Free Republic 3rd Quarter Fundraising Target: $85,000 Receipts & Pledges to-date: $27,862
32%  
Woo hoo!! And the first 32% is in!! Thank you all very much!!

Keyword: madoff

Brevity: Headers | « Text »
  • A Major Jewish University Is In Danger Of Going Broke Because Of How Much It Lost In Hedge Funds

    06/18/2014 9:35:40 AM PDT · by SeekAndFind · 14 replies
    Business Insider ^ | 06/18/2014 | Julia La Roche
    Credit-ratings agency Moody's thinks Yeshiva, a private Jewish university located in New York City, will be broke by next year. Yeshiva lost an estimated $105 million losses with convicted Ponzi schemer Bernie Madoff, who was also a trustee, but that's not why the university is running out of money. According to an extensive two-year investigation by TakePart's Steven Weiss and The Jewish Channel, the administration blew the school's financial future on bad hedge fund investments over the last decade. At one point before the 2008 financial crisis, the university became allocated 65% in hedge funds, which was the third-highest of...
  • Madoff Customers to Receive More Than $350 Million in Fourth Payout (6 Bn Returned)

    05/05/2014 3:05:37 PM PDT · by Titus-Maximus · 7 replies
    The Wall Street Journal ^ | May 5, 2014 | Jacqueline Palank
    Madoff Customers to Receive More Than $350 Million in Fourth Payout By Jacqueline Palank Bernard Madoff’s cheated customers will receive $351.6 million soon, the fourth payout in the winddown of the Ponzi-scheme operator’s investment firm. Irving Picard, the court-appointed trustee liquidating Bernard L. Madoff Investment Securities LLC, on Monday began sending out checks to Mr. Madoff’s former customers, bringing the total amount of money returned to customers to nearly $6 billion. “Today’s distribution is another important step forward for our recovery efforts,” Mr. Picard said in a statement. “We are already looking ahead to additional,
  • Madoff said JPMorgan executives knew of his fraud: lawsuit

    02/20/2014 5:30:20 PM PST · by Red in Blue PA · 20 replies
    NEW YORK (Reuters) - Two senior officials at JPMorgan Chase & Co and predecessor companies repeatedly confronted Bernard Madoff over irregularities in his business, a new lawsuit said, suggesting that bank leaders had "direct knowledge" of his Ponzi scheme. The lawsuit filed in federal court in Manhattan on Wednesday on behalf of shareholders against Chief Executive Jamie Dimon and 12 other current and former executives and directors was based in part by statements made by Madoff himself during a series of interviews. "JPMorgan was uniquely positioned for 20 years to see Madoff's crimes and put a stop to them," the...
  • Bernie Madoff Recovering From Heart Attack, Battling Kidney Cancer As He Rots in Federal Prison

    01/22/2014 10:53:31 AM PST · by nickcarraway · 25 replies
    New York Daily News ^ | WEDNESDAY, JANUARY 22, 2014 | Corky Siemaszko
    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...
  • If We Don’t Like Our Criminal President, We Don’t Have To Keep Him–Period

    11/09/2013 11:17:33 AM PST · by IChing · 52 replies
    ClashDaily.com ^ | 11/9/13 | Donald Joy
    What’s it going to take? I just finished reading Andrew C. McCarthy’s excellent article appearing in today’s National Review Online, titled “Obama’s Massive Fraud.” McCarthy points out that Martha Stewart was sent to federal prison for doing essentially the same thing Obama has done on a vastly larger scale, with his fraudulent sales pitch of Obamacare–intentionally misrepresenting a situation, knowing that the lie would harm others financially. McCarthy also describes how CEOs of various firms are routinely dragged into court, sued and prosecuted, even jailed for decades, by Obama’s own administration, for frauds based on omissions of information that utterly...
  • Madoff Auditor’s Son Commits Suicide

    11/20/2012 5:34:07 AM PST · by tired&retired · 9 replies
    Accounting Today ^ | November 19, 2012 | MICHAEL COHN
    Jeremy Friehling, the 23-year-old son of Bernard Madoff’s former auditor, David Friehling, has died of an apparently self-inflicted gunshot wound. The younger Friehling was attending medical school at Ohio State University. Police found his body last Thursday inside his apartment in Columbus, Ohio, after his friends contacted them after some of his Facebook postings aroused concerns about his wellbeing. He was a valedictorian in his high school in New City, N.Y., and was active in sports, according to the Journal News. He graduated from Duke University. His father, David Friehling, was a partner in the New City, N.Y., accounting firm...
  • Madoff-invested charities contributed $365k to Media Matters

    03/02/2012 3:34:39 AM PST · by jmcenanly · 31+ views
    Daily Caller ^ | 11:45 PM 02/27/2012 | Vince Coglianese, Jamie Weinstein
    Media Matters for America accepted funding from at least three foundations whose money “grew” under the fraudulent stewardship of the now-incarcerated Bernard Madoff. One of those foundations was backed by a man many believe was in cahoots with the legendary financial criminal. Madoff’s Wall Street empire crumbled in late 2008 after federal authorities were tipped off to his multibillion-dollar Ponzi scheme. Among those institutions that saw their fortunes evaporate were foundations that had placed their trust and investments in Madoff’s surreal enterprise. Three of those philanthropies contributed money to Media Matters in 2008, at least one of which may have...
  • Madoffs Tried to Commit Suicide, Wife Says

    10/26/2011 5:36:34 PM PDT · by TigerLikesRooster · 25 replies
    NYT ^ | 10/26/11 | DIANA B. HENRIQUES
    <p>On Christmas Eve 2008, two weeks after Bernard L. Madoff confessed to running history’s largest Ponzi scheme, he and his wife, Ruth, attempted suicide in their Manhattan penthouse.</p> <p>Mrs. Madoff said in an interview with The New York Times: “I don’t know whose idea it was, but we were both so saddened by everything that had happened. It was unthinkable to me: hate mail, phone calls, lawyers.”</p>
  • Westward Woe! California Democrat Party Loses Millions to Fraud

    10/25/2011 9:23:00 AM PDT · by Kaslin · 14 replies
    Townhall.com ^ | October 25, 2011 | John Ransom
    Well they finally did it to themselves. At least now, and at least in one state, Democrat politicians are starting to feel the effects of the type of accounting fraud they committed on the country for the last three years.  As the Obama “It’s-not-my-fault” Reelection Tour rumbles westward spewing diesel-powered and politically enhanced particulate matter, charges of fraud are overhanging the Democrats’ fall campaign in California. But the charges aren’t the familiar “I see dead people voting” scams that usually accompany left-leaning races. Instead they are fraud charges of the Madoff kind.California Democrat uber-finance guru, Kinde Durkee, apparently has been...
  • Madoff Says Feels Safer in Prison Than in NY

    10/21/2011 2:52:47 PM PDT · by nickcarraway · 8 replies
    Reuters ^ | Fri Oct 21, 2011
    Imprisoned financial scam artist Bernard Madoff boasted in a jailhouse letter that he is "quite the celebrity" and treated "like a Mafia don," ABC News said on Thursday. ABC, which will feature an interview with Madoff's daughter-in-law on news program "20/20" on Friday, released portions of a letter provided by Stephanie Madoff Mack, whose husband committed suicide in the wake of his father's conviction in a massive Wall Street fraud. Mack told ABC she had written Madoff a letter detailing family events he was missing due to his life sentence of 150 years behind bars, as a way of rubbing...
  • We have A Social Security system Bernie Madoff would love

    08/30/2011 8:45:13 AM PDT · by SeekAndFind · 4 replies
    Daily Caller ^ | 08/30/2011 | By C.J. Ciaramella
    There goes Rick Perry again, saying things that make liberals’ heads explode. Speaking to a crowd in Iowa this weekend, the Texas governor and GOP presidential hopeful doubled down on statements he made in his book, Fed Up!, that Social Security is essentially a pyramid scheme. “It is a Ponzi scheme for these young people,” Perry said. “The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie. It is a monstrous lie on this generation, and we can’t do that to them.” The left reacted,...
  • SEC Destroys 9000 Fraud Files

    08/18/2011 6:26:16 AM PDT · by Kaslin · 20 replies
    Townhall.com ^ | August 18, 2011 | Mike Shedlock
    Senator Chuck Grassley, Republican of Iowa, says SEC may have destroyed documents“From what I’ve seen, it looks as if the SEC might have sanctioned some level of case-related document destruction,” said Sen. Chuck Grassley, Republican of Iowa, in a letter to the agency’s chairman, Mary Schapiro. “It doesn’t make sense that an agency responsible for investigations would want to get rid of potential evidence. If these charges are true, the agency needs to explain why it destroyed documents, how many documents it destroyed over what timeframe, and to what extent its actions were consistent with the law.” Agency staff “destroyed...
  • Ruth Madoff Dumping Bernie (SHE FINALLY CUTS IT OFF AFTER 52 YEARS TO RECONCILE WITH LAST SON)

    08/15/2011 1:00:06 AM PDT · by nickcarraway · 20 replies
    Ndwser ^ | Aug 15, 2011 | Mary Papenfuss
    After 52 years of marriage, crook Bernard Madoff's wife is finally calling it quits. Ruth Madoff, 70, hasn't seen her 73-year-old hubby for more than 8 months, reports the Daily Mail. She's cutting ties with Madoff in an effort to reconcile with her remaining son, Andrew, and her dead son's family, say sources. Her son Mark committed suicide late last year on the second anniversary of his dad's arrest for massive fraud, and Ruth was turned away from his memorial by his distraught widow. "Ruth has not seen Bernie since Mark's suicide, and I think the remnants of the family...
  • SEC Rewards Investigator Who Botched Madoff Probe

    08/10/2011 5:55:51 PM PDT · by opentalk · 9 replies
    Judicial Watch ^ | August 5, 2011 | Judicial Watch
    In a remarkable development, the beleaguered Securities and Exchange Commission (SEC) actually awarded the employee who botched the investigation of the largest Ponzi scheme in history with a cash bonus for a great job performance. It marks the latest of many scandals for the famously inept federal agency charged with policing the nation’s financial industry. An SEC Inspector General probe discovered that the agency rewarded an incompetent investigator who missed Bernie Madoff’s illegal, $50 billion Ponzi scheme with a cash bonus for good work. Released this week, the IG report doesn’t name the SEC investigator but confirms that he (or...
  • To the Bidders Go Bernie Madoff’s Spoils

    06/07/2011 3:18:06 PM PDT · by nickcarraway · 4 replies
    Miami Herald ^ | Glenn Garvin
    Why would anybody pay $675 for convicted swindler Bernie Madoff’s honorary diploma from Yeshiva University? The real question, exclaimed Rich Kroll, slapping his head after he got outbid for the diploma, is why anybody wouldn’t pay it. “It’s history! It’s the big thing! It’s the biggest thing of the century!” said the anguished Kroll, a North Miami online retailer. “I should have bought it — I should have kept bidding. I dropped out at $600, because I only have $500 in my pocket, but I should have found a way! I wanted it!” Kroll was just one of hundreds of...
  • Trustee for Madoff victims faces tough road

    05/02/2011 8:37:45 AM PDT · by Liz · 3 replies
    NY POST ^ | 5/2/11 | Mark. deCambre
    Court-appointed trustee Irving Picard is looking to clawback monies from Madoff feeder funds........$9B from HSBC, $6.4B from JPMorgan Chase, $2B from UBS, $1B from Mets' owners Fred Wilpon and Saul Katz, $425M from Citigroup...........among others.
  • Senate report to reveal mortgage crisis details: WSJ

    04/03/2011 12:17:36 PM PDT · by NormsRevenge · 105 replies
    Yahoo ^ | 4/3/11 | AFP
    WASHINGTON (AFP) – The Senate will soon issue findings of a probe of the US mortgage meltdown that fueled the global financial crisis, with Goldman Sachs likely to face fresh embarrassment over its role, the Wall Street Journal reported Sunday. The Senate Permanent Subcommittee on Investigations, whose high-profile inquiry commission subpoenaed Goldman's and other executives last year, is due to release its report on the subprime implosion of 2007 and 2008. The paper, citing people familiar with the matter, said the report was expected to release emails from securities firms that developed or sold subprime mortgages and financial vehicles including...
  • (METS CO-OWNER) Katz's Family pulled $357M from Madoff (financial brains behind the team?)

    03/20/2011 5:41:12 AM PDT · by Liz · 19 replies · 1+ views
    NY POST ^ | 3/20/11 | JOSH KOSMAN
    Saul Katz, Fred Wilpon's BIL, co-founder of Sterling Equities, and Mets co-owner, will repeatedly tell you he is a CPA........the brains behind Sterling's investment portfolio and business operations.....in charge of all the family finances invested with Madoff. And yet the investment pro, claims he had no knowledge that Madoff was running a Ponzi. Katz took out over $120M just in the last six years. Katz's three sons, who work for Sterling Equities, snared more than $237M. Katz married Wilpon's sister, Iris, more than 50 years ago and in 1972 went into business with Fred.
  • Poll Confirms America's Entitlement Culture...Even Among Tea Partiers

    03/13/2011 8:02:16 PM PDT · by Tolerance Sucks Rocks · 160 replies
    Big Government ^ | March 13, 2011 | Brad Schaeffer
    The anti-government “throw-the-bums-out” crowds have had their chance to speak out on how to curtail the deficit and what to do with those hated entitlements that are the antithesis of the America they pine for. A recent WSJ/NBC News poll provided a glimpse of just how dependent on big government entitlements Americans have become–even among the Tea Party. Not that this should be a surprise to anyone watching the slow shift of the American mindset from citizen, to consumer, to ward of the State over the past century. According to the Wall Street Journal who co-sponsored the poll, “Americans across...
  • Democrat Fundraiser Jeffrey Epsteins Doing Favors for the Powerful

    03/07/2011 6:26:51 PM PST · by STD · 6 replies
    The Telegraph ^ | 3/8/11 | Swinford
    Duchess of York admits Duke arranged for convicted paedophile Jeffrey Epstein to pay off her debts The Duchess of York has admitted that her former husband arranged for a convicted paedophile to pay off her debts.
  • PJM Exclusive: Congress Questions Obama’s SEC Chief Embroiled in New Madoff Scandal

    03/03/2011 1:27:34 PM PST · by jazusamo · 3 replies
    Pajamas Media ^ | March 3, 2011 | Richard Pollock
    Chairwoman Mary Schapiro's general counsel is accused of having a conflict of interest in the Madoff affair that Schapiro knew about. Two influential congressional leaders are directly challenging Security and Exchange Commission Chairwoman Mary Schapiro as a new Bernard Madoff scandal engulfs the agency, this one involving charges of conflicts of interest by her own general counsel. Pajamas Media has obtained a copy of the letter sent to the SEC chairwoman. Rep. Darrell Issa (R-CA) and Sen. Charles Grassley (R-IA) today sent a sharply worded joint letter to the SEC chief, demanding she explain why the she appointed General Counsel...
  • Madoff to NY magazine: Government a Ponzi scheme

    02/28/2011 7:10:17 AM PST · by mewykwistmas · 20 replies
    AP ^ | 2/28/2011 | AP
    NEW YORK (AP) -- Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme. "The whole new regulatory reform is a joke," Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators. ... Madoff did an earlier New York Times interview in which he accused banks and hedge funds of being "complicit" in his Ponzi scheme to fleece people out of billions...
  • Bernard Madoff says running world's biggest ponzi scheme was a 'head trip'

    02/28/2011 1:49:35 PM PST · by bruinbirdman · 8 replies
    The Telegraph ^ | 2/28/2011 | Richard Blackden
    Bernard Madoff has admitted that running the biggest financial fraud in history was a "head trip" as some of the world's biggest banks threw money at him to manage. "The chairman of Banco Santander came to see me, the chairman of Credit Suisse came down, chairman of UBS came down," Mr Madoff told the New York Magazine in an interview. "It feeds your ego. All of a sudden, these banks which wouldn't give you the time of day, they're willing to give you a billion dollars." In an in-depth interview conducted over 12 telephone calls from his prison in North...
  • Bernard Madoff Accuses His Investors Of Greed ['I just went along']

    02/28/2011 1:24:38 PM PST · by fight_truth_decay · 46 replies
    Telegraph.co.uk ^ | 5:12PM GMT 28 Feb 2011 | By Jon Swaine
    Bernard Madoff, the disgraced financier, accused the investors whose money he lost in a £40 billion Wall Street investment fund of being greedy. 'Everyone was greedy,' Bernard Madoff told New York magazine.'I just went along' Photo: AP Madoff, who is serving a 150-year prison sentence, also rubbished the financial reforms introduced by the US to prevent future corruption and claimed: "The whole government is a Ponzi scheme". He added: "These banks and these funds had to know there were problems". "It was a nightmare for me," he said. "Even the regulators felt sorry for me ... They said 'how did...
  • The Madoff Tapes

    Bernard L. Madoff is in therapy. Each week, he waits for the signal that prisoners are allowed to leave their housing units, then he walks the five minutes from his “room,” as he calls it, to the psychiatric unit at the Federal Correctional Institution in Butner, North Carolina, where he can unburden himself. The sessions are often teary. “How could I have done this?” he asks. “I was making a lot of money. I didn’t need the money. [Am I] a flawed character?” In some ways, Madoff has not tried to evade blame. He has made a full confession, telling...
  • Madoff victims' advocate: Citigroup saw red flags. Lawsuit seeks about $425 million from bank

    02/22/2011 1:18:16 PM PST · by SeekAndFind · 4 replies
    MSNBC ^ | 02/22/2011 | Grant McCool
    Citigroup saw several red flags in the dealings of Bernard Madoff's firm years before his multibillion-dollar fraud was exposed in late 2008, the firm's liquidator said in a newly unsealed lawsuit. Irving Picard, a court-appointed trustee seeking to recover money for former Madoff clients, made the accusations in one of several complaints he has filed against big banks he says "enabled" the massive, decades-long Ponzi scheme by turning a blind eye to it. "Citi had access to and received information placing it on inquiry notice that Madoff's advisory business was potentially a fraud, and/or that Madoff was making hundreds of...
  • Scott Walker channels JFK… except for that 10988 deal

    02/22/2011 7:10:57 AM PST · by Starman417 · 2 replies
    Flopping Aces ^ | 02-22-11 | Vince
    We are at the beginning of the most consequential domestic conflict the United States has fought since the Civil War. Like the battle between the Blue and Grey, this one is for the continued existence of the country. Today’s weapon of choice might be the legislative pen and the protest sign and there may not be blood flowing in the streets, but make no mistake, the stakes are exactly the same: The survival of the nation as we know it. If that sounds like hyperbole, think about the German inflation of the 1920’s or Zimbabwe today. At some point taxpayers...
  • Issa's First Subpoena: BofA/Countrywide

    02/16/2011 7:55:20 PM PST · by george76 · 17 replies
    FOX Business ^ | February 16, 2011 | Rich Edson
    Countrywide’s VIP program is the first subpoena target for House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.), said a committee aide. The “Friends of Angelo” program, named for former Countrywide CEO Angelo Mozilo, has been under committee investigation since 2008 for allegedly granting generous mortgage deals to influential government officials, lawmakers and employees at Fannie Mae. “Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,”...
  • From Prison, Madoff Says Banks ‘Had to Know’ of Fraud

    02/16/2011 6:24:51 AM PST · by safetysign · 40 replies
    New York Times ^ | 02/16/2011 | DIANA B. HENRIQUES
    Bernard L. Madoff said he never thought the collapse of his Ponzi scheme would cause the sort of destruction that has befallen his family. In his first interview for publication since his arrest in December 2008, Mr. Madoff — looking noticeably thinner and rumpled in khaki prison garb — maintained that family members knew nothing about his crimes. But during a private two-hour interview in a visitor room here on Tuesday, and in earlier e-mail exchanges, he asserted that unidentified banks and hedge funds were somehow “complicit” in his elaborate fraud, an about-face from earlier claims that he was the...
  • Wait A Minute, Why Should I Hate Bernie Madoff? (There's a Ponzi Scheme we should hate but don't)

    02/09/2011 7:16:30 AM PST · by SeekAndFind · 15 replies
    Forbes ^ | 02/09/2011 | Kyle Smith
    When Bernie Madoff popped up in the news again last week, this time when it was alleged that his bankers at JP Morgan Chase saw red flags in his actions but failed to tell the authorities, I felt that familiar feeling again--nothing. Because I don't hate Bernie Madoff. Why should I? SNIP I shed no tears for Madoff, but nor do I clench a fist. Madoff didn't do anything to me. However, if I were forced to join an investment fund that I knew to be a Ponzi scheme and made to watch helplessly as my dollars were sucked out...
  • Madoff Trustee Sues JPMorgan Chase (primary banker sued for billions; facilitated money-launder)

    02/06/2011 6:25:43 AM PST · by Liz · 38 replies
    Accounting Today ^ | 24/11 | Michael Cohn
    The trustee liquidating Madoff’s asset management firm, has filed a complaint against JPMorgan Chase, claiming the bank had suspicions about Madoff’s Ponzi scheme going back to at least 2006, but waited until 2008 to alert authorities while it earned hundreds of millions of dollars from doing business with Madoff. The complaint seeks to recover nearly $1 billion in fees and profits, and an additional $5.4 billion in damages, for JPMorgan Chase’s decades-long role as primary banker for Bernard L. Madoff Investment Securities’ (BLMIS), allegedly aiding and abetting Madoff’s fraud. “Incredibly, the bank’s top executives were warned in blunt terms about...
  • Text of Madoff victims complaint against Mets owners

    02/05/2011 1:14:04 PM PST · by NativeNewYorker · 2 replies
    NY Post ^ | 2/5/11
    But the Sterling partners’ reliance on Madoff’s consistent and steady returns ran further than just opening hundreds of accounts. Sterling used its BLMIS accounts as a substantial source of liquidity to develop and sustain its businesses, including professional baseball and real estate. For instance, much of the approximately $90 million of other people’s money withdrawn from the Mets’ BLMIS accounts helped fund its day-to-day operations. Sterling also used BLMIS returns to generate sufficient profits to meet capital commitments for its Sterling American Property real estate funds. Further, BLMIS returns provided the necessary cash flow to Sterling’s internal bank—Sterling Equities Funding,...
  • Whoa: Madoff Trustee Says A High-Level JPM Exec Was Warned About Madoff Well In Advance

    02/03/2011 5:33:04 PM PST · by FromLori · 8 replies
    The Business Insider ^ | 2/3/2011 | Katya Wachtel
    A high-level JPMorgan risk officer was warned that Bernie Madoff had “a well-known cloud” over his head and was suspected of running a Ponzi scheme nearly 18 months before he was charged, according to the FT. The lawsuit in which it's alleged that the executive was forewarned was filed against JPMorgan by Irving Picard, the trustee responsible trying to recover as many funds as possible for Madoff. It has just been unsealed, and was filed secretly at JPMorgan’s request. The suit aims at recovering $1 billion in fees and profits that JPMorgan earned as the primary banker to Madoff’s firm...
  • Meet the debts; Wilpons' dire money woes hobble Mets' sale (insider deal with Madoff?)

    02/01/2011 6:35:26 AM PST · by Liz · 26 replies
    NY Post ^ | JOSH KOSMAN
    Mets owners are in a much tighter squeeze than they are letting on. Sterling Equities, which is controlled by Wilpon and son, Jeff, is supposedly worth some $750M and $1B. The Wilpons want to replace roughly $750M,...their losses with convicted Ponzi schemer Bernie Madoff.....and are now in settlement talks with the Madoff estate trustee, who claims they withdrew $48M more than they invested. They are opposing a move to unseal legal papers, saying the papers are attempted "character assassination"..... painting [Mets owners] as persons who should have known that Madoff did no trading".........
  • Madoff bonanza(Picower widow forfeits $7B from Ponzi scheme)

    12/18/2010 7:04:38 AM PST · by TigerLikesRooster · 38 replies
    NY Post ^ | 12/18/10 | KAJA WHITEHOUSE
    Madoff bonanza Picower widow forfeits $7B from Ponzi scheme By KAJA WHITEHOUSE Last Updated: 8:10 AM, December 18, 2010 Posted: 11:39 PM, December 17, 2010 The widow of late philanthropist Jeffry Picower, who made billions in phony profits investing with Ponzi king Bernie Madoff, agreed to return a staggering $7.2 billion to federal prosecutors in the largest recovery to date for victims of the massive fraud. The huge windfall brings the total amount recovered since Madoff confessed to his crimes just two years ago to $9.8 billion -- nearly half the estimated $20 billion investors lost in the scheme.
  • Investors Who Cashed Out Madoff Funds Before The Fall Are Guilty of Being Rich

    12/18/2010 12:30:04 AM PST · by ExxonPatrolUs · 26 replies · 1+ views
    PBS ^ | 12/17/2010 | Hari Sreenivasan
    If you're rich, you're guilty of profit. Hand it over!
  • Shapiro Agrees to $625 Million Forfeiture for Victims of Madoff’s Ponzi Scheme

    12/10/2010 7:44:57 AM PST · by Larry381 · 26 replies
    Department of Justice ^ | December 7, 2010 | United States Attorney's Office Southern District of New York
    NEW YORK—Carl J. Shapiro and various related people and entities have agreed to forfeit $625 million to the United States, all of which will be made available to the victims of the fraudulent investment advisory business which was owned and operated by Bernard L. Madoff. The distribution of funds to victims will be administered by Irving H. Picard in his dual capacities as the newly-appointed special master to assist the department in connection with the victim remission proceedings, and as the court-appointed trustee overseeing the liquidation of Bernard L. Madoff Investment Securities LLC, under the Securities Investor Protection Act. The...
  • Madoff son found dead in NYC in apparent suicide

    12/11/2010 10:09:12 AM PST · by ColdOne · 73 replies · 1+ views
    AP/yahoo ^ | December 11th 2010 | AP/COLLEEN LONG
    NEW YORK – The eldest son of disgraced financier Bernard Madoff hanged himself by a dog leash in his apartment Saturday after two years of "unrelenting pressure
  • Madoff’s Eldest Son Found Dead in Suicide

    12/11/2010 7:36:07 AM PST · by Ladycalif · 128 replies
    New York Times ^ | 12/11/2010
    Mark Madoff, the older of Bernard L. Madoff’s two sons, was found dead in his Manhattan apartment on Saturday, the second anniversary of the day his father was arrested for running a gigantic Ponzi scheme that shattered thousands of lives around the world.
  • Madoff trustee sues JPMorgan for $6.4 billion

    12/04/2010 5:58:38 AM PST · by TigerLikesRooster · 14 replies
    Reuters ^ | 12/02/10 | Jonathan Stempel
    Madoff trustee sues JPMorgan for $6.4 billion By Jonathan Stempel Thu Dec 2, 3:23 pm ET NEW YORK (Reuters) – The trustee seeking money for defrauded former clients of Bernard Madoff said he filed a $6.4 billion lawsuit accusing JPMorgan Chase & Co of aiding the imprisoned Ponzi schemer's fraud as his main banker. The lawsuit is the second largest that trustee Irving Picard has filed against former Madoff clients or others he believes assisted in the estimated $65 billion Ponzi scheme. JPMorgan, the No. 2 U.S. bank, was for more than 20 years the main banker for Bernard L....
  • Chase orders Southlake bank to remove Christmas tree (because it could offend people)

    12/03/2010 8:04:56 AM PST · by SeekAndFind · 59 replies
    Star Telegram ^ | 12/03/2010 | Terry Evans
    SOUTHLAKE -- Chase Bank told a businessman to remove the Christmas tree he donated to a local branch because it could offend people. Antonio Morales, owner of Bellagio Day Spa in Southlake, had assembled and decorated a 9-foot-tall tree in the lobby of the Chase Bank branch at 1700 E. Southlake Boulevard as a favor to the branch manager, who is one of his clients. The tree remained in the lobby from the Monday before Thanksgiving until Tuesday. Morales said his friend called him Wednesday to tell him the tree had to go. She later showed him an e-mail from...
  • Bankruptcy lawyers pocket millions. Madoff victims – not so much

    11/01/2010 12:23:40 PM PDT · by Nachum · 9 replies
    Washington Examiner ^ | 11/1/10 | Barbara Hollingsworth
    Bankruptcy trustee Irving Picard, who is liquidating the bogus investment firm of convicted fraudster Bernie Madoff, gave $26.9 million to a Manhattan law firm to recover $849,000 for the victims of the largest Ponzi scheme in American history. In a filing with the federal bankruptcy court in Manhattan, Picard noted that $15.8 million went to his own law firm, Baker & Hostetler LLP, in the second and third quarters, the New York Post reports. Another $7.1 million was spent on consultants and $107,560 on “hosting expenses.”
  • Madoff money: Trustee spent $26M recovering $849G for victims

    10/31/2010 4:57:48 PM PDT · by jimbo123 · 27 replies · 2+ views
    NY Post ^ | 10/31/10 | Reuters
    A trustee overseeing the bankruptcy of Bernard Madoff's investment firm spent $26.9 million in the second and third quarters to recover $849,000 for Madoffs victims, according to a federal court filing. Irving Picard, the trustee, said in a filing with Manhattan federal court that much of the expense -- $15.8 million -- went to cover fees for his law firm, Baker & Hostetler LLP.
  • U.S. Department of Labor sues Syracuse firm to recover union pensions that went to Madoff

    10/21/2010 4:17:52 PM PDT · by Libloather · 5 replies
    Syracuse.com ^ | 10/21/10 | Charley Hannagan
    U.S. Department of Labor sues Syracuse firm to recover union pensions that went to MadoffCharley Hannagan / The Post-Standard Updated: Thursday, October 21, 2010, 5:53 PM Syracuse, NY -- The U.S. Department of Labor today accused J.P. Jeanneret Associates Inc., of Syracuse, its executives, and three other investment companies and executives, of causing pension, health and benefit plans to lose hundreds of millions of dollars through investments with Bernard L. Madoff. The lawsuit was filed today in the U.S. District Court for the Southern District of New York. If successful, it would return money to thousands of workers in Central...
  • Madoff's Diamond Ring, Grand Piano to Be Auctioned

    10/20/2010 4:03:13 PM PDT · by GOP_Lady · 15 replies
    The Wall Street Journal ^ | 10-20-10 | JENNY ROTH
    More than 400 pieces of personal property from Bernard Madoff and Ruth Madoff, including a diamond engagement ring and a Steinway grand piano, will be sold during a live and online auction in New York next month by the U.S. Marshals Service. The property was forfeited and seized in connection with the criminal prosecution of Bernard Madoff. The proceeds from the auction will be used to compensate the victims of his multibillion-dollar Ponzi scheme.
  • Madoff slippers, piano headed for auction

    10/20/2010 3:06:55 PM PDT · by JoeProBono · 3 replies
    upi. ^ | Oct. 20
    NEW YORK, - U.S. marshals said a New York auction of items belonging to convicted fraudster Bernie Madoff includes the Ponzi schemer's monogrammed velvet slippers. The marshals said former possessions of Madoff, 72, at the Nov. 13 auction at Surroundart include the slippers, a 1917 Steinway grand piano, a 10 1/2 carat diamond ring, a desk and a bull-shaped bronze paperweight, the New York Daily News reported Wednesday. "These pieces are the last of what once occupied the homes and lives of Bernard and Ruth Madoff's residences in New York and Montauk, N.Y.," said Joseph Guccione, U.S. marshal for the...
  • Bernie Madoff's Slippers, Piano Can Be Yours at Auction

    10/20/2010 9:16:31 AM PDT · by Libloather · 3 replies
    CBS News ^ | 10/20/10
    Madoff's Slippers, Piano Can Be Yours at AuctionFeds to Sell Disgraced Financier's Personal Items in NYC; All Proceeds Will Benefit His Wronged Investors NEW YORK, Oct. 20, 2010 (AP) More than 400 of Bernard Madoff's possessions are heading for the auction block in New York City. The items include Madoff's black velveteen slippers, embroidered in gold with "BLM," a Steinway piano and his wife Ruth's 10.5-carat diamond ring. The U.S. Marshals Service will be selling the disgraced financier's personal items on Nov. 13 at the Sheraton New York Hotel & Towers. They are the last items taken from Madoff's Manhattan...
  • Madoff investors oppose payments to bankruptcy trustee

    09/03/2010 4:39:30 AM PDT · by Zakeet · 5 replies
    New York Post ^ | September 3, 2010 | Bruce Golding
    Hundreds of Ponzi king Bernard Madoff's victims today challenged the latest bill from his bankruptcy trustee, which seeks more than $34 million for 120 days of work. The Aug. 20 bill, for services rendered between Feb. 1 and May 31, works out to more than $5,000 a day for court-appointed trustee Irving Picard and more than $283,000 a day for his firm, Baker & Hostetler, court papers say. "On an annualized basis, this would be $104,900,950," according to the objection filed by Diane and Roger Peskin, Maureen Ebel and "several hundred" other unnamed Madoff investors. [Snip] Picard spokesman Kevin...
  • Madoff Investors Brace for Lawsuits (Look who dupes daily American Citizens...)

    07/26/2010 7:33:38 AM PDT · by yoe · 19 replies · 1+ views
    WSJ ^ | July 26, 2010 | MICHAEL ROTHFELD
    The court-appointed trustee recovering money for Bernard L. Madoff's victims is preparing a wave of new lawsuits seeking to wrest funds away from investors who also were duped by the Ponzi scheme. In an interview, Irving Picard said he could wind up suing about half the estimated 2,000 individual investors he has called "net winners" from their dealings with Mr. Madoff. Such investors withdrew more from Mr. Madoff's firm than the amount of principal they invested. "The people who made money, who got more, have made money at the expense of the people who didn't," said Mr. Picard, who has...
  • Madoff's Secret Stash

    06/21/2010 9:02:50 AM PDT · by pinstripes715 · 15 replies
    New York Post ^ | 06/21/2010 | Dan Mangan
    Ponzi king Bernard Madoff is telling fellow jailbirds that he secretly funneled $9 billion in swiped funds to three people before he was nabbed, an inmate told The Post. Madoff says that his partner in crime Frank DiPascali knows who the recipients are -- and that he suspects DiPascali is using that information to cut a better deal with the feds, according to the inmate at the medium-security prison in Butner, NC.