Ponzi scheme

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Madoff Is Wall Street's Hot New Investment

Banks buying up Ponzi claims to cash in later

(Newser) - The wizards of Wall Street have found a way to turn Bernard Madoff into a hot investment. Big banks have been buying up the claims of the victims of Madoff's massive Ponzi scheme, offering scammed investors a fraction of what they are owed in the hopes of making big...

Husband Burned by Madoff Wants New Divorce Deal

He lost his share of settlement in Ponzi scheme

(Newser) - Bernie Madoff is messing up divorce settlements now, too. A husband wants his wife to give him back millions of dollars because he lost his share of their combined wealth in Madoff's Ponzi scheme, reports the New York Times . Steven Simkin and Laura Blank split up in 2006 and...

Mets Owners: We Knew Nothing of Madoff Scam

First angry response to 'clawback' suit

(Newser) - Though they made millions in profits from Bernard Madoff's phony investment scheme, owners of the Mets knew nothing about the fraud and aren't about to turn over a dime of their money to fleeced investors, they argue in court documents. Lawyers for Fred Wilpon and Saul Katz have filed a...

GOP Fundraiser Indicted in $200M Ponzi Scheme

Timothy Durham allegedly defrauded more than 5,000 people

(Newser) - Prominent GOP fundraiser Timothy Durham was arrested early this morning on allegations that he’d defrauded more than 5,000 people out of more than $200 million in a giant Ponzi scheme, the New York Times reports. The 48-year-old West Hollywood man also donated more than $800,000 to the...

SEC Lawyer Linked to $1.5M in Dirty Madoff Money

Maybe that's why SEC was 'asleep at the swtich,' says critic

(Newser) - The mother of the chief lawyer for the Securities and Exchange Commission reaped $1.5 million in dirty money from Bernie Madoff, court documents are revealing. Attorney David Becker has been named in a clawback lawsuit seeking funds to repay investors ripped off in Madoff's $65 billion Ponzi scheme. The...

Amish Man Accused of Running Ponzi Scheme

Monroe Beachy claims it was 'not intentional'

(Newser) - You don’t need any fancy, newfangled technology to run a Ponzi scheme. Just ask Monroe L. Beachy, the Amish man who, the SEC alleged this week, defrauded some 2,600 people, almost all of them Amish. The 77-year-old took in some $33 million over his quarter-century career, allegedly telling...

Bernie Madoff Interview: He Says Banks, Hedge Funds 'Had to Know' About His Ponzi Scheme
Madoff: Banks 'Had to Know' About My Scheme
first interview
Feb 16, 2011 4:35 AM CST

Madoff: Banks 'Had to Know' About My Scheme

In first interview, says they were 'complicit' by not acting against him

(Newser) - How did Bernie Madoff pull off such a massive Ponzi scheme under the noses of the banks and hedge funds he dealt with? Simple, he says. They knew he was a fraud. “They had to know,” Madoff tells the New York Times in his first interview since being...

Mets Owners Made $300M Off Madoff Scheme: Suit

Bosses 'categorically reject' claim

(Newser) - The New York Mets’ two owners, along with their businesses and families, made some $300 million in fictitious profits from Bernie Madoff’s Ponzi scheme—putting them among its top beneficiaries, says a lawsuit unsealed today. The Mets withdrew some $90 million from the team’s 16 accounts with Madoff,...

Trustee: JPMorgan Knew of Madoff's Ponzi Scheme

Lawsuit: Bank had warnings for years

(Newser) - Newly revealed court documents in the Bernie Madoff case show that JPMorgan Chase had serious doubts about the con man's investments more than a year before the bottom fell out—but kept right on letting him move billions in investor cash through his accounts, reports the New York Times . Consider...

Alleged Ponzi Schemer Judged Unfit to Stand Trial

R. Allen Stanford 'mentally impaired,' judge decides

(Newser) - Jailed Texas billionaire R. Allen Stanford is mentally impaired and incompetent to stand trial, a federal judge ruled yesterday. Psychiatrists testified that Stanford, who is accused of masterminding a $7 billion Ponzi scheme, is suffering from a major depressive disorder, an addiction to anti-anxiety medication, and a brain injury he...

Lawsuit Accuses Marshals of Dirty Madoff Loot Sale

Victims of white-collar criminals deprived of millions

(Newser) - The head of a US Marshals Service unit sold off millions in assets forfeited from white-collar criminals—including some seized from Bernie Madoff’s family—at a deep discount to his “business contacts,” swindling crime victims out of a pile of money, according to a whistle-blower lawsuit from...

Judge Yanks Bail for Madoff Secretary

Annette Bongiorno a flight risk, judge decides

(Newser) - Bernard Madoff's personal secretary is going to be spending Christmas behind bars. Annette Bongiorno surrendered to authorities in Florida yesterday after a federal judge canceled her house arrest and revoked her $5 million bail, the Orlando Sentinel reports. The judge decided there was a "very real potential" that Bongiorno,...

Late Madoff Investor to Return $7.2B to Victims

Nearly half cash losses now recovered

(Newser) - The pool of funds available to Bernie Madoff's victims is about to expand by $7.2 billion, thanks to a deal with the biggest beneficiary of the Ponzi scheme. The estate of Florida philanthropist Jeffry Picower has agreed to “return every penny received from almost 35 years of investing...

Mark Madoff's Widow: Have Pity
Mark Madoff's Widow:
Have Pity
Dec 16, 2010 2:42 AM CST

Mark Madoff's Widow: Have Pity

Our children are innocent victims, Stephanie Morgan tells press

(Newser) - Mark Madoff's widow has appealed to the public to have some compassion in the wake of her husband's suicide . "Regardless of what you feel about my father-in-law and his monstrous crimes, Mark's children are innocent victims and this is tragic for them," said Stephanie Morgan in her first...

No Funeral for Mark Madoff
No Funeral
for Mark Madoff
Dec 15, 2010 5:30 AM CST

No Funeral for Mark Madoff

Ponzi schemer's son to be cremated without service

(Newser) - Bernard Madoff's elder son will be cremated with no viewing and no funeral service, sources tell the New York Post . The body of Mark Madoff—who hanged himself on Saturday, the second anniversary of his father's arrest—was claimed by a funeral director on behalf of his family yesterday. His...

Wall Street Speculators Hope to Profit on Madoff Victims

They're offering cash upfront, for reduced amounts, to take over claims

(Newser) - Bernie Madoff made a fortune off his victims, and now speculators in the field known as distressed securities hope to do the same. As the New York Times explains: These speculators are contacting those who lost money and offering a deal: We'll give you cash immediately and take over your...

Mark Madoff's Suicide Tightens Screws on Brother

Mark's death won't stop cases against brother Andrew

(Newser) - Bernie Madoff's son Mark may have committed suicide on Saturday but the lawsuits against him and his brother, Andrew, stemming from their father's Ponzi scheme are alive and well. Andrew Madoff, now Bernard Madoff's only surviving son, had the same responsibilities as his brother at the family firm, and is...

Mark Madoff Hadn't Spoken to His Father in 2 Years

Friends say he couldn't move on after Ponzi revelations

(Newser) - Mark Madoff, the son of Ponzi schemer Bernie who killed himself this morning, hadn't spoken to his father in two years, friends tell the Wall Street Journal . Brother Andrew hasn't either, but Mark seemed to have more difficulty than Andrew in trying to get beyond their father's fraud case. He...

Austrian Madoff 'Victim' Actually Accomplice: Lawsuit

Vienna's Sonja Kohn accused of funneling billions into Ponzi scheme

(Newser) - Before the suicide of his son , this was shaping up to be the big Bernie Madoff story of the day: A Vienna banker who once called herself one of the Ponzi scheme's biggest victims may in reality have been Madoff's biggest conspirator. The trustee handling the investigation accuses Sonja Kohn...

Bernie Madoff Son Dead in Apparent Suicide
Bernie Madoff Son
Hangs Himself
breaking news
Dec 11, 2010 8:25 AM CST

Bernie Madoff Son Hangs Himself

Mark Madoff had been left 'unalterably bitter' by sins of the father

(Newser) - The 46-year-old son of Ponzi schemer Bernard Madoff has been found hanging in an apparent suicide in his SoHo apartment, reports the New York Post. Mark Madoff, who sources recently told the Wall Street Journal was left "unalterably bitter" by his father's crimes, hadn't faced criminal charges to date,...

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