Ponzi scheme

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Former Madoff Secretary Wants Early Prison Release

Annette Bongiorno will have served two thirds of her six-year prison term by March 19

(Newser) - A lawyer for the former secretary for imprisoned financier Bernard Madoff is asking that she be released from prison in March. Attorney Roland Riopelle says 70-year-old Annette Bongiorno will have served two thirds of her six-year prison term by March 19 and should be released then. He cited a law...

Man Who Bilked $100M From Investors Escapes Prison

Frederick Berg was discovered missing Wednesday in California

(Newser) - A Washington state man who bilked investors out of more than $100 million in a Ponzi scheme has escaped from a federal prison in central California, according to the US Marshals Service. Prison officials said Frederick Berg, 55, was discovered missing Wednesday from a minimum-security work camp next to a...

Taylor Swift&#39;s Ticketmaster Scheme Is a &#39;Scam&#39;
Taylor Swift's Ticketmaster
Scheme Is a 'Scam'
OPINION
Aug 29, 2017 1:28 PM CDT

Taylor Swift's Ticketmaster Scheme Is a 'Scam'

Critics are calling it 'pay-to-play,' 'almost a Ponzi scheme'

(Newser) - Taylor Swift and Ticketmaster have teamed up to help ensure tickets to her upcoming tour go to her biggest fans, not scalpers. That's so nice, right? Wrong. The complicated process, which utilizes Ticketmaster's new Verified Fan service, asks fans to buy Swift merch or promote her music on...

Most Money From Madoff's Sons' Estates Will Go to Victims

Estates reach $23M deal with government

(Newser) - Victims of Bernie Madoff's Ponzi scheme will divvy up $23 million from the estates of his two sons. The estates of Mark Madoff, who killed himself in 2010, and Andrew Madoff, who died of cancer in 2014, reached a deal with the US government—eight years in the making—...

4th Person Connected to Madoff Commits Suicide

Father of four jumped from NY hotel

(Newser) - A hedge fund manager who was duped in Bernie Madoff's Ponzi scheme jumped from the 24th floor of a New York hotel on Monday, becoming the fourth person linked to Madoff to commit suicide, reports the New York Daily News . Police and witnesses say Charles Murphy, 56, jumped from...

2 Charged in Ponzi Schemes Tied to Adele, Hamilton

Joseph Meli, Steven Simmons joked about their $81M 'shell game': FBI

(Newser) - Two men were charged Friday with roles in Ponzi schemes that cheated wealthy people, including some who believed they were investing in ticket businesses for popular shows like an Adele concert and Broadway's Hamilton. Joseph Meli, 42, of Manhattan, and Steven Simmons, 48, of Wilton, Conn., were arrested on...

Man Who Brought You 'NSync, Backstreet Boys Dies in Prison

Lou Pearlman ran a giant Ponzi scheme, in addition to the boy bands

(Newser) - The man who brought about the rise of the boy band—notably 'NSync, the Backstreet Boys, and O-Town—died Friday in prison, reports the Orlando Sentinel . Lou Pearlman was serving a 25-year sentence for his role in a $300 million Ponzi scheme when he died of unknown causes at...

Panama Papers Name Americans Accused of Fraud

Seems Mossack Fonseca failed to vet its clients

(Newser) - The Panama Papers database went online Monday and revealed the names of over 360,000 people and companies involved in offshore companies—including 36 Americans accused of financial wrongdoing, USA Today reports. Among them is Leonard Gotshalk, a former Atlanta Falcons offensive tackle who was accused in 2010 by federal...

Feds: Man Used Stolen Funds to Freeze His Wife

Whileon Chay indicted, thought to be on the run in Peru

(Newser) - A man being charged with running a Ponzi scheme out of New Jersey is not only accused of squirreling away $5 million of his customers' money, reports Bloomberg , but he allegedly spent it on some pretty standard and pretty strange stuff. Whileon Chay, 38, "would show up to meet...

Jurors Reach Verdict in Madoff Workers Trial

5 former employees all found guilty of hiding fraud

(Newser) - Five former employees of imprisoned financier Bernard Madoff were convicted today at the end of a six-month trial that portrayed them as telling an elaborate web of lies to hide a fraud that enriched them and cheated investors out of billions of dollars. The trial—one of the longest in...

JPMorgan Execs Unscathed in $1.7B Madoff Settlement

Fines will go to pay off victims

(Newser) - JPMorgan has officially signed off on a $1.7 billion settlement laying to rest complaints about its dealings with infamous Ponzi schemer Bernard Madoff. Prosecutors accuse the bank of turning a blind eye to Madoff's frauds—the bank filed a Suspicious Activity Report on Madoff with UK regulators in...

JPMorgan to Cough Up $2B in Madoff Case

Bank accused of turning a blind eye to vast Ponzi scheme

(Newser) - Five years after history's biggest Ponzi scheme was exposed, Bernie Madoff's main banker is facing a rare criminal action for its role in the scam and is preparing to settle for around $2 billion, reports the New York Times . JPMorgan is accused of turning a blind eye to...

10K More Madoff Investors Could Get Cash

Victim pool has been expanded

(Newser) - Bernie Madoff's victim pool has been expanded to include so-called "third party" investors, or people who lost money they had invested with "middleman" firms that in turn invested it with Madoff. That means more than 10,000 people—initially denied from receiving compensation distributed by the liquidation...

Madoff's Office Was Sexual Hotbed: Court Papers

Prosecutors make accusation in Manhattan federal court

(Newser) - Bernie Madoff's office was a hotbed of relationships that included a love triangle involving the Ponzi scheme king himself, according to court documents released today. Four associates of Madoff Securities and Madoff's former secretary were in Manhattan federal court facing charges over the $65 billion scheme when prosecutors...

Peter Madoff Gets 10 Years Over Brother's Ponzi Scheme

He will probably lose all his assets, too

(Newser) - Bernie Madoff's younger brother got sentenced to 10 years in prison today after admitting to crimes such as falsifying documents and lying to regulators. But Peter Madoff, 67, continued to insist he didn't know about Bernie's massive Ponzi scheme, a claim the judge called "frankly not...

Kabul Bank Was a Massive Ponzi Scheme: Audit

Its purpose: to benefit Karzai insiders

(Newser) - Fraud was rampant at Kabul Bank—and a new report shows how deeply the corruption went. Indeed, "from its very beginning, the bank was a well-concealed Ponzi scheme," says an audit obtained by the New York Times . The bank's primary purpose, the audit suggests, was financial gain...

Madoff Victims Have $2.48B on the Way

1,230 people getting checks averaging $2M

(Newser) - The check is indeed in the mail for Madoff victims: Following a judge's approval, some 1,230 victims of Bernie Madoff's Ponzi scheme will soon receive money totaling $2.48 billion. Mailed yesterday, the checks average about $2 million each, and range between $1,784 and $526.9...

Madoff Trustee Ready to Repay $2.4B

Lawsuits by investors could slow down, reduce payout

(Newser) - It's been more than three years since Bernie Madoff's giant Ponzi scheme was discovered, resulting in $17 billion in lost principle for his investors. But now the trustee in charge of Madoff's bankruptcy says he's ready to give the stolen funds back to the duped investors—...

Peter Madoff Taken Into FBI Custody

Bernie's brother to plead guilty later today

(Newser) - The FBI took Bernie Madoff's brother into custody this morning, ahead of a scheduled court appearance in which Peter Madoff will plead guilty to two criminal charges. That appearance will take place at the same courthouse where Bernie was sentenced to 150 years in prison for his Ponzi scheme....

Madoff's Brother to Plead Guilty, Get 10 Years

Peter Madoff was a top exec at Bernie's fraudulent hedge fund

(Newser) - Bernie Madoff's brother is heading to prison for 10 years. Peter Madoff made an agreement with prosecutors and will plead guilty on Friday to two charges: falsifying the records of an investment adviser and conspiracy to commit securities fraud and other crimes, reports the Wall Street Journal . Peter served...

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