defrauding investors

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Stanford Surrenders to FBI
 Stanford Surrenders to FBI 
Jun 19, 2009 12:26 AM CDT

Stanford Surrenders to FBI

Alleged fraudster turns himself in after grand jury hands down criminal charges

(Newser) - Sir Robert Allen Stanford turned himself in to authorities soon after criminal charges were filed against him yesterday, the BBC reports. The billionaire financier is now in FBI custody, according to his lawyer. Stanford, whose firm Stanford Financial was shut down by authorities earlier this year, already faces civil charges...

Madoff Clients to Get $100M Back Soon

Funds address fraction of 9,000 claims: trustee

(Newser) - It's a start. Some of Bernie Madoff's clients will get back at least a portion of the money that he stole. Trustee Irving Picard says he expects to approve at least $100 million of investor claims—mere hundreds out of nearly 9,000 filed claims—by May 25, Bloomberg reports....

$12B Withdrawn From Madoff Accounts Before Arrest

(Newser) - Operators of so-called feeder funds withdrew $12 billion from Bernie Madoff's accounts in the year before his arrest, nearly half of it in the final three months, reports the New York Times. The analysis of financial records offers hope that defrauded investors will be able to recoup at least some...

Investors Hire Gumshoes to Snoop on Fund Managers

Fraud schemes prove boon to private eyes

(Newser) - Investors are increasingly hiring private investigators to dig up dirt on fund managers in hopes of avoiding the next Madoff-style fraud, Bloomberg reports. Background checks are expensive—depending on the firm, they may cost $1,000 per company or individual investigated—and can take weeks, but investors say they are...

Feds Go After Madoff's Sons, Wife's Jewelry

US seeks payback of loans, along with gems, cufflinks

(Newser) - The Madoff accounting continues. Authorities said today they intend to collect millions of dollars from Bernie's sons, about $2.6 million worth of his wife's jewelry, and 35 watches and cufflinks that belonged to the Ponzi schemer himself, the Daily News reports. Madoff lent son Mark $9.5 million, much...

Investors Need to Shoulder Blame in Madoff Folly, Too

(Newser) - As dastardly as Bernard Madoff’s scam was, it’s hard not to pin some blame on the victims themselves, Joe Nocera writes in the New York Times. They shouldn’t have put all their eggs in one basket, no matter how promising it seemed: “Diversification has many virtues;...

Madoff's New Home: Much Smaller

(Newser) - Bernie Madoff's new Manhattan home is the size of a walk-in closet, with cinderblock walls, linoleum floors, and a bunk bed. Breakfast will be served before sunrise, and the disgraced financier can stretch his legs outside, but only every other day—in a cage. The Metropolitan Correctional Center took in...

Madoff Profiteers Scramble From Threat of Clawbacks

New York law allows those who lost money to reclaim from those who gained

(Newser) - The threat that authorities will seek to recoup profits reaped through their investments in Bernard Madoff’s Ponzi scheme have some investors hurrying to put those funds in hard-to-reach places, the Wall Street Journal reports, like homes, trusts or life-insurance policies. So-called “clawback” lawsuits could allow those who were...

Madoff Family Members May Face Charges

Feds investigating 20 others; 'he's jerking everyone around'

(Newser) - Bernie Madoff's guilty plea Thursday won't be the end of the story, the Daily Beast reports. The feds are investigating 20 possible co-conspirators, including family members, writes Lucinda Franks. Madoff wants to preserve money for his wife and kids, and keep them out of trouble. But sources say that several...

FBI Arrests High-Ranking Stanford Exec

Investment officer faces SEC obstruction charges

(Newser) - FBI agents have arrested the chief investment officer of Stanford Financial Group, accusing Laura Pendergest-Holt of obstructing an SEC fraud investigation. The SEC has been investigating allegations of an $8 billion investment fraud involving Texas billionaire R. Allen Stanford's financial group. Pendergest-Holt, arrested in Houston, will appear in court tomorrow....

Feds: Swindlers Blew $500M on Horses, Houses, Teddies

Another day, another fraud casee

(Newser) - A pair of money managers who once co-owned the New York Islanders hockey team have been charged by federal prosecutors with treating $550 million in client investments like their own "personal piggy bank," reports Reuters. Paul Greenwood, 61, and Stephen Walsh, 64, managing general partners of WG Trading...

Madoff Bought No Stocks—for 13 Years

(Newser) - The trustee liquidating Bernard Madoff’s companies said today the disgraced financier appears not to have purchased any securities for his clients for “perhaps as much as 13 years,” Bloomberg reports. It was “cash in and cash out,” Irving Picard said. "It was all just...

Stanford Spent Millions to Lobby Congress

$8B scammer's island junkets helped push anti-tax agenda

(Newser) - Billionaire R. Allen Stanford has spent millions of dollars in attempting to enlist high-powered Washington officials in his anti-tax efforts, reports the Wall Street Journal. Stanford’s investment companies spent over $5 million on lobbying, $2 million on campaign contributions, and thousands more on flying members of Congress to the...

Fugitive Financier Has $8B Headstart
Fugitive Financier Has $8B Headstart
OPINION
Feb 18, 2009 1:48 AM CST

Fugitive Financier Has $8B Headstart

SEC has slim chance of finding Stanford, missing stash

(Newser) - Financier Robert Allen Stanford is now a fugitive and SEC officials don't look any likelier to get their man than his investors do to get their money back, Felix Salmon writes in Portfolio. Regulators have been sniffing around his operations for long enough to ensure he's got a contingency plan...

Madoff Scam Zaps Key Science Funds
Madoff Scam Zaps Key Science Funds
Feb 12, 2009 2:23 AM CST

Madoff Scam Zaps Key Science Funds

Medical research set back years as bilked charities slash aid

(Newser) - Bernard Madoff's alleged Ponzi scheme is sending shockwaves deep into the worlds of medicine and science as scammed charitable foundations yank funding for key research projects, reports the Wall Street Journal. Experts believe the number of people affected by the scam's impact on health care could run into the millions....

Wall Street Journal Ignored Madoff Story 3 Years Ago

(Newser) - Today's testimony from the private fraud investigator in the Bernie Madoff case makes one thing clear, writes business blogger Gary Weiss: The Wall Street Journal blew it. Harry Markopolos said editors of the paper blocked a reporter from investigating the case three years ago. Markopolos didn't know why, but he...

New York 'Mini-Madoff' Busted
 New York 'Mini-Madoff' Busted 
Jan 27, 2009 6:09 AM CST

New York 'Mini-Madoff' Busted

Cops accuse New York financier of scamming investors out of millions

(Newser) - New York police have busted a financier accused of running a Ponzi scheme, Reuters reports. Nick Cosmo—sentenced to 21 months on swindling charges in 1999—may have bilked investors of up to $380 million through his firm Agape World, which claimed to make high-interest bridge loans, according to authorities....

SEC Charges 'Mini-Madoff' With Fraud

Fugitive fund manager remains on the run as cops follow trail to La.

(Newser) - A Florida hedge fund manager who's been on the run for more than a week will find federal fraud charges waiting for him if and when he resurfaces, Reuters reports. Arthur Nadel transferred more than $1 million of clients' money into secret accounts before disappearing, the SEC alleges in a...

Madoff Delays Could Point to Plea Bargain

Wording in court order suggests negotiations in $50B fraud case

(Newser) - Signs emerged yesterday that disgraced financier Bernard Madoff is trying to cut a deal that could end his $50 billion fraud case without trial, the New York Times reports. A federal magistrate refused to revoke Madoff’s bail and delayed a hearing on Madoff’s case for 30 days so...

Madoff Brother Eyed for Not Reporting Scam

Fraudster may have confessed to brother before he told his sons

(Newser) - Bernard Madoff's brother learned that the Madoff fund was a huge scam the evening before the fraudster confessed to his sons, but he failed to inform authorities, insiders tell the New York Times. Peter Madoff, who worked closely with his older brother for decades, has not been charged with any...

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