Ponzi scheme

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Madoff Sent to Prison's Medical Wing

But there's no word from officials on what's wrong

(Newser) - Bernard Madoff has been transferred to the medical facility at the federal prison in North Carolina where he has been serving his 150-year sentence since July. A spokeswoman tells Bloomberg the Ponzi schemer was transferred on Dec. 18, but would not say why. Neither a federal prisons official nor Madoff’...

In Jail, Bernie Madoff Is 'the Godfather, the Don'
In Jail, Bernie Madoff Is
'the Godfather, the Don'
prison profile

In Jail, Bernie Madoff Is 'the Godfather, the Don'

He's making buddies and earning the respect of fellow con artists

(Newser) - With 5 months under his belt, Bernie Madoff has about 149 and a half years to go in prison, but good news for him: He's making pals and winning respect behind bars. "To every con artist, he is the godfather, the don," one inmate tells the Wall Street ...

Help Wanted: No Madoffs Need Apply
 Help Wanted: 
 No Madoffs Need Apply 
INSULT TO INJURY

Help Wanted: No Madoffs Need Apply

Even those cleared of wrongdoing can't find finance work

(Newser) - Add his former employees to the list of of Bernard Madoff's victims—and that includes his sons. Wherever it appears, the Madoff name on a résumé is toxic for those trying to continue to work in finance, experts say. Mark Madoff, who worked for his father for 20 years,...

Ponzi Lawyer Arrested, Pleads Not Guilty

Scott Rothstein faces up to 100 years in prison

(Newser) - Federal agents arrested runaway attorney Scott Rothstein in Fort Lauderdale this morning, charging him with racketeering and other crimes that could land him in prison for up to 100 years. Hours later Rothstein appeared in court and pleaded not guilty. The disbarred lawyer is accused of running a $1.2...

Madoff Auction Nabs $1M
 Madoff Auction Nabs $1M 
TO THE BIDDER GO THE SPOILS

Madoff Auction Nabs $1M

Yours for only $6K—schemer's college ring

(Newser) - Those pining for a little piece of Ponzi-scheme history ponied up more than a million bucks yesterday for disgraced financier Bernie Madoff's stuff—more than doubling the $500,000 take expected. The proceeds from the 200-some items goes toward repaying Madoff's victims, reports the Wall Street Journal in a rundown...

FBI Arrests Two More Madoff Aides
FBI Arrests
Two More
Madoff Aides

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
 Madoff's Stuff Up for Sale 
GOING ONCE...

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

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

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

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

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

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

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'

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...

Madoff in Prison Yard Tussle
 Madoff in Prison Yard Tussle 

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'

$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

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...

Dem Donor, Ponzi Schemer Hsu Gets 24 Years

(Newser) - Norman Hsu is a man of many hats, but the Hillary Clinton fundraiser extraordinaire, Ponzi schemer, and onetime fugitive has been sentenced to wear them in prison for the next 24 years. While significantly less than the 30 years prosecutors had asked for, Hsu’s lawyer tells the Wall Street ...

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 ...

Sir Allen Banged Up After Jailhouse Fight

Stanford back in cell after suffering broken nose, concussion

(Newser) - Allen Stanford is back in his jail cell today after spending the weekend recuperating from injuries suffered in a fight with another inmate last week. The alleged Ponzi schemer was taken to the hospital with a concussion, a broken nose, and two black eyes. “He is in reasonably good...

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