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Bernie Madoff Recovering From Heart Attack, Battling Kidney Cancer As He Rots in Federal Prison
New York Daily News ^ | WEDNESDAY, JANUARY 22, 2014 | Corky Siemaszko

Posted on 01/22/2014 10:53:31 AM PST by nickcarraway

The 75-year-old mastermind behind the epic Ponzi scheme has stage four kidney cancer, meaning it could have spread to the tissue and other parts of the body.

Who knew Bernie Madoff had a heart?

The convicted Ponzi prince who ripped off thousands of investors is reportedly recovering from a heart attack and battling kidney cancer, according to CNBC.

The imprisoned fraudster spent much of December in the hospital, the business channel reported.

Madoff is now back where he belongs — in his cell.

CNBC described Madoff's kidney cancer as stage four, which could be very bad news for the epic swindler who masterminded a $65 billion scheme.

That means Madoff's cancer may have spread to tissues around the kidney or to other parts of the body, according to cancer experts.

Madoff, who is 75 and hails from Queens, is serving a 150-year federal prison sentence in North Carolina.

His brother, Peter, who helped run the office, is serving a 10-year sentence. His wife, Ruth, was stripped of most of the family assets but not charged with a crime.

One of his two sons committed suicide on the two-year anniversary of his father's arrest. The other, Andrew Madoff, is also battling cancer.


TOPICS: Crime/Corruption; Culture/Society; Extended News; US: New York
KEYWORDS: madoff

1 posted on 01/22/2014 10:53:31 AM PST by nickcarraway
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To: nickcarraway

“Bernie Madoff Recovering From Heart Attack, Battling Kidney Cancer As He Rots in Federal Prison.”

You say that like it’s a bad thing.


2 posted on 01/22/2014 10:58:13 AM PST by Wordkraft (Remember who the Collaborators are.)
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To: nickcarraway

How’s that scheme working out for you now, Bernie?


3 posted on 01/22/2014 10:58:53 AM PST by AppyPappy (Obama: What did I not know and when did I not know it?)
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To: Wordkraft

BUMP


4 posted on 01/22/2014 10:59:18 AM PST by onyx (Please Support Free Republic - Donate Monthly! If you want on Sarah Palin's Ping List, Let Me know!)
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To: nickcarraway

wow... i knew one of his son’s committed suicide, but i did not realize his other son was battling cancer... sheesh... horrible...


5 posted on 01/22/2014 10:59:24 AM PST by latina4dubya (when i have money i buy books... if i have anything left, i buy 6-inch heels and a bottle of wine...)
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To: nickcarraway

Madoff is a low level crook compared to those running our government.


6 posted on 01/22/2014 11:01:51 AM PST by grumpygresh (Democrats delenda est. New US economy: Fascism on top, Socialism on the bottom.)
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To: nickcarraway

Ask me if I give a smelly Obama, Bernie.


7 posted on 01/22/2014 11:02:19 AM PST by Da Coyote
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To: latina4dubya

That son had cancer in the early to mid 2000s and recovered.


8 posted on 01/22/2014 11:03:40 AM PST by nickcarraway
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To: nickcarraway

Don’t be so hard on the bastard. Most of the people he scammed thought they were scamming the system themselves.


9 posted on 01/22/2014 11:05:50 AM PST by ZULU (Magua is sitting in the Oval Office. Ted Cruz/Phil Robertson in 2016.)
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To: AppyPappy

Berne is not nearly the scamster as Barack Obama. He took none of my money whereas Barack stole my retirement capital

Bernie is a piker compared to Barack


10 posted on 01/22/2014 11:07:14 AM PST by bert ((K.E. N.P. N.C. +12 ..... History is a process, not an event)
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To: All
When he went to jail, investigators found Ponzi King Bernie Madoff had stashed billions offshore---into a labyrinth of financial entities.

COLLUSION AND CONSPIRACIES GALORE Some $8.9 billion was funneled to Madoff through a dozen so-called feeder funds based in Europe, the Caribbean and Central America......a labyrinth of hedge funds, management companies and service providers that, to unsuspecting outsiders, seemed to compose a formidable system of checks and balances.

But the purpose of this complex architecture was just the opposite: the feeder funds provided different modes for directing money to Madoff in order to avoid scrutiny and generate more fees.

========================================================

WIKI.COM Stanley Chais, a philanthropist who invested heavily with Mr. Madoff, and Carl J. Shapiro, one of the money manager's oldest friends, are among at least eight Madoff investors and associates being scrutinized by the U.S. attorney's office in Manhattan. Prosecutors are continuing to probe Madoff family members and employees.

Others include: Frank Avellino, a Florida accountant who ran an investment fund that invested client money; Noel Levine, a real-estate investor who works out of a two-room office on the 17th floor, next door to Madoff's fraudulent investment operation, and Palm Beach investor Robert Jaffe, a son-in-law of Mr. Shapiro who referred potential investors to Madoff. [4]

Madoff Securities International Ltd.----In 2008, about $1 billion was transferred last between Madoff’s U.S. firm and Madoff Securities International Ltd. in London. [5][6] On March 24, 2009 Judge Louis L. Stanton granted power of attorney to Irving Picard, trustee, over Madoff's controlling stake in London.[7]

Authorities in the U.K. are seeking evidence of money laundering involving the London business, Madoff Securities International Ltd., which opened in 1983 as a separate legal entity from Mr. Madoff's U.S. New York office. He allegedly sent more than $250 million beginning as early as 2002, from his New York-based firm, Bernard L. Madoff Investment Securities LLC, to the U.K. office and then back to accounts in the U.S.[5][6]

In 2000, Madoff began to add staff and expand the operation, and loaned the business $62.5 million. He had a staff of 25, including traders, managers and support. Instructions to staff was that they communicate with Madoff Securities through personal e-mail accounts, not through company e-mail.[5]

There were nine directors. Family members with shares included Mark and Andrew Madoff, Peter Madoff, and Bernard himself. Ruth Madoff, Bernard Madoff's wife, also held shares. [8] Non-family members with shares included Maurice J. "Sonny" Cohn. Madoff and Cohn were shareholders in Cohmad Securities, which steered investors to Mr. Madoff's advisory business.

In 1987, Mr. Cohn had shares of Madoff Holdings Ltd., a predecessor to the current London firm. In 1998, Mr. Cohn held 35,624 non-voting shares, some of which he transferred to "BL Madoff" in 1998, and the rest that he "disposed of" in 2004.[8]

Paul Konigsberg, a New York City accountant and a longtime friend for more than 25 years, prepared two Madoff Family Foundation tax returns, and received the non-voting shares, valued at $35,000. He did work for the London office when it was first opened. [8] A general ledger of Madoff accounts listed Konigsberg, of the reputable accounting firm of Konigsberg, Wolf & Co., as receiving $30,000 a month to advise the MSIL operations, and funnel client checks to the London office for Madoff's own use.[9]

Clients were often directed to Mr. Konigsberg by Mr. Madoff and his family. Mr. Konigsberg prepared the tax returns of foundations of six other families, many of which have lost millions, even hundreds of millions, of dollars. He also represented scores of individual Madoff investors.

Mr. Konigsberg's firm has received a civil subpoena from the SEC. His Madoff-related clients included Carl and Ruth Shapiro, Boston philanthropists whose foundation lost $145 million, and whose son-in-law, Robert M. Jaffe, under investigation, is a Madoff business partner.[9][10]

Konigsberg held Madoff accounts under his name including two in the name of the Westlake Foundation. Paul J. and Judith Konigsberg are officers and directors of the foundation. He owns homes in his wife, Judith's name in Greenwich, Connecticut and Palm Beach Gardens, Florida.[11]

On April 20, 2009, Steven Leber filed a $4 million lawsuit against Konigsberg and his accounting firm for negligence, and breach of fiduciary duty.[12] Konigsberg answered the charges with affirmative defenses.[13]

Evidence is being gathered by investigators on a U.S.-U.K. task force that Konigsberg and Levy, a real-estate mogul and philanthropist are believed to be involved in an international transfer of money. Levy is believed to have helped Paul Konigsberg funnel checks to London. And investigators in New York say there were billions of dollars worth of checks going back and forth between Madoff and Levy.[9]

Ruth and Bernie Madoff had an intimate relationship with Levy and his wife, Betty. Madoff was long known to have been Levy's "fixer," obtaining everything from choice restaurant reservations to emergency medical care. Levy had offices one floor below Madoff's in New York’s Lipstick Building. It was Levy who introduced high-profile investors to Madoff.

Jeanne Levy-Church's losses forced her to shut her JEHT Foundation and her parents’ foundation, the Betty and Norman F. Levy Foundation, lost $244 million. JEH helped the less fortunate, especially ex-convicts.[9][10]

11 posted on 01/22/2014 11:17:57 AM PST by Liz
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To: All
NY POST REPORT--1/21/14---A former operations chief for Bernie Madoff, on trial for aiding the epic Ponzi schemer in his historic fraud, once pulled strings to have his son put on the company payroll despite not working there, a Manhattan jury learned Monday.

Craig Kugel, a former Human Resources staffer at Madoff Securities, testified in Manhattan federal court that the son of Daniel Bonventre was handed a “no show” job so he could collect health benefits after graduating from college.

Kugel, who copped a plea in 2012 to giving salaries and benefits to people who weren’t employees, said Madoff approached him about the idea in 2007. According to Kugel, Madoff said that Bonventre had asked him how his son, Daniel Jr., could stay on the plan. Madoff then called the elder Bonventre a “key employee,” adding “we need to help him out and do something for his son,” recalled Kugel.

This is not the first time that Daniel Bonventre Jr. – who has not be charged with any wrongdoing – has been thrown under the bus by an ex-Madoff staffer seeking a better plea deal with the feds.

When copping a plea in June 2011 to falsifying records, former Madoff payroll manager Eric Lipkin also said the younger Bonventre – along with others – received salaries and benefits from the firm despite not working there. Lipkin claimed he was instructed by Bonventre to give his son the “no show” job.

The elder Bonventre is one of five former key Madoff staffers currently on trial for fraud. Kugel’s father, David, a supervisory trader at Madoff Securities, pleaded guilty to fraud in 2011.

12 posted on 01/22/2014 11:21:29 AM PST by Liz
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To: nickcarraway
“Bernie Madoff Recovering From Heart Attack, Battling Kidney Cancer As He Rots in Federal Prison.”

Free medical care.

13 posted on 01/22/2014 11:28:23 AM PST by DoodleDawg
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To: nickcarraway

Oddly enough, there is a special federal prison for inmates with severe and life threatening medical conditions. But Madoff has been sentenced to the Federal Correctional Institution Butner Medium near Butner, North Carolina. For medical treatment, he is taken to Duke University medical center.


14 posted on 01/22/2014 11:30:56 AM PST by yefragetuwrabrumuy (WoT News: Rantburg.com)
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To: nickcarraway
CNBC described Madoff's kidney cancer as stage four, which could be very bad news for the epic swindler who masterminded a $65 billion scheme.

"Let me guess: There is no Stage 5?" - Johnny Sack of "The Sopranos"

Regards,

15 posted on 01/22/2014 11:35:33 AM PST by alexander_busek (Extraordinary claims require extraordinary evidence.)
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To: nickcarraway

Nice.


16 posted on 01/22/2014 11:42:51 AM PST by chris37 (Heartless.)
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To: nickcarraway

Why isn’t Jon Corzine in federal penitentiary?


17 posted on 01/22/2014 11:48:15 AM PST by Old Yeller
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To: Old Yeller

Because President Obama & the SEC protected him.


18 posted on 01/22/2014 11:49:12 AM PST by nickcarraway
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To: ZULU

Most of his victims were charities .


19 posted on 01/22/2014 12:00:50 PM PST by Jewbacca (The residents of Iroquois territory may not determine whether Jews may live in Jerusalem)
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To: Jewbacca

Really. I heard a lot of them were Hollywood celebrities.


20 posted on 01/22/2014 12:05:32 PM PST by ZULU (Magua is sitting in the Oval Office. Ted Cruz/Phil Robertson in 2016.)
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To: nickcarraway
Bernie Madoff Recovering From Heart Attack...

That's a shame...

21 posted on 01/22/2014 12:14:06 PM PST by WayneS (Respect the 2nd Amendment; Repeal the 16th (and 17th))
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To: nickcarraway

Well, it’s not like he merely committed treason, like that Lynne Stewart creature. I’m not at all defending him-I’m saying neither should that treasonous b*tch be free.


22 posted on 01/22/2014 12:28:34 PM PST by mrsmel (One Who Can See)
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To: WayneS

I bet he has the best insurance tax payer money can buy without even going through the unaffordable I don’t care act!


23 posted on 01/22/2014 12:36:14 PM PST by Johnny_cash (10 out of 10 idiots voted for 0Bama!)
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To: nickcarraway

I wonder how many are rooting for cancer for the first time in their lives.


24 posted on 01/22/2014 12:47:47 PM PST by righttackle44 (Take scalps. Leave the bodies as a warning.)
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To: ZULU

Perhaps by number of victims, but in numbers of dollars stolen it was overwhelmingly charities. In particular he stole from charities to help poor Israelis from Arab countries.


25 posted on 01/22/2014 1:41:32 PM PST by Jewbacca (The residents of Iroquois territory may not determine whether Jews may live in Jerusalem)
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To: nickcarraway

After a quick search, I just found that Andrew Madoff’s cancer returned. Now he’s fighting stage 4 lymphoma. He said he will never forgive his father, even on his deathbed.

The other son, Mark Madoff, committed suicide while his 2yo son was in another room. While I can’t dredge up any sympathy for their father, it’s very sad what happened to these two brothers.


26 posted on 01/22/2014 10:58:35 PM PST by Tired of Taxes
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