Bernard Madoff

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Fund Warned Clients Madoff 'Could Abscond With Assets'

Kingate Global's prospectus highlighted risks associated with Madoff Securities

(Newser) - One of the firms hardest hit by the $50 billion Bernard Madoff fraud warned investors in its prospectus that investing with Madoff was risky, saying explicitly that the brokerage “could abscond with those assets,” the Financial Times reports. Kingate Global told investors that they would not check the...

Conn. Firm Collected $500M From Madoff's Marks

Fairfield Greenwich didn't deliver promised oversight to clients

(Newser) - With its clients having lost $7.3 billion in Bernard Madoff’s Ponzi scheme, a Connecticut hedge-fund advising firm wants the public’s sympathy—but in fact, the Fairfield Greenwich Group took almost $500 million in fees alone from the money Madoff shepherded. And, the New York Times reports, it’...

As Losses Mount, Madoff Son Goes Shopping

Investment scam doesn't appear to hinder family's holiday spending

(Newser) - Watching investors lose their shirts on Bernard Madoff’s investments didn’t deter his son and daughter-in-law from a holiday shopping spree yesterday, the New York Post reports. Andrew Madoff, who worked for Dad’s failed financial firm, and wife Deborah power-shopped SoHo, snapping up items from J.Crew, Kidrobot,...

Outsider Madoff Cultivated Steady Image

Accused scamster made exclusivity his scheme's selling point

(Newser) - Bernard Madoff rose to fame and fortune as one of America's top financial insiders but he never stopped acting like an outsider, associates tell the Wall Street Journal. Despite his reputation as outgoing "Uncle Bernie," the disgraced financier was often ill at ease socially and could be brusque...

Madoff Now Under 24-Hour House Arrest

Risk of 'harm or flight' lands guards outside accused's NYC pad

(Newser) - A New York judge placed accused fraudster Bernard Madoff under 24-hour arrest today, Bloomberg reports; a private security firm will also keep watch on his Upper East Side apartment after federal officials said there was a risk of “harm or flight.”  Madoff’s attorney would not say...

Connecticut Firm Helped Madoff Go Global

Fairfield Greenwich says it didn't know about improper dealings, had $7.5B invested

(Newser) - As Bernard Madoff’s financial network comes under scrutiny, one investment fund is emerging as an especially close partner, the Wall Street Journal reports. Fairfield Greenwich had $7.5 billion invested with Madoff, more than half the group’s total assets as of Nov. 1. There’s no evidence Fairfield...

Madoff Crony Harangued at Tony Fla. Club

Jaffe nearly fights with furious bilked investor at black-tie bash

(Newser) - Bob Jaffe, who recruited many of the marks for Bernard Madoff’s $50 billion fraud operation, got an earful after showing up last weekend at a Palm Beach party brimming with Madoff’s victims, a source tells the New York Post. When one saw Jaffe, “it nearly came to...

Eliot Spitzer Among Victims of Madoff
Eliot Spitzer Among Victims of Madoff
Dec 19, 2008 10:15 AM CST

Eliot Spitzer Among Victims of Madoff

Disgraced governor jokes about who's been worse for Jews

(Newser) - Eliot Spitzer’s family real estate firm was one of many Jewish businesses fleeced by Bernard Madoff, the disgraced governor confirmed at the recent Slate holiday mixer. Spitzer said he hadn’t met Madoff personally and wasn’t into “the Palm Beach scene.” One journalist joked that Madoff...

Noonan: Don't Panic, We're Still America

From Madoff to Detroit, people feel it's all collapsing, and they're wrong

(Newser) - From Bernard Madoff to Rod Blagojevich, Americans have lost faith in the people running things. “It’s the age of the empty suit,” one of Peggy Noonan’s friends mused recently. Our institutions have proven impotent and absent, and now “people feel all trends lead downward from...

All Wall Street a Ponzi Scheme
  All Wall Street a Ponzi Scheme 
OPINION
Dec 19, 2008 8:12 AM CST

All Wall Street a Ponzi Scheme

Wall Street's just a Ponzi scheme too

(Newser) - Bernie Madoff’s $50 billion fraud wasn’t all that different from what his Wall Street peers were up to, writes Paul Krugman in the New York Times. Oh sure, “Madoff allegedly skipped a few steps,” stealing the money without bothering to load up on debt, buy dubious...

Authorities May Claw Back Madoff 'Profits'

Investors who gained from Ponzi scheme may lose too

(Newser) - While thousands of investors are furious with Bernie Madoff, he did manage to make a few people very rich during the boom years. With handsome if fraudulent returns of 10% to 17%, investors who withdrew even a fraction of their principal may have ended up in the black. But as...

Check Out Mansions of Bigwig Bankers

(Newser) - It's not been the best of years for the titans of Wall Street: a few federal bailouts, a housing collapse, and now a Ponzi scheme of mind-boggling proportions can do that. "Where did all that money go?" wonders the website wowOwow.com. And it has a partial answer: Straight...

SEC Had Dirt on Madoff in '06
 SEC Had Dirt on Madoff in '06 
Dec 18, 2008 11:37 AM CST

SEC Had Dirt on Madoff in '06

But, obviously, didn't pursue it

(Newser) - The SEC knew that Bernie Madoff was misleading them about how he was handling his customers' money in 2006, the Wall Street Journal reports, and noted multiple violations which, if investigated, would have laid bare his Ponzi scheme. Instead, Madoff’s firm was told to register as an investment adviser,...

As End Neared, Madoff Shook Down Friends

Desperate for cash, Bernie promoted new funds, begged partners

(Newser) - As his fraudulent fund was sinking, a desperate Bernard Madoff demanded friends and investors pour in more cash, the New York Post reports. Carl Shapiro, the first person to invest with Madoff, got a call, as did his son-in-law, and close Madoff friend Robert Jaffe. Shapiro is reportedly among the...

Madoff Shakes NY Real Estate Industry

Scandal jeopardizes dozens of projects; loans may be called in

(Newser) - New York's once booming real estate industry has already been struggling with the recession, but the revelation of Bernie Madoff's $50 billion Ponzi scheme has hit commercial brokers and developers particularly hard. Deals across the city have been put in jeopardy, buyers have withdrawn pledges to purchase, and Madoff investments...

Madoff's Wife Under Scrutiny in Ponzi Scheme

(Newser) - SEC regulators are investigating whether Bernard Madoff's wife helped him cook the books in his $50 billion fraud scheme, Bloomberg reports. Investigators say that Ruth Madoff's name has shown up on transactions and that she may have helped track payments and keep secret records. Ruth, 67, has not been charged,...

Madoff Scam Proves Wall St. Incompetence
Madoff Scam Proves Wall St. Incompetence
OPINION
Dec 17, 2008 2:20 PM CST

Madoff Scam Proves Wall St. Incompetence

Drastic regs needed, and be sure financial firms will resist

(Newser) - If the Bernard Madoff scandal teaches us anything, it’s that Wall Street’s masters “aren’t just too clever by half,” writes Steven Pearlstein in the Washington Post, “they’re not clever at all.” They didn’t just get “bamboozled by a con artist,...

Mukasey Steps Off Madoff Case

Rogue financier, meanwhile, placed under house arrest

(Newser) - Attorney General Michael Mukasey is recusing himself from the Bernard Madoff investigation because his son is representing an employee involved with the fraud case, Bloomberg reports. Mukasey also graduated from an Orthodox Jewish school where Madoff’s wife has taught and which placed $6 million in the fraudulent scheme. A...

Bernie Madoff, Gentleman of Leisure

Inside the personal life of America's favorite scam artist

(Newser) - Bernard Madoff maintained a very public life, and, like a perfect con man, no one thought he was capable of the crimes he stands accused of. Two weeks ago he popped into his  barber shop for his usual haircut, shave, mani, and pedi. “For me, he was a gentleman,...

Madoff Scheme Not Much Worse Than Legal Ones
Madoff Scheme Not Much Worse Than Legal Ones
OPINION
Dec 17, 2008 10:30 AM CST

Madoff Scheme Not Much Worse Than Legal Ones

End of communism let Wall Street become unhinged: Friedman

(Newser) - Wall Street used to be the epicenter of capitalism that the whole world wanted to emulate, but, on a trip to Hong Kong, Thomas Friedman discovers that the American financial establishment has lost its credibility. "We don’t just need a financial bailout," he writes in the New ...

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