Ponzi scheme

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Swank Hair Salon Cuts Ruth Madoff

Ponzi scheming hubby burned too many clients

(Newser) - Ruth Madoff might be going gray—and not due to stress over Bernie’s legal troubles. She’s been banned from getting her hair colored at a New York salon, the Post reports. “The Pierre Michel salon's clients are among some of Manhattan's most elite,” says a rep....

Madoff's Mets Tix Sell for $7,500 on eBay

600% profit on seats to home opener will help repay victims

(Newser) - A Bernard Madoff investment has finally made an honest profit, the New York Daily News reports. The Ponzi kingpin's pair of tickets for the New York Mets home opener tonight, face value $525 each, sold for $7,500 after a fierce eBay bidding war. Along with revenue from the sale...

Madoff's Mets Tickets Up for Grabs on Ebay

Home-plate 'Ponzi' tickets will be sold to repay scammed investors

(Newser) - Scamster Bernard Madoff has lost his mansion, his yacht, his freedom and now his prized Mets season tickets, the Los Angeles Times reports. The trustee liquidating the shamed financier and lifelong Mets fan's assets has traded Madoff's $80,000 platinum tickets for a "more marketable" $60,000 gold set...

Madoff Victims Trustee Eyes Brother's Bucks

New focus on Peter as trustee seeks to compensate swindle victims

(Newser) - A federal court official may seek to claw back any funds transferred by Bernard Madoff's swindle company to his brother, reports the New York Post. The new focus on Madoff's sibling, an officer in his firm, was revealed in a letter to an attorney representing a New York law student....

Ruth Madoff Pays Bernie First Visit in Jail

Ponzi schemer's wife stays silent after Manhattan meeting

(Newser) - Ruth Madoff visited her husband in his new prison home for the first time yesterday, the New York Post reports. The swindler's wife, accompanied by private security, appeared calm and relaxed after her 20-minute meeting with Bernard Madoff in the Manhattan Correctional Center, although she refused to answer reporters' questions...

Tearful Stanford 'Madder Than Hell' at Ponzi Charges

Tycoon expects indictment in 2 weeks

(Newser) - Sir Robert Allen Stanford expects an indictment from the feds in a couple of weeks, but maintained his innocence in an interview with ABC News. The disgraced financier cried and told his interlocutor, “I will punch you in the mouth” if he mentioned reports that Stanford laundered drug money....

Cuomo Charges Madoff Feeder With Fraud

Says 'investment guru' Merkin was really just 'master marketer'

(Newser) - New York AG Andrew Cuomo has charged J. Ezra Merkin, a prominent New York philanthropist who funneled $2.4 billion into Bernie Madoff’s Ponzi scheme, with fraud, the Wall Street Journal reports. The complaint doesn’t accuse Merkin of knowing about the scheme. But it alleges that he lied...

Feds Seize Yet Another Madoff Boat
Feds Seize
Yet Another Madoff Boat
Apr 3, 2009 6:44 AM CDT

Feds Seize Yet Another Madoff Boat

$430K Long Island vessel will be sold to aid victims

(Newser) - After nabbing a yacht and a motorboat and seizing his Florida mansion, feds have taken a third vessel belonging to Bernie Madoff: a fancy fishing boat found off Long Island, the New York Daily News reports. The 38-foot boat, bought for $430,812 in 2003, is named Sitting Bull, in...

Feds Grab Madoff Mansion
 Feds Grab Madoff Mansion 
Apr 2, 2009 1:35 AM CDT

Feds Grab Madoff Mansion

$11M Palm Beach pad will be sold to pay pack Ponzi scheme victims

(Newser) - Federal authorities seized Bernard Madoff's Florida mansion yesterday shortly after confiscating his two yachts, the New York Daily News reports. US marshals and Palm Beach police took over the five-bedroom $11 million mansion—which is in Ruth Madoff's name—as part of an effort to seize as many Madoff assets...

Feds Seize Madoff's Boats
 Feds Seize Madoff's Boats 
Apr 1, 2009 12:41 PM CDT

Feds Seize Madoff's Boats

Yacht, motorboat part of his $823M fortune

(Newser) - US Marshals seized two boats belonging to jailed schemer Bernie Madoff today, the AP reports. The vessels—a 55-foot yacht and a 24-foot motorboat that were docked at separate Florida marinas—were part of the $823 million in assets Madoff and his wife had accumulated by the end of last...

Madoff Feeder Fund Charged With Fraud

Mass. complaint vs. Fairfield Greenwich is regulatory, not criminal

(Newser) - Massachusetts regulators charged Fairfield Greenwich Group with fraud today, the Wall Street Journal reports, saying it failed in its fiduciary duties by funneling money into Bernard Madoff’s Ponzi scheme. Fairfield was one of Madoff’s top feeder funds, and there was a “profound disparity between the due diligence...

Judge Kills Allowance for Madoff Bro

Rulings in response to lawsuits also extend freeze to feeder funds

(Newser) - A appeals judge yesterday nixed a deal that gave Bernard Madoff brother Peter a $10,000 monthly allowance out of his frozen assets, reports the New York Daily News. The ruling, which came in response to a suit from a law student who lost his $500,000 inheritance, prevents him...

Madoff 'Cheated on Wife, Too'

Ponzi schemer linked to exec assistant at media firm: insider

(Newser) - His investors may not have been the only ones Bernie Madoff cheated: sources tell the New York Daily News that the Ponzi schemer had at least one extramarital affair . He was involved with an executive assistant at a big media firm "eight or nine years ago," one insider...

Madoff 'Used London Office as Piggy Bank'

Brits considering charges against Madoff's UK employees

(Newser) - British investigators believe Bernard Madoff's London operation played a central role in his Ponzi scheme, the Times of London reports. Authorities suspect the business was either "a cog in the giant washing machine" laundering Madoff's billions, his personal piggy bank, or both. Ruth Madoff received $2 million from Madoff's...

McEnroe Helps Nab Art Dealer
 McEnroe Helps Nab Art Dealer 
Mar 26, 2009 7:04 PM CDT

McEnroe Helps Nab Art Dealer

(Newser) - A prominent art dealer arrested today and accused of running a sort of art-world Ponzi scheme made one crucial mistake—he got John McEnroe mad again. The tennis great with the legendary temper triggered the investigation after being duped out of $2 million by Lawrence Salander, the New York Daily ...

NYC Art Dealer Charged With $88M Fraud

(Newser) - A New York art dealer was charged today with stealing $88 million in investments and artwork in what may be an art-world Ponzi scheme, the Times reports. Investors and collectors say they entrusted Lawrence Salander with funds or artwork after the dealer promised hefty returns. In many cases, they were...

Scammed Law Student Wins Freeze of Madoff Bro Funds

Peter Madoff had 'full knowledge' of scam, lawsuit charges

(Newser) - A Brooklyn law student who lost a $500,000 inheritance in the Bernard Madoff scam has won a court order freezing the assets of the swindler's brother, reports Reuters. Peter Madoff was in charge the student's trust, which he invested in Madoff's s scheme. Peter Madoff was an executive officer...

France Will Battle US for Madoff Chateau

Rival prosecutors preparing to grab Riviera pad

(Newser) - A legal tug-of-war is getting underway over the Madoffs' Riviera chateau, reports the New York Post. Bernard and Ruth Madoff's $1 million French pad is among the assets US federal prosecutors want the couple to forfeit to help reimburse scammed investors, but French authorities—who have opened a criminal inquiry...

Madoff Assets Top $1B
Madoff Assets Top $1B
Mar 23, 2009 9:10 PM CDT

Madoff Assets Top $1B

Trustee seeks Bernie's UK stocks, but $1M French home likely out of reach

(Newser) - The trustee digging up Bernard Madoff's assets has uncovered another $75 million in a Gibraltar bank account, pushing the total above $1 billion, the Wall Street Journal reports. In a civil hearing today, Assistant US Attorney Barbara Ward discussed the pursuit of other Madoff assets, saying France will likely seize...

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...

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