Bernard Madoff

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'Professional Whistleblower' Can Be a Lucrative Gig

GQ profiles somebody who's made tens of millions of dollars exposing fraud

(Newser) - Richard Overum is a rich man, and he has Bernie Madoff to thank. Federal law enacted after the infamous Madoff Ponzi scheme put incentives in place encouraging people to report financial wrongdoing to the government. As Gordy Megroz writes in GQ , these whistleblowers are entitled to a cut of up...

Why the Mets Pay a 57-Year-Old $1.2M Every July 1

Bobby Bonilla will get that each year through 2035

(Newser) - It's a pretty safe bet that July 1 is Bobby Bonilla's favorite day of the year. That's because it's the day on which the New York Mets pay him $1,193,248.20. Bonilla, 57, hasn't picked up a bat since 2001, when he last...

Madoff Wants to Make 'Dying Plea' for Release

Lawyer says fraudster wants to personally tell judge he is remorseful

(Newser) - Bernie Madoff, who disclosed last month that he is dying of kidney disease , wants to make a "final dying, personal plea" for freedom, the fraudster's lawyer said Thursday in a request for a new hearing. Attorney Brandon Sample said it would be "eminently reasonable" to schedule a...

Bernie Madoff Asks Trump for Clemency

'The very definition of chutzpah'

(Newser) - Bernie Madoff is now 10 years into his 150-year sentence for orchestrating a $65 billion Ponzi scheme—and the 81-year-old is looking for a way out. Justice Department records show that Madoff has petitioned President Trump to commute his sentence, and the request is listed as "pending," ABC...

4th Person Connected to Madoff Commits Suicide

Father of four jumped from NY hotel

(Newser) - A hedge fund manager who was duped in Bernie Madoff's Ponzi scheme jumped from the 24th floor of a New York hotel on Monday, becoming the fourth person linked to Madoff to commit suicide, reports the New York Daily News . Police and witnesses say Charles Murphy, 56, jumped from...

Bernie Madoff's Only Surviving Son Dead at 48

Andrew Madoff had battled lymphoma

(Newser) - Bernie Madoff's son Andrew died this morning of cancer at age 48, his lawyer tells CNBC . "Andrew Madoff has lost his courageous battle against mantle cell lymphoma," the lawyer says, per Reuters . "He died peacefully at Memorial Sloan Kettering Cancer Center on September 3, 2014, surrounded...

Jurors Reach Verdict in Madoff Workers Trial

5 former employees all found guilty of hiding fraud

(Newser) - Five former employees of imprisoned financier Bernard Madoff were convicted today at the end of a six-month trial that portrayed them as telling an elaborate web of lies to hide a fraud that enriched them and cheated investors out of billions of dollars. The trial—one of the longest in...

JPMorgan Execs Unscathed in $1.7B Madoff Settlement

Fines will go to pay off victims

(Newser) - JPMorgan has officially signed off on a $1.7 billion settlement laying to rest complaints about its dealings with infamous Ponzi schemer Bernard Madoff. Prosecutors accuse the bank of turning a blind eye to Madoff's frauds—the bank filed a Suspicious Activity Report on Madoff with UK regulators in...

JPMorgan to Cough Up $2B in Madoff Case

Bank accused of turning a blind eye to vast Ponzi scheme

(Newser) - Five years after history's biggest Ponzi scheme was exposed, Bernie Madoff's main banker is facing a rare criminal action for its role in the scam and is preparing to settle for around $2 billion, reports the New York Times . JPMorgan is accused of turning a blind eye to...

10K More Madoff Investors Could Get Cash

Victim pool has been expanded

(Newser) - Bernie Madoff's victim pool has been expanded to include so-called "third party" investors, or people who lost money they had invested with "middleman" firms that in turn invested it with Madoff. That means more than 10,000 people—initially denied from receiving compensation distributed by the liquidation...

Madoff's Office Was Sexual Hotbed: Court Papers

Prosecutors make accusation in Manhattan federal court

(Newser) - Bernie Madoff's office was a hotbed of relationships that included a love triangle involving the Ponzi scheme king himself, according to court documents released today. Four associates of Madoff Securities and Madoff's former secretary were in Manhattan federal court facing charges over the $65 billion scheme when prosecutors...

Madoff Victims Have $2.48B on the Way

1,230 people getting checks averaging $2M

(Newser) - The check is indeed in the mail for Madoff victims: Following a judge's approval, some 1,230 victims of Bernie Madoff's Ponzi scheme will soon receive money totaling $2.48 billion. Mailed yesterday, the checks average about $2 million each, and range between $1,784 and $526.9...

Madoff Trustee Ready to Repay $2.4B

Lawsuits by investors could slow down, reduce payout

(Newser) - It's been more than three years since Bernie Madoff's giant Ponzi scheme was discovered, resulting in $17 billion in lost principle for his investors. But now the trustee in charge of Madoff's bankruptcy says he's ready to give the stolen funds back to the duped investors—...

Peter Madoff Taken Into FBI Custody

Bernie's brother to plead guilty later today

(Newser) - The FBI took Bernie Madoff's brother into custody this morning, ahead of a scheduled court appearance in which Peter Madoff will plead guilty to two criminal charges. That appearance will take place at the same courthouse where Bernie was sentenced to 150 years in prison for his Ponzi scheme....

SEC Not Firing Anyone for Missing Madoff's Scheme

Eight employees got disciplined, however

(Newser) - SEC staffers managed to miss Bernie Madoff's Ponzi scheme for more than a decade despite numerous warnings, but that is apparently not a fireable offense. The agency disciplined eight employees involved in the case, with the most severe punishment being a 30-day suspension coupled with a demotion, reports the...

'60 Minutes' Video: Ruth, Andrew Madoff 'Trusted' Bernie
Ruth Madoff to Bernie:
'What's a Ponzi Scheme?'
'60 minutes'
Oct 31, 2011 8:04 AM CDT

Ruth Madoff to Bernie: 'What's a Ponzi Scheme?'

Ruth, Andrew open up to '60 Minutes'

(Newser) - Almost three years ago, Bernie Madoff turned to his wife and said, “I have a confession to make: I’ve been running a Ponzi scheme,” Ruth Madoff recalled on 60 Minutes last night. Son Andrew remembers his mother’s response: “What’s a Ponzi scheme?” Once she...

Bernie and I Attempted Suicide: Ruth Madoff

She says she and Bernie tried to kill themselves after story broke

(Newser) - Ruth Madoff makes a jarring admission to 60 Minutes, saying she and husband Bernie attempted suicide with pills after his Ponzi scheme unraveled, reports CBS News . "I don't know whose idea it was, but we decided to kill ourselves because it was so horrendous what was happening,"...

Madoff's Daughter-in-Law: I'd Spit in His Face

She holds Ponzi schemer responsible for husband's death

(Newser) - The widow of Ponzi schemer Bernard Madoff's older son, who committed suicide last year, said she'd "spit" on her father-in-law if she ever saw him. Stephanie Madoff Mack said she holds Madoff "fully responsible for killing my husband, and I'd spit in his face."...

Mets' Owners Won't Lose All Their Madoff Money

Judge gives partial victory to both sides in lawsuit

(Newser) - The New York Mets' owners may have to return some of $300 million in profits they made dealing with Bernie Madoff, but their $700 million principal is probably safe. A judge has decided that for trustee Irving Picard to pursue the Mets owners' principal investment, he must prove that they...

Monroe Beachy, 'Amish Bernie Madoff,' Busted for Fraud
 'Amish Bernie Madoff' Busted 
Sep 16, 2011 2:21 AM CDT

'Amish Bernie Madoff' Busted

Ohio man accused of running $16.8m Ponzi scheme

(Newser) - We've had the Bernie Madoff of campaign treasurers , so now meet the Amish Madoff. A 77-year-old man in Ohio is accused of scamming thousands of investors in 29 states, mostly his fellow Amish, out of $16.8 million. Prosecutors say Monroe Beachy ran a Ponzi scheme for decades, telling...

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