Bernard Madoff

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Guess Who Also Cheats at Golf
 Guess Who Also Cheats at Golf 
Jan 27, 2009 11:37 AM CST

Guess Who Also Cheats at Golf

(Newser) - Bernie Madoff’s golf buddies knew something was up. No, not the whole global Ponzi scheme thing, which many would lose fortunes in. But something did seem fishy about his golf handicap. Madoff played off a 14 or 15, says one participant from a May tournament, but it should have...

Trust Fund Teens TP Madoff Mansion

Pranksters blast accused swindler for wiping out future fortunes

(Newser) - Pranksters whose future fortunes were battered by accused swindler Bernard Madofff festooned his tony Palm Beach digs with toilet paper over the weekend, reports the Palm Beach Post. Teenage boys called the newspaper to claim responsibility for the guerrilla tactic and blasted Madoff for wiping out their trust funds. The...

Zsa Zsa Lost Millions to Madoff

Madoff not so 'darling' to actress, 91, who's out up tp $10M

(Newser) - Actress Zsa Zsa Gabor has lost as much as $10 million to accused Ponzi scheme swindler Bernard Madoff, Reuters reports. The actress, 91, is not taking the recently discovered losses well, according to her lawyer. The Hungarian-born cinematic darling of the 1950s and '60s— who chalked up a string of...

Downturn Threatens 100K Charities

(Newser) - The economic crisis isn’t just hurting Wall Street executives—it also spells dark times for the charities they once supported, the Wall Street Journal reports. The number of US nonprofits climbed from about 750,000 a decade ago to more than a million today, but watchers say 100,000...

Madoff Scandal Turns Up Heat on Financial Advisers

Loophole lets Madoff types profit from bad advice, they say

(Newser) - Wall Street advisers and brokers are tussling over the details of a looming regulatory overhaul as Washington takes steps to prevent another Bernard Madoff scandal, Bloomberg reports. Advisers want brokers who counsel clients to be subject to the same oversight they’re under; currently, their brokerage counterparts can profit by...

Madoff Fund Made No Trades
 Madoff Fund Made No Trades 
Jan 16, 2009 2:35 AM CST

Madoff Fund Made No Trades

Records of trades don't match stock prices

(Newser) - The fund run by Wall Street swindler Bernie Madoff apparently did not execute a single trade the entire time it was raking in billions of dollars in investment cash from unsuspecting clients, reports Reuters. Monthly statements of trades from Madoff were pure fiction that kept up appearances in the $50...

Schapiro Pledges to 'Reinvigorate' SEC

Obama nominee wants better cooperation among agencies in nabbing next Madoff

(Newser) - Mary Schapiro, Barack Obama’s nominee to head the Securities and Exchange Commission, told senators today she would make enforcement a top priority, CNN reports. Her confirmation hearing was also peppered with questions about how Bernard Madoff’s Ponzi scheme slipped past regulators; Schapiro currently heads an industry watchdog group....

Ruth Madoff: Accomplice or Another Victim?

Both possibilities hard to believe, friends say of inseparable couple

(Newser) - Bernard Madoff and his wife, Ruth, have been married for nearly 50 years and are practically inseparable. They worked together, and the outgoing blonde with the all-American look attracted friends to his hedge fund, the New York Times reports. So did she know or didn't she? "It’s hard...

Critics Question Toughness of Obama's SEC Pick

Confirmation hearing today for Schapiro

(Newser) - As Mary Schapiro, Barack Obama's nominee to lead the SEC, heads to Capitol Hill to face Senate confirmation hearings today, questions linger about her light touch with big Wall Street firms. A seasoned regulator, Schapiro nevertheless spent much of last year cracking down on small brokerages and minor players, reports...

NY Investigates Madoff Chum in Charity Losses

Nonprofits say Merkin invested millions without their knowledge

(Newser) - New York investigators widened their inquiry into Bernie Madoff's Ponzi scheme yesterday, as claims emerged that a middleman may have defrauded charities of millions of dollars. Money manager Ezra Merkin allegedly invested the money of 15 nonprofits in Madoff funds without their knowledge, reports the New York Daily News. New...

Another Judge Sends Madoff Home

Feds' appeal to put financial scammer behind bars rejected

(Newser) - A second judge rejected a bid to revoke Bernard Madoff's bail during a hearing today in which the accused scam artist wore a bulletproof vest, Bloomberg reports, sending him home to his Manhattan penthouse rather than into custody. Prosecutors argued Madoff can’t be trusted, citing attempts to mail  jewelry...

The Upside of the Madoff Mishegoss
The Upside of the Madoff Mishegoss
OPINION
Jan 13, 2009 11:42 AM CST

The Upside of the Madoff Mishegoss

Thank Bernie for reminding us that Jews shouldn't be WASPs

(Newser) - Bernie Madoff, the professionally dishonest, gelt-grubbing financier, seems to conform to some of the worst stereotypes about Jews and money, writes Joseph Epstein in Newsweek. While Madoff appears to have made a particular specialty of swindling fellow Jews, he is actually less anti-Semite than "truly equal-opportunity son of a...

Madoff Delays Could Point to Plea Bargain

Wording in court order suggests negotiations in $50B fraud case

(Newser) - Signs emerged yesterday that disgraced financier Bernard Madoff is trying to cut a deal that could end his $50 billion fraud case without trial, the New York Times reports. A federal magistrate refused to revoke Madoff’s bail and delayed a hearing on Madoff’s case for 30 days so...

Madoff Stays Free on Bail
 Madoff Stays Free on Bail 
Jan 12, 2009 11:37 AM CST

Madoff Stays Free on Bail

Judge doesn't revoke bail

(Newser) - A New York judge ruled today that Bernard Madoff may remain free on bail, rejecting a bid by prosecutors to send the disgraced investor to jail. Madoff mailed more than $1 million in jewelry and heirlooms to family and friends over the holidays. Prosecutors said the gifts were grounds to...

Madoff Finally Apologizes—to His Neighbors

Ponzi schemer says sorry for 'terrible inconvenience'

(Newser) - Bernie Madoff hasn't had anything to say to the public since the revelation of his $50 billion Ponzi scheme. But to the few dozen residents of his luxury apartment building on New York's Upper East Side, the disgraced financier, who earlier resigned as president of the co-op board, recently sent...

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...

Former Fugitive Marc Rich Lost With Madoff

Disgraced financier's latest victim is a disgraced financier

(Newser) - Many of Bernard Madoff’s former clients are seeking legal recourse to recover their money, but onetime fugitive Marc Rich likely won’t be among them, Andrew Ross Sorkin writes in the New York Times. Rich, who lost $10 million to $15 million through a third party who invested with...

Madoff Had $173M in Checks for Friends, Relatives: Feds

Fraudster also transferred $160M to British firm as possible exit strategy

(Newser) - Investigators searching Bernard Madoff’s office found 100 signed checks worth $173 million, which the fraudster apparently sought to give to relatives, friends and key employees of his investment operation, the Wall Street Journal reports. This latest insight into the alleged Ponzi scheme emerged as federal prosecutors try to revoke...

Madoff Whistleblower Shrinks From Spotlight

Tenacious accountant stands to make book, film money, but just wants to move on

(Newser) - Harry Markopolos, the accountant who began warning the feds years ago about Bernard Madoff’s Ponzi scheme, wasn’t looking for the limelight, the Boston Globe reports. Not only is he testifying before Congress—he’s also been deluged by book and movie offers. His is “a remarkably compelling...

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