Bernard Madoff – News Stories About Bernard Madoff - Page 4

Nov 13, 2009 9:17 AM CST

FBI Arrests Two More Madoff Aides

Pair of computer programmers helped hide scheme, feds say

(Newser) - The Bernie Madoff net widens: The FBI has arrested two computer programmers accused of helping hide the massive Ponzi scheme. Jerome O'Hara and George Perez will be in court today on various fraud charges, including falsifying books. They are the third and fourth people arrested in addition to Madoff, who...

Madoff's Stuff Up for Sale

GOING ONCE...

Nov 10, 2009 6:50 AM CST

Madoff's Stuff Up for Sale

Feds hope to score $500K off jailed fraudster's possessions

(Newser) - Anybody who wants a piece of Bernie Madoff will be able to choose from hundreds of the shamed Ponzi kingpin's possessions at an auction this weekend. Items on the block will include jewelry, furs, and, for the brave buyer, a New York Mets jacket with "Madoff" emblazoned on the...

Madoff Accountant Pleads Guilty, Faces 114 Years

Nov 3, 2009 12:18 PM CST

Madoff Accountant Pleads Guilty, Faces 114 Years

But denies knowing about Ponzi scheme

(Newser) - Bernie Madoff's accountant says he's a lousy auditor but no criminal. Still, he pleaded guilty to a slew of fraud charges today that could land him in prison for 114 years when he's sentenced in February. While admitting that he failed to conduct independent audits and took the statements of...

Madoff Wishes SEC Had Caught Him Years Ago

Oct 31, 2009 6:31 AM CDT

Madoff Wishes SEC Had Caught Him Years Ago

Dismisses SEC bumblers who didn't know Accounting 101

(Newser) - Bernie Madoff slagged the SEC in a jailhouse interview released late yesterday, dismissing a compliance examiner looking into his firm in 2006 as a "blowhard" who "talked tough, but didn't look at anything." He said uncovering his Ponzi scheme would have been a cinch if the guy...

$534M Paid to Madoff
Victims; $4.5B to Go

Oct 28, 2009 2:38 PM CDT

$534M Paid to Madoff Victims; $4.5B to Go

Trustee has recovered $1.4 billion in clawbacks, with more to come

(Newser) - The government fund that insures brokerage firms has so far paid 1,368 victims of Bernie Madoff’s Ponzi scheme $534 million in reparations—more than it has paid out in all its previous liquidations combined, in its almost 40 years in existence. And it ain’t over, Madoff trustee...

Autopsy: Madoff Buddy Died of Natural Causes

Oct 26, 2009 12:52 PM CDT

Autopsy: Madoff Buddy Died of Natural Causes

Jeffry Picower, 67, had a heart attack, then drowned in pool

(Newser) - Bernie Madoff’s pal Jeffry Picower drowned following a massive heart attack, a medical examiner announced today. Toxicology reports won’t be in for another 10 weeks, but for now the examiner says Picower sunk to the bottom of the pool following the heart attack. His body will be released...

Picower Death May Stall
Suit for Madoff Billions

Oct 26, 2009 9:40 AM CDT

Picower Death May Stall Suit for Madoff Billions

Will be harder for bilked investors to recoup losses

(Newser) - The death of Jeffry Picower, accused of profiting more than $7 billion from the investment schemes of longtime pal Bernard Madoff, will make it more difficult for suing investors to recoup their money, attorneys said late yesterday. Palm Beach police are investigating the death, after Picower's wife discovered the 67-year-old's...

Madoff Colleague Found Dead in Swimming Pool

Oct 25, 2009 4:07 PM CDT

Madoff Colleague Found Dead in Swimming Pool

Jeffry Picower faced Ponzi scheme lawsuit

(Newser) - Philanthropist Jeffry Picower, who allegedly reaped billions of dollars from longtime friend Bernard Madoff's Ponzi schemes, was found dead today at the bottom of his Florida swimming pool. Efforts to revive him failed, and his death was ruled a drowning, police said. Picower, 67, wife Barbara, and their foundation were...

Madoff HQ Was
'Coke-Fueled
Animal House'

Oct 21, 2009 2:58 AM CDT

Madoff HQ Was 'Coke-Fueled Animal House'

Ponzi kingpin now sharing cell with drug offender

(Newser) - Bernie Madoff ran the druggiest, most decadent securities fraud in town, according to court papers filed yesterday. Madoff's offices were so awash in cocaine—paid for with investors' money—that it was nicknamed "the North Pole," and the firm hosted drug-fueled parties featuring topless waitresses, according to a...

2 Madoff Victims Sue SEC

Oct 14, 2009 3:32 PM CDT

2 Madoff Victims Sue SEC

Regulators are responsible for victims' losses, suit claims

(Newser) - Two investors who lost a combined $2.4 million to Bernie Madoff’s ponzi scheme have sued the SEC for negligence. The lawsuit argues that the commission should reimburse the plaintiffs for their losses because it failed in its duty to protect investors. Regulators had "countless opportunities" to catch...

Madoff in Prison Yard Tussle

Oct 13, 2009 5:21 AM CDT

Madoff in Prison Yard Tussle

Bernie shoves another senior citizen in stock market argument

(Newser) - Scam king Bernie Madoff got into a shove match with another con during an argument about the stock market, according to jailbird witnesses. Another oldster con at the North Carolina fed pen where Bernie's serving 150 years shoved Madoff as the argument escalated. Madoff pushed back, causing the other inmate...

Madoff Trustee Sues Relatives for Not 'Doing Their Jobs'

Oct 2, 2009 3:15 PM CDT

Madoff Trustee Sues Relatives for Not 'Doing Their Jobs'

$199M suit spreads blame to firm's execs

(Newser) - The trustee in the Bernie Madoff case, delivering on his threat to sue the imprisoned fraudster's relatives and co-workers, filed a $199 million lawsuit today in bankruptcy court. Rather than alleging that they knew about Bernie's Ponzi scheme, Irving Picard's complaint takes issue with the way brother Peter, sons Mark...

Ponzi Loot Puts Madoff Client Among Richest Americans

Oct 2, 2009 11:31 AM CDT

Ponzi Loot Puts Madoff Client Among Richest Americans

Picower made $7.2B, lands on Forbes list

(Newser) - Jeffry Picower is a secretive guy, which must have made his turn in the spotlight this week all the more uncomfortable. The former lawyer, who was already being sued for $5.1 billion in alleged profits from Bernie Madoff’s Ponzi scheme, cracked Forbes’ list of the 400 wealthiest Americans...

Imprisoned
Ponzi Schemer:
It Happens to
the Best of Us

GLOSSIES

Sep 29, 2009 3:32 PM CDT

Imprisoned Ponzi Schemer: It Happens to the Best of Us

Jailed Ponzi lawyer just wanted a beach house. $380 million later...

(Newser) - Before he left house arrest in his posh New York apartment to start serving a 20-year sentence, Ponzi schemer Marc Dreier attempted to explain his bizarre actions. Dreier sold bogus debt to expand his law firm, impersonating execs from other companies to do so. His criminal enterprise, he tells Vanity ...

Trustee to Sue Madoff's Sons, Brother, Niece

Sep 28, 2009 8:42 AM CDT

Trustee to Sue Madoff's Sons, Brother, Niece

He'll seek $198 million; sons may also have 'criminal problem'

(Newser) - Bernie Madoff’s sons, brother, and niece will all be sued this week for $198 million, the trustee in charge of sorting out the Ponzi mess said last night. Sons Mark and Andrew Madoff in particular withdrew roughly $35 million, despite making little if any investment. “Whether or not...

Only Half of Madoff's Clients Lost Money

Sep 23, 2009 11:41 AM CDT

Only Half of Madoff's Clients Lost Money

The rest withdrew more than they invested, prosecutors say

(Newser) - Federal prosecutors said yesterday that a review of most accounts held by Bernard Madoff's customers when he was arrested shows that about half of the customers had not lost money because they withdrew more than they originally invested. That doesn't, however, take into account the loss of any money they...

Madoff's Beach Home Sells
for More Than Asking Price

Sep 17, 2009 1:40 PM CDT

Madoff's Beach Home Sells for More Than Asking Price

Montauk manse was on the market for $8.75M

(Newser) - Bernie Madoff's Montauk beach house is off the market, ABC reports. A buyer paid cash "over the asking price" of $8.75 million, say Realtors involved with the deal. The US Marshals Service, which is selling the home to get money back for Madoff's victims, won't divulge the buyer's...

Wells Fargo Fires Exec Who Squatted at Malibu Pad

Sep 14, 2009 6:52 PM CDT

Wells Fargo Fires Exec Who Squatted at Malibu Pad

Senior VP Cheronda Guyton used house that belonged to Madoff victims

(Newser) - Wells Fargo said today it has fired the executive who turned a seized California beachfront mansion into a personal playground, the Los Angeles Times reports. Neighbors say they saw Cheronda Guyton staying in the $12 million Malibu Colony property, which had been turned over to the bank by a couple...

Wells Fargo Exec Squats in Foreclosed Beach House

Sep 12, 2009 8:51 AM CDT

Wells Fargo Exec Squats in Foreclosed Beach House

Owner of $12M spread was Madoff victim

(Newser) - Wells Fargo has tried to distance itself from an executive who allegedly hung out in a bank-owned $12 million beach house, promising “decisive action” against any employee “who may have violated Wells Fargo’s policies.” Cheronda Guyton, the senior VP in charge of foreclosed commercial properties, allegedly...

Madoff on Fooling SEC: 'Just Be Casual'

Sep 10, 2009 5:11 PM CDT

Madoff on Fooling SEC: 'Just Be Casual'

Ponzi schemer taped giving associates tips to dodge regulators

(Newser) - The most important thing to remember if you want to fool the SEC is to act casual, Bernie Madoff told executives at Fairfield Greenwich Group. “You don't want them to think you're concerned about anything,” the Ponzi scheme mastermind said in a phone call taped in 2005, CNN ...