Ponzi scheme

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Hundreds Nabbed in Scam Artist Crackdown

Justice Department brags about wave of arrests

(Newser) - Federal authorities have charged more than 500 people with various forms of fraud during a 3.5-month probe, in what Eric Holder today termed the largest crackdown on scam artists in US history. Of those, 343 were criminally charged, with the defendants accused of everything from running Ponzi schemes to...

HSBC Sued for Aiding Madoff
HSBC Sued for Aiding
Bernie Madoff
Dec 6, 2010 5:48 AM CST

HSBC Sued for Aiding Bernie Madoff

Trustee says bank enabled fraud by ignoring warning signs

(Newser) - Bernie Madoff's Ponzi scheme survived for so long because HSBC ignored "red flags" and kept funneling investors' money to the fraudster, says the trustee trying to reclaim money for Madoff's victims. Irving Picard is suing the bank and a group of feeder funds for at least $9 billion, the...

JPMorgan Doubted Madoff Well Before Arrest

But the bank kept working with Ponzi schemer

(Newser) - JPMorgan Chase became suspicious of Bernie Madoff two months before his arrest, calling his investment returns “too good to be true”—yet the bank was still working with him when his Ponzi scheme came to light, according to documents obtained by ABC News . Now, lawyers for Madoff’s...

FBI Arrests Two Madoff Aides
 FBI Arrests Two Madoff Aides  
Nov 18, 2010 8:45 AM CST

FBI Arrests Two Madoff Aides

Joann Crupi, Annette Bongiorno were part of his back-office staff

(Newser) - Two members of Bernie Madoff's back office staff were arrested on undisclosed federal charges by the FBI this morning. Joann Crupi was arrested at her home in Westfield, NJ; Annette Bongiorno was arrested at her home in Boca Raton. The charges have not been unsealed yet. Authorities said previously that...

Madoff Auction Makes $2M
 Madoff Auction Makes $2M 
10 pairs of shoes: $900
Nov 14, 2010 3:14 PM CST

Madoff Auction Makes $2M

Bernie's used boxers: The perfect holiday gift!

(Newser) - If ever you had a desire to buy a pair of Bernie Madoff’s cuticle scissors … you missed your chance. More of the Ponzi schemer’s stuff , including, yes, cuticle scissors, was auctioned off yesterday. The sale grossed more than $2 million—quite a bit more than the $1....

Madoff's Piano, Slippers on Auction Block

400 personal items up for sale to help repay Ponzi schemer's victims

(Newser) - Seekers of Ponzi scheme memorabilia will be able to snap up more of Bernard Madoff's possessions at an auction next month. The shamed financier's Steinway grand piano, silverware, and even his monogrammed slippers will be on the auction block. The proceeds will be used to repay victims of his multi-billion-dollar...

Watchdog: SEC Sued Goldman to Bury Ponzi Probe

SEC official quashed Stanford probe then sought to represent him

(Newser) - The SEC in April faced the release of a report slamming it for bungling an alleged Ponzi scheme. So what's a watchdog to do? Sue Goldman Sachs the same day, the agency's own internal watchdog told a Senate committee yesterday. Inspector-general H. David Kotz said it "would strain credulity...

Trustee Wants $30M More From Madoffs

Irving Picard sues, again, for money

(Newser) - The court-appointed trustee seeking to recover billions of dollars lost by Bernie Madoff is suing for $30 million that he says the Madoff family invested in oil, gas, and tech, reports the AP . The suit filed by trustee Irving Picard says the investments were used as vehicles to funnel money...

Trustee Plans to Sue Madoff Scheme 'Winners'

People who profited likely to face clawbacks

(Newser) - Thanks to the nature of Ponzi schemes, some people who invested money with Bernie Madoff and got out early enough ended up actually making money. The court-appointed trustee recovering money for Madoff's victims, however, says he plans to sue up to 1,000 of the scheme's "winners" to regain...

Madoff Has $9B Secret Stash: Fellow Inmate

Former partner knows where it is, may cut deal

(Newser) - Bernie Madoff has a secret stash, and his partner in crime knows where it is. The Ponzi schemer has told fellow federal prisoners he funneled $9 billion to three people—“I think it was personal friends,” the source tells the New York Post —and he suspects Frank...

Prisoner Madoff: 'F*** My Victims'

Ponzi schemer serving 150-year sentence becomes celeb in prison

(Newser) - Bernie Madoff isn't wasting time fretting over the lives he ruined and the fortunes he destroyed. Shortly after he arrived at a federal prison in North Carolina last summer, another inmate was pestering him about the people he had duped, and the Ponzi schemer lost his patience. "f--- my...

Alleged Scammer, Stripper Wife: Who Is Kenneth Starr?

The Daily Beast gets the scoop on the man behind the plan

(Newser) - His client list included the likes of Uma Thurman and Sylvester Stallone; he's been charged with running a $30 million Ponzi scheme. But who is Kenneth Starr? The Daily Beast talked to former clients of the alleged scammer, compiling a portrait of a man with an ex-stripper wife and a...

Ponzi Schemer Allegedly Bilked Celebs of $30M

Clients included Uma Thurman and Martin Scorsese

(Newser) - A money manager who catered to high-profile celebrities and wealthy New Yorkers has been charged with running a $30 million Ponzi scheme. The client list of Kenneth Starr (no, not that Kenneth Starr) includes Uma Thurman and Martin Scorsese, reports Reuters . No details on exactly who lost what, but Starr...

'Savagely Beaten' Ponzi Schemer Wants Out of Prison

It's made him 'a wreck of a man,' says lawyer

(Newser) - Robert Allen Stanford, the Texas man accused of running a $7 billion Ponzi scheme, wants out of prison, saying that his incarceration ahead of his trial is a violation of his constitutional right to due process. Stanford, who has been " savagely beaten " while in prison, has been jailed...

SEC Sues Sex Cruise Investment Firm

Funds used to pay for strippers, go-go dancers

(Newser) - The bosses of an upstate New York investment firm used investors' cash to finance their own lavish lifestyles and to underwrite business ventures like a swingers' cruise line, according to an SEC lawsuit. The assets of McGinn, Smith & Co. have been frozen by court order while SEC investigators probe...

Madoff Kin Seek New Names
 Madoff Kin Seek New Names 
Feb 25, 2010 1:45 AM CST

Madoff Kin Seek New Names

Ponzi schemer's daughter-in-law wants change for family

(Newser) - Bernard Madoff's daughter-in-law has decided she no longer wants to carry the financial world's least-trusted name. Stephanie Madoff, wife of Madoff's son Mark, has filed a name change request for herself and her two young children, Audrey and Nicholas, in Manhattan court, the New York Daily News reports.

Cabbage Patch CEO Snags Madoff Pad
 Cabbage Patch CEO 
 Snags Madoff Pad 
TAKE A TOUR
Feb 7, 2010 8:06 AM CST

Cabbage Patch CEO Snags Madoff Pad

Take a look at what $9M will get you in New York City

(Newser) - The guy who brought you Cabbage Patch Kids and Pokemon has snapped up the penthouse apartment of erstwhile Ponzi schemer Bernard Madoff, reports the New York Post . Al Kahn is the CEO of 4Kids Entertainment, and will be calling the 4000-square-foot lux digs in Manhattan's Upper East Side home sweet...

Madoff's Brother Target of Crime Probe

Peter Madoff subject of 'wide-ranging' Ponzi scheme inquiry

(Newser) - Finance's most-tarnished family name took another hit yesterday when it emerged that Peter Madoff is the target of a criminal probe relating to big brother Bernie's Ponzi scheme. A court filing states that the Manhattan US attorney's office is conducting an "active and wide ranging" probe of Peter, who...

Kiefer Sutherland Loses $869K in Cow Scam

Michael Wayne Carr allegedly roped actor into Ponzi scheme

(Newser) - Kiefer Sutherland is the latest celebrity victim of a Ponzi scheme, losing $869,000 to a scam involving…cows? Yes, cows. The 24 star fronted Michael Wayne Carr the money to buy cattle in Mexico then sell them at a profit in the US—but the suspected con man never...

Whistleblowers: SEC Ignored Us

Flawed process allowed Ponzi schemes to go undetected

(Newser) - The SEC's haphazard method of dealing with whistleblowers means violations go unpunished and frauds left uncovered for years, insiders say. Many informants—including one whose information could have exposed Bernie Madoff's Ponzi scheme—say they were ignored, misunderstood, or sidelined after approaching the regulator with tip-offs, the Washington Post reports....

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