff but says she directly received funds from her husband’s multi-billion-dollar Ponzi scheme. Ruth Madoff gave up...

Madoff: I Can't Believe They Didn't Catch Me

Gives first prison interview, and he's looking a little buff

(Newser) - Prison life appears to be agreeing with Bernie Madoff. A lawyer who represents victims met with Madoff today and said he appears fit. "He looked pretty good and seems to be working out," said attorney Joseph Cotchett. "He looked a lot better than he has in some...

Jailed Financier Stanford Wants Cell With Better A/C

Alleged fraudster files a motion to move to cushier Houston jail

(Newser) - Accused financier R. Allen Stanford is demanding he be moved from his current jail to a nicer facility in Houston, on grounds that his current cell is not comfortable enough, the New York Post reports. Stanford, charged with swindling investors out of $7 billion, complained through his lawyer that the...

Madoff Crafty but Dumb: New Book

Pals surprised he pulled Ponzi scheme off

(Newser) - Bernie Madoff was a swindler from a young age—but many acquaintances also considered him “the dumbest man on earth," says an upcoming exposé. Jerry Oppenheimer’s new book, Madoff With the Money, also reveals that the Ponzi schemer skirted 2 years of Army Reserve duty during the...

Madoff's 'Prison Hell' Not So Hellish

But he is in the doghouse with Ruth

(Newser) - The New York Post got a little excited on today's front page, promising a look "Inside Madoff’s Prison Hell." But that turns out to be a bit of wishful thinking: “Some of the guys were talking about smacking him around a little, just to get the...

New $130M Global Ponzi Scheme Busted

(Newser) - London investigators have uncovered a $130 million Ponzi scheme that duped hundreds of celebrities and businessmen around the world, reports the Telegraph. The scammers were so slick that many of their victims refuse to believe they were sucked in by the ersatz high-yield fund, and are still expecting payment, according...

Employer Bails Out Madoff-Hit Employees

Mass. businessman donates $5M for workers' retirement

(Newser) - A Massachusetts businessman has ponied up $5 million of his own money to replace his employees’ retirement savings, which were wiped out by the collapse of Bernard Madoff’s Ponzi scheme, the Boston Globe reports. Robert I. Lappin, who made his money in vacuum cleaners, knows their pain because he,...

Madoff Arrives at Posh Prison
 Madoff Arrives at Posh Prison 
Jul 14, 2009 1:16 PM CDT

Madoff Arrives at Posh Prison

(Newser) - Bernie Madoff has reached his destination for the next 150 years or so. Clad in a blue jumpsuit, the fraudulent financier arrived at Butner Federal Correctional Complex in North Carolina just before noon today, ABC News reports. But the 71-year-old can take heart, because he “hit the inmate lottery,...

$400M Ponzi Lawyer Gets 20 Years

(Newser) - A high-flying New York lawyer who orchestrated a Ponzi scheme to fund his lavish lifestyle has been sentenced to 20 years in jail, the New York Times reports. Marc Dreier pleaded guilty to charges including conspiracy and securities fraud relating to the scam, which bilked hedge funds and other investors...

Madoff Moved to NC Prison
 Madoff Moved 
 to NC Prison 
UPDATED
Jul 13, 2009 2:30 PM CDT

Madoff Moved to NC Prison

With transfer, con man begins his 150-year sentence

(Newser) - Bernard Madoff was transferred today from Manhattan’s Metropolitan Correctional Center to a prison in Butner, NC, to serve out his 150-year sentence, sources tell CNBC. Madoff’s attorney had requested that the 71-year-old convicted Ponzi schemer do his time at Otisville in upstate New York. The prison system tries...

Madoff Won't Appeal
 Madoff Won't Appeal 
Jul 9, 2009 2:59 PM CDT

Madoff Won't Appeal

Conman resigned to life in prison

(Newser) - Bernie Madoff will do his time, his lawyer said today. The 71-year-old con man sentenced to 150 years in prison on a slew of fraud charges related to his massive Ponzi scheme won’t file an appeal, Bloomberg reports. “In terms of the appeal, done, over,” Madoff’s...

Why Ruth Is Our Punching Bag
 Why Ruth Is Our Punching Bag 
glossies
Jul 6, 2009 1:29 PM CDT

Why Ruth Is Our Punching Bag

She's the top target for Madoff attacks—thanks in part to gender, bad PR

(Newser) - Ruth Madoff “has become the primary punching bag for the media and the victims” of Bernie Madoff’s Ponzi scheme, “maligned more than any other Wall Street criminal’s wife in memory,” Sheelah Kolhatkar writes in New York—but are the attacks fair? We don’t know...

Madoff May Have Paid Off Austrian Banker

She's accused of sending him investors' cash, getting kickbacks

(Newser) - The head of Bank Medici is being probed by authorities in the US, the UK, and her native Austria over alleged kickbacks she received from Bernard Madoff, the Wall Street Journal reports. Sonja Kohn is believed to have pocketed $40 million in return for turning three funds she managed into...

Marshals Seize Ruth Madoff's Penthouse

She 'left voluntarily': lawyer

(Newser) - US Marshals seized Ruth Madoff’s $7 million Manhattan penthouse today after she made a deal to give it up last week, the New York Post reports. Madoff “left voluntarily and in an orderly manner to which all sides agreed,” said her lawyer. “We’re not here...

Ruth Madoff May Not Keep Her $2.5M For Long

Victims can still sue swindler's wife to recoup losses

(Newser) - When she leaves her Manhattan penthouse, Ruth Madoff will have a mere $2.5 million to her name—and she might not have that for long either, Newsday reports. Madoff’s deal with the government—in which she’ll gives up more than $80 million in assets, keeping just the...

SEC Staffer Was Waved Off Madoff Probe

Investigator's questions could have exposed Ponzi scheme in 2004

(Newser) - An SEC investigator whose questions could have exposed Bernard Madoff's fraud in 2004 was shifted to an unrelated case after raising the alarm, the Washington Post reports. One of the supervisors who told the staffer to focus instead on a mutual funds investigation later married Madoff's niece, and the relationship...

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