Bernard Madoff – News Stories About Bernard Madoff - Page 10

Mar 13, 2009 3:38 PM CDT

Lawyer: Send Madoff Home

(Newser) - Bernard Madoff's lawyers appeared in court today to ask that the confessed Ponzi schemer be returned to his $7 million penthouse to await June sentencing on fraud charges. Federal prosecutors must now file a response and await an appeals court ruling, meaning the 70-year-old felon will spend at least the...

Madoff's
New Home:
Much Smaller

Mar 12, 2009 7:24 PM CDT

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...

Life? Nah. Make
Him Work at SEC

opinion

Mar 12, 2009 5:23 PM CDT

Life? Nah. Make Him Work at SEC

(Newser) - Now that Bernie Madoff is guilty, it’s time to talk sentencing. CNBC hosted a contest to come up with the most inventive one for the disgraced financier, and the winner is: working for the SEC, "catching people just like him." But that doesn’t mean the other...

Madoff Case Likely to Sour Boomers on Stocks

ANALYSIS

Mar 12, 2009 1:47 PM CDT

Madoff Case Likely to Sour Boomers on Stocks

Fraud is final straw after terrible performance, analysts say

(Newser) - With Bernard Madoff’s long, fraudulent story drawing to a close, stock-market analysts look to the larger effect the $50 billion Ponzi scheme will have on equities, Kate Gibson writes for MarketWatch. Combined with the dismal performance in stocks over the last year, experts say Madoff’s deception has probably...

Madoff Jail Won't Be as Bad as Shawshank: Expert

Mar 12, 2009 12:02 PM CDT

Madoff Jail Won't Be as Bad as Shawshank: Expert

(Newser) - The next big question for Bernie Madoff: Just how bad will prison be? It’s unlikely the disgraced financier will get cushy Club Fed accommodations, CNNMoney reports. Ed Bales, a consultant who prepares inmates for jail, says such facilities were shut down years ago. But Madoff can take heart, he...

Madoff Profiteers Scramble From Threat of Clawbacks

Mar 12, 2009 10:40 AM CDT

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...

Judge Orders 'Ashamed'
Madoff to Jail on Guilty Plea

UPDATED

Mar 12, 2009 10:34 AM CDT

Judge Orders 'Ashamed' Madoff to Jail on Guilty Plea

(Newser) - Bernard Madoff pleaded guilty this morning to all 11 felony charges against him, saying he was "sorry and ashamed" for his criminal acts. The judge accepted the plea and revoked Madoff's bail, bringing cheers from spectators in the courtroom. Madoff was escorted out in handcuffs and will remain in...

Madoff Laundered Money Overseas: Feds

Mar 12, 2009 7:50 AM CDT

Madoff Laundered Money Overseas: Feds

Fraud extended to London, US says

(Newser) - At least a quarter-billion dollars of client funds passed through Bernard Madoff's London operation in money-laundering maneuvers that involved the trading operation as well as the firm's investment-advisory arm, the US government alleges. Madoff's sons, who have denied involvement in the Ponzi scheme in which their father is about to...

Court May Tell Madoff to Go Directly to Jail

Mar 12, 2009 6:19 AM CDT

Court May Tell Madoff to Go Directly to Jail

Ponzi master to plead guilty today, bail could be revoked

(Newser) - Bernie Madoff will head to court today to plead guilty to all 11 charges against him, and there’s every chance he won’t be going home afterward, the New York Times reports. The big question hanging over today’s hearing is whether the court will revoke Madoff’s bail....

Madoff Family Members May Face Charges

Mar 10, 2009 9:51 PM CDT

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...

Madoff to Plead Guilty on
11 Counts, Faces 150 Years

Mar 10, 2009 3:18 PM CDT

Madoff to Plead Guilty on 11 Counts, Faces 150 Years

(Newser) - Bernard Madoff's lawyer told a judge today his client will plead guilty later this week to 11 counts including money laundering, perjury and securities, mail and wire fraud. Prosecutors say the disgraced money manager will face up to 150 years in prison on the charges.

Madoff, Lawyer in Court for Hearing on Conflict of Interest

Mar 10, 2009 2:00 PM CDT

Madoff, Lawyer in Court for Hearing on Conflict of Interest

(Newser) - Disgraced money manager Bernard Madoff emerged from seclusion today to confront a potential conflict of interest in his massive fraud case: a $900,000 investment by his lawyer's sons. Prosecutors asked the judge to rule on the conflict to clear the way for another highly anticipated proceeding Thursday, when Madoff...

Madoff Aide Generated Fake Papers for Scam: Workers

Mar 9, 2009 6:42 AM CDT

Madoff Aide Generated Fake Papers for Scam: Workers

Feds continue to hunt for cohorts

(Newser) - A longtime Bernie Madoff aide generated fake trading tickets for the accused swindler to use to document trades that never took place, workers have told federal authorities. The employees were instructed to research stock trade prices, then create bogus tickets showing purported trades and fake profits in line with made-up...

Madoff May Plead Guilty

updated

Mar 6, 2009 11:03 AM CST

Madoff May Plead Guilty

Lawyers indicate that a plea deal is pending

(Newser) - Prosecutors filed court papers today indicating Bernard Madoff may be ready to plead guilty to charges arising from one of the biggest financial frauds in history. Madoff, 70, is scheduled for court twice next week, including a Tuesday appearance to waive any potential conflicts of interest involving his lawyer and...

Doubt Cast on $50B Figure in Madoff Case

Mar 6, 2009 9:35 AM CST

Doubt Cast on $50B Figure in Madoff Case

Insiders think real losses closer to $20B; no one really knows

(Newser) - Bernard Madoff and $50 billion. His name and that number have become inseparable in describing the enormity of what has been called the largest white-collar fraud in history. Investigators claim Madoff himself told them that he stole $50 billion, but it is becoming increasingly clear that the number may be...

So Where
Did Madoff's
Wife Get $70M?

Mar 4, 2009 7:30 AM CST

So Where Did Madoff's Wife Get $70M?

Lawyers for scammed clients seek source of Ruth's fortune

(Newser) - Lawyers representing some of Bernie Madoff’s victims are stumped by his legal team's claim that $70 million of his wife’s assets have nothing to do with his scam, Reuters reports. So far Ruth Madoff—who hasn't been charged with a crime—hasn't had to detail the source of...

Madoff Lawyer Hit by Death Threats

Mar 4, 2009 2:19 AM CST

Madoff Lawyer Hit by Death Threats

Accused swindler may have hid money under attorney's name

(Newser) - Bernard Madoff's criminal defense lawyer has received several death threats amid more than a dozen emails of a "cursing and screaming" nature, sources tell ABC. "I deeply regret that the Sorkin family did not perish in the Nazi death camps," said one angry email sent to Ira...

Ruth Madoff
in Court Battle
to Keep $70M

Mar 3, 2009 3:33 AM CST

Ruth Madoff in Court Battle to Keep $70M

Lawyers argue wife's assets have nothing to do with scam

(Newser) - Ruth Madoff is battling in court to hang onto $70 million in assets she claims have nothing to do with her husband's alleged $50 billion scam. Lawyers for the Madoffs are seeking to protect the assets—including $17 million in cash, $45 million in bonds, and the $7 million Manhattan...

SEC Overlooked Stanford Fraud in 2003

Feb 27, 2009 9:49 AM CST

SEC Overlooked Stanford Fraud in 2003

Former employee warned agency, others of 'Ponzi scheme'

(Newser) - A former employee of Sir Allen Stanford warned the SEC in 2003 of an “illegal Ponzi scheme” involving his firms, but regulators brushed off the allegations, the Financial Times reports. The whistleblower also told another regulatory body that one of Stanford’s companies was “engaged in a Ponzi...

Wiesel: Put
'Psychopath'
Madoff
in Prison

Feb 26, 2009 5:17 PM CST

Wiesel: Put 'Psychopath' Madoff in Prison

(Newser) - Author and Nazi hunter Elie Wiesel, who lost $15.2 million in foundation money and a good chunk of his own fortune to Bernie Madoff, railed today against the “psychopath” financier, the New York Post reports. “He should be put in a solitary cell with a screen, and...