Ponzi scheme

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Madoff Sentence a Massive Waste: Alec Baldwin

(Newser) - Alec Baldwin throws water on the general celebration of Bernie Madoff's prison sentence, arguing that the 150-year term handed down to the fraudster Monday was a wasted opportunity. "I want to suggest, as I am confident others have, that Madoff be given a reduced sentence in exchange for answering...

US Won't Charge Ruth Madoff

Not enough evidence to nab Bernie's wife in Ponzi scheme

(Newser) - Ruth Madoff won’t be prosecuted in her husband’s giant Ponzi scheme, insiders tell the New York Post, because the feds didn't find enough evidence against her after a 6-month probe. She had “no criminal exposure,” one source says. But if something new turns up, authorities could...

Madoff's Money Man Sells Rothkos for $310M

Merkin unloads art, but buyer's identity a mystery

(Newser) - Ezra Merkin, the financier who pumped billions of his clients' money into Bernie Madoff's Ponzi scheme, is selling more than 10 paintings by Mark Rothko and two sculptures by Alberto Giacometti for $310 million, reports the Wall Street Journal. Some of the proceeds may go to his defrauded investors, who...

Judge Revokes Stanford Bond
 Judge Revokes Stanford Bond 
Jun 30, 2009 3:10 PM CDT

Judge Revokes Stanford Bond

(Newser) - A US district judge today revoked bond for Texas financier R. Allen Stanford, who's charged with swindling investors out of $7 billion. David Hittner approved a request by prosecutors to overturn a magistrate judge's decision to allow Stanford freed on $500,000 bond pending his trial. Prosecutors argued that Stanford's...

No Cushy 'Camp Fed' for Madoff
 No Cushy 'Camp Fed' for Madoff 
ANALYSIS
Jun 30, 2009 12:49 PM CDT

No Cushy 'Camp Fed' for Madoff

(Newser) - Bernard Madoff’s high profile and long sentence will likely land him in a medium- or high-security prison, Bloomberg reports. Though previous white-collar criminals have spent terms at federal prison “camps,” any sentence longer than 10 years makes an inmate ineligible for that cushy treatment. Insiders also say...

10 More to Be Charged in Madoff Scam

Source: Disgraced financier may get plenty of company during his century-and-half inside

(Newser) - At least ten more people are likely to be charged as the probe into Bernard Madoff's massive fraud continues, an insider tells AP. The only other person charged so far has been Madoff's accountant. The source declined to say whether the other people likely to face federal charges are relatives...

Ruth Madoff: 'Not a Day Goes By When I Don't Ache'

Bernie's wife releases statement on Ponzi schemer

(Newser) - Ruth Madoff said in a statement today she’s “embarrassed and ashamed” of her husband’s crime, the Wall Street Journal reports—and anyone who believes she’s shown “indifference or lack of sympathy” in her silence has perceived “exactly the opposite of the truth.” “...

Madoff Gets the Max: 150 Years
 Madoff Gets the Max: 150 Years 
Jun 29, 2009 9:52 AM CDT

Madoff Gets the Max: 150 Years

(Newser) - A federal judge threw the book at Bernie Madoff today, sentencing him to 150 years in prison, the maximum allowed by law in the $65 billion scam. He called Madoff’s crimes “staggering,” and chided him for not doing all he could to help investigators. He added that...

Stanford Ponzi Scheme Case Entangles Baseball Stars

(Newser) - The receiver in the R. Allen Stanford case wants seven current and former baseball stars to turn over millions they once invested in Stanford’s alleged Ponzi scheme, intending to divvy up the money among Stanford’s other victims, the Washington Times reports. He’s asking for a combined $9....

How Will Ruth Madoff Survive on Just $2.5M?

With $125K to spend yearly, time to trade in the pair of Mercedes

(Newser) - With just $2.5 million at her disposal as her husband heads to jail, Ruth Madoff won't exactly be sentenced to penury, but she'll have to cut her annual expenses to the low six figures if she wants it to last her lifetime, reports Brett Arends of the Wall Street ...

Where's the Money, Bernie?
Where's the
Money, Bernie?
Jun 29, 2009 4:21 AM CDT

Where's the Money, Bernie?

(Newser) - Investigators have only recovered $1.2 billion of the $13.2 billion bilked from investors by Bernard Madoff since 1995, reports the Wall Street Journal. Eligible victims may be compensated up to $500,000 by the Securities Investor Protection Corp., but the rest will have to come from whatever investigators...

Madoff's Wife to Give Up $80M; Bernie Hit for $170B

(Newser) - Ruth Madoff struck a deal with federal prosecutors today to forfeit nearly $80 million in assets and retain only $2.5 million in cash, the Wall Street Journal reports. The wife of swindler Bernard Madoff reached the agreement with the US attorney's office in Manhattan. Meanwhile, a US judge entered...

Vijay Offered $500K for Bail of Pal Stanford

(Newser) - Vijay Singh is sticking by embattled buddy and alleged swindler R. Allen Stanford. The star golfer, who's been sporting the Stanford Companies logo even though he no longer gets paid to do so, offered to put up $500,000 of the billionaire’s bail, reports CNBC. He was denied the...

Stanford Pleads Not Guilty in $7B Ponzi Scheme

Prosecutors call financier flight risk, ask he be held without bail

(Newser) - Financier Robert Allen Stanford and three former associates pleaded not guilty today to federal charges they operated a $7 billion Ponzi scheme out of Antigua, the Houston Chronicle reports. Prosecutors asked the judge not to release Stanford, 59, on bail, saying his wealth, international connections and prospect of a long...

Ruth Madoff Rides Subway
 Ruth Madoff Rides Subway 
Jun 25, 2009 10:35 AM CDT

Ruth Madoff Rides Subway

Ponzi schemer's wife blames paps, of all people, for ruining her life

(Newser) - Ruth Madoff’s life has hit a new low—literally. It's subterranean: The New York Post spotted her on the subway yesterday, seated directly underneath an ad promoting 99-cent cellphones. The disgraced financier's wife, with gray-streaked hair and distinctly unfashionable attire, was not happy with the photographer, asking, “...

At $5B in Profits, One Client May Have Out-Madoffed Madoff

(Newser) - At least one person looks to have benefited more from Bernie Madoff’s Ponzi scheme than Bernie Madoff, ProPublica reports. Jeffry Picower, a secretive philanthropist and investor in medical technologies, is on the books as having withdrawn some $5.1 billion in returns from 1995 to 2008, well beyond his...

Madoff Lawyer: 12 Years Is Enough

Sorkin says court must resist 'mob vengeance'

(Newser) - Bernard Madoff’s lawyer says his client shouldn’t be jailed for life for his $65 billion Ponzi scheme, Reuters reports, urging the sentencing judge in a letter not to heed calls from victims for “mob vengeance.” A 12-year sentence would be enough, though 15-20 years wouldn’t...

Stanford Indicted for $7B Ponzi Scheme

(Newser) - Alleged billionaire fraudster Robert Allen Stanford and six of his associates were indicted today on charges that they ran a $7 billion Ponzi scheme, the AP reports. Stanford turned himself in to authorities yesterday. “A fair jury will find him not guilty of any criminal wrongdoing,” Stanford’s...

Stanford Surrenders to FBI
 Stanford Surrenders to FBI 
Jun 19, 2009 12:26 AM CDT

Stanford Surrenders to FBI

Alleged fraudster turns himself in after grand jury hands down criminal charges

(Newser) - Sir Robert Allen Stanford turned himself in to authorities soon after criminal charges were filed against him yesterday, the BBC reports. The billionaire financier is now in FBI custody, according to his lawyer. Stanford, whose firm Stanford Financial was shut down by authorities earlier this year, already faces civil charges...

For Ruth Madoff, Prison Is a 2-Story Condo
For Ruth Madoff, Prison Is a 2-Story Condo
ANALYSIS
Jun 13, 2009 2:40 PM CDT

For Ruth Madoff, Prison Is a 2-Story Condo

Disowned by sons, Bernie's wife gets cold shoulder in NYC

(Newser) - Behind every disgraced financier is a disgraced wife, but the public reaction to Ruth Madoff has been especially withering, Lynnley Browning writes in the New York Times. While the wives of other swindlers have reinvented themselves, Mrs. Madoff—scorned by her hairdresser, florist, and sons—has not tried to restore...

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