securities fraud

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Madoff 'Used London Office as Piggy Bank'

Brits considering charges against Madoff's UK employees

(Newser) - British investigators believe Bernard Madoff's London operation played a central role in his Ponzi scheme, the Times of London reports. Authorities suspect the business was either "a cog in the giant washing machine" laundering Madoff's billions, his personal piggy bank, or both. Ruth Madoff received $2 million from Madoff's...

Madoff Lists $826M in Assets
 Madoff Lists $826M in Assets 
Mar 14, 2009 6:52 AM CDT

Madoff Lists $826M in Assets

List reveals couple's homes, cash, luxury goods mostly in Ruth's name

(Newser) - A list of the Madoffs' assets released yesterday falls a long way short of the tens of billions investors and prosecutors are looking for, the Wall Street Journal reports. A $700 million valuation for Bernard Madoff's investment business made up the bulk of the roughly $826 million in assets listed,...

Life? Nah. Make Him Work at SEC
 Life? Nah. Make 
 Him Work at SEC 
opinion
Mar 12, 2009 5:23 PM CDT

Life? Nah. Make Him Work at SEC

(Newser) - Now that Bernie Madoff is guilty, it’s time to talk sentencing. CNBC hosted a contest to come up with the most inventive one for the disgraced financier, and the winner is: working for the SEC, "catching people just like him." But that doesn’t mean the other...

Judge Orders 'Ashamed' Madoff to Jail on Guilty Plea

(Newser) - Bernard Madoff pleaded guilty this morning to all 11 felony charges against him, saying he was "sorry and ashamed" for his criminal acts. The judge accepted the plea and revoked Madoff's bail, bringing cheers from spectators in the courtroom. Madoff was escorted out in handcuffs and will remain in...

Madoff to Plead Guilty on 11 Counts, Faces 150 Years

(Newser) - Bernard Madoff's lawyer told a judge today his client will plead guilty later this week to 11 counts including money laundering, perjury and securities, mail and wire fraud. Prosecutors say the disgraced money manager will face up to 150 years in prison on the charges.

Madoff, Lawyer in Court for Hearing on Conflict of Interest

(Newser) - Disgraced money manager Bernard Madoff emerged from seclusion today to confront a potential conflict of interest in his massive fraud case: a $900,000 investment by his lawyer's sons. Prosecutors asked the judge to rule on the conflict to clear the way for another highly anticipated proceeding Thursday, when Madoff...

So Where Did Madoff's Wife Get $70M?

Lawyers for scammed clients seek source of Ruth's fortune

(Newser) - Lawyers representing some of Bernie Madoff’s victims are stumped by his legal team's claim that $70 million of his wife’s assets have nothing to do with his scam, Reuters reports. So far Ruth Madoff—who hasn't been charged with a crime—hasn't had to detail the source of...

Madoff Lawyer Hit by Death Threats
Madoff Lawyer Hit by Death Threats
Mar 4, 2009 2:19 AM CST

Madoff Lawyer Hit by Death Threats

Accused swindler may have hid money under attorney's name

(Newser) - Bernard Madoff's criminal defense lawyer has received several death threats amid more than a dozen emails of a "cursing and screaming" nature, sources tell ABC. "I deeply regret that the Sorkin family did not perish in the Nazi death camps," said one angry email sent to Ira...

Feds: Stanford Ran Massive Ponzi Scheme

Chief investment officer freed on 300K bond after night in jail

(Newser) - Federal officials have labeled shamed financier R. Allen Stanford’s operation a Ponzi scheme for the first time, the Houston Chronicle reports. The accusation—meaning the company used cash from new investors to pay older ones—came in an amended civil fraud complaint from the SEC yesterday alleging Stanford and...

Feds: Swindlers Blew $500M on Horses, Houses, Teddies

Another day, another fraud casee

(Newser) - A pair of money managers who once co-owned the New York Islanders hockey team have been charged by federal prosecutors with treating $550 million in client investments like their own "personal piggy bank," reports Reuters. Paul Greenwood, 61, and Stephen Walsh, 64, managing general partners of WG Trading...

SEC Missed Stanford Warning Signs
SEC Missed Stanford Warning Signs
Feb 19, 2009 5:24 AM CST

SEC Missed Stanford Warning Signs

Minor fines levied for violations that should have been red flags

(Newser) - Years of SEC probes into the Stanford Group's finances resulted in wrist-slaps for violations that experts believe should have been huge red flags for investigators, the New York Times reports. The firm, suspected of engaging in an $8 billion fraud, paid out just $60,000 in the past 2 years...

Stanford Spent Millions to Lobby Congress

$8B scammer's island junkets helped push anti-tax agenda

(Newser) - Billionaire R. Allen Stanford has spent millions of dollars in attempting to enlist high-powered Washington officials in his anti-tax efforts, reports the Wall Street Journal. Stanford’s investment companies spent over $5 million on lobbying, $2 million on campaign contributions, and thousands more on flying members of Congress to the...

Fugitive Financier Has $8B Headstart
Fugitive Financier Has $8B Headstart
OPINION
Feb 18, 2009 1:48 AM CST

Fugitive Financier Has $8B Headstart

SEC has slim chance of finding Stanford, missing stash

(Newser) - Financier Robert Allen Stanford is now a fugitive and SEC officials don't look any likelier to get their man than his investors do to get their money back, Felix Salmon writes in Portfolio. Regulators have been sniffing around his operations for long enough to ensure he's got a contingency plan...

Tough Economy Bares a Slew of 'Mini-Madoffs'

Investors increasingly are becoming wary

(Newser) - Cash-strapped investors looking for redemption from investment funds are turning up surprises in the form of “mini-Madoffs,” Ponzi schemes that—while dwarfed by the alleged $50 billion fraud perpetrated by Bernie Madoff—nevertheless have taken victims for millions, reports the New York Times. At least six frauds with...

Spanish Bank Offers $1.82B to Madoff Victims

The make-good may prompt other banks to offer compensation to fleeced clients

(Newser) - Spanish banking giant Banco Santander, whose clients lost nearly $3.1 billion in Bernard Madoff’s Ponzi scheme, has offered to pay back customers some $1.82 billion, reports Bloomberg. The bank is facing a lawsuit in US federal court, filed by investors who say it failed to exercise due...

New York 'Mini-Madoff' Busted
 New York 'Mini-Madoff' Busted 
Jan 27, 2009 6:09 AM CST

New York 'Mini-Madoff' Busted

Cops accuse New York financier of scamming investors out of millions

(Newser) - New York police have busted a financier accused of running a Ponzi scheme, Reuters reports. Nick Cosmo—sentenced to 21 months on swindling charges in 1999—may have bilked investors of up to $380 million through his firm Agape World, which claimed to make high-interest bridge loans, according to authorities....

SEC Charges 'Mini-Madoff' With Fraud

Fugitive fund manager remains on the run as cops follow trail to La.

(Newser) - A Florida hedge fund manager who's been on the run for more than a week will find federal fraud charges waiting for him if and when he resurfaces, Reuters reports. Arthur Nadel transferred more than $1 million of clients' money into secret accounts before disappearing, the SEC alleges in a...

Florida 'Mini-Madoff' Missing With $350M

Police searching for fund manager after clients complain of missing millions

(Newser) - A Florida hedge fund manager is missing along with hundreds of millions of dollars of his clients' money, the Sarasota Herald-Tribune reports. Art Nadel, 75, was reported missing Wednesday after his wife found a suicide note. Stunned investors have been told that Nadel's funds, thought to have totaled $350 million,...

Madoff Brother Eyed for Not Reporting Scam

Fraudster may have confessed to brother before he told his sons

(Newser) - Bernard Madoff's brother learned that the Madoff fund was a huge scam the evening before the fraudster confessed to his sons, but he failed to inform authorities, insiders tell the New York Times. Peter Madoff, who worked closely with his older brother for decades, has not been charged with any...

Untangling Madoff Case Baffles Feds

Investigators struggle with mounds of documents

(Newser) - Federal investigators are struggling to piece together Bernie Madoff’s massive Ponzi scheme almost a month after his arrest for securities fraud, Bloomberg reports. The FBI, SEC, and Manhattan US attorney are amassing piles of data, including transaction records and investors’ monthly statements, to determine who else may have been...

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