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A total of $231 million has so far been committed to pay defrauded investors of imprisoned financier Bernard Madoff, the group compensating his former customers said on Wednesday.
U.S. investigators believe 10 or more people associated with imprisoned swindler Bernard Madoff could be criminally charged in the coming months or beyond, a law enforcement source said on Tuesday.
A burst of applause erupted in the ornate 9th floor ceremonial courtroom of Manhattan's U.S. District Court as Judge Denny Chin proclaimed, "Bernard L. Madoff shall be and hereby is sentenced to a term of imprisonment of 150 years."
A federal judge sentenced Bernard Madoff, the convicted mastermind of the largest and most sweeping Ponzi scheme ever, to the maximum sentence of 150 years in federal court Monday.
When Bernie Madoff was sentenced to 150 years in prison this morning, the spotlight shifted -- briefly but inevitably -- to Denny Chin, the federal judge who determined the term of the Ponzi scammer's incarceration. Because Madoff eschewed a trial and instead pleaded guilty, on March 12, to 11 counts of fraud, money laundering, theft, and perjury, Chin avoided the attention that would have come if he had been ruling on objections and refereeing courtroom dust-ups day after day.
When Ponzi scheme mastermind Bernard Madoff is sentenced on Monday, he'll be sent to a real prison with real bars and violent offenders, not a "country club" for white collar crooks, consultants say.
As prosecutors asked to jail Bernard Madoff for 150 years, a U.S. District Court judge Friday entered a preliminary order calling on the convicted Ponzi schemer to forfeit more than $170 billion in assets, prosecutors announced.
The lawyer for Bernard Madoff, the confessed Ponzi scammer who faces a maximum of 150 years in prison, requested a 12-year sentence from the judge set to mete out his sentence on Monday.
Convicted Ponzi scammer Bernard Madoff will probably spend the rest of his life in jail.
The Securities and Exchange Commission on Monday charged a brokerage firm and several individuals with raising money from investors to feed Bernard Madoff's Ponzi scheme.
A total of $231 million has so far been committed to pay defrauded investors of imprisoned financier Bernard Madoff, the group compensating his former customers said on Wednesday.
U.S. investigators believe 10 or more people associated with imprisoned swindler Bernard Madoff could be criminally charged in the coming months or beyond, a law enforcement source said on Tuesday.
A burst of applause erupted in the ornate 9th floor ceremonial courtroom of Manhattan's U.S. District Court as Judge Denny Chin proclaimed, "Bernard L. Madoff shall be and hereby is sentenced to a term of imprisonment of 150 years."
A federal judge sentenced Bernard Madoff, the convicted mastermind of the largest and most sweeping Ponzi scheme ever, to the maximum sentence of 150 years in federal court Monday.
When Bernie Madoff was sentenced to 150 years in prison this morning, the spotlight shifted -- briefly but inevitably -- to Denny Chin, the federal judge who determined the term of the Ponzi scammer's incarceration. Because Madoff eschewed a trial and instead pleaded guilty, on March 12, to 11 counts of fraud, money laundering, theft, and perjury, Chin avoided the attention that would have come if he had been ruling on objections and refereeing courtroom dust-ups day after day.
When Ponzi scheme mastermind Bernard Madoff is sentenced on Monday, he'll be sent to a real prison with real bars and violent offenders, not a "country club" for white collar crooks, consultants say.
As prosecutors asked to jail Bernard Madoff for 150 years, a U.S. District Court judge Friday entered a preliminary order calling on the convicted Ponzi schemer to forfeit more than $170 billion in assets, prosecutors announced.
The lawyer for Bernard Madoff, the confessed Ponzi scammer who faces a maximum of 150 years in prison, requested a 12-year sentence from the judge set to mete out his sentence on Monday.
Convicted Ponzi scammer Bernard Madoff will probably spend the rest of his life in jail.
The Securities and Exchange Commission on Monday charged a brokerage firm and several individuals with raising money from investors to feed Bernard Madoff's Ponzi scheme.
Admitted fraudster Bernard Madoff, the mastermind of history's biggest Ponzi scheme, met with the Securities and Exchange Commission's top watchdog this week, several knowledgeable sources told CNN.
Admitted fraudster Bernard Madoff, the mastermind of history's biggest Ponzi scheme, had a three-hour meeting with the Securities and Exchange Commission's top watchdog this week, several sources with knowledge of the situation told CNN.
Prosecutors in the case against Bernard Madoff on Monday submitted 113 victim statements to the New York judge that will preside over the disgraced financier's sentencing.
In a new bankruptcy court filing, some investors swindled by convicted Ponzi schemer Bernard Madoff seek to reframe calculations that will determine how much money they can collect from a pool of recovered funds.
When Navy snipers rescued an American cargo-ship captain last month from Somali pirates, it sounded like something from a movie.
As the real-life Bernard Madoff languishes in jail and awaits sentencing, a new online game called "Made Off" is mimicking his Ponzi scheme.
Question: I was laid off recently and have been approached by several financial advisers who all want me to roll over my 401(k) into an IRA. Sometimes I feel like everyone is out to make a commission off my misfortune. Who do I trust? --Marcy, Hutchinson, Minnesota
The employees were transfixed. Standing on the mid-Manhattan trading floor of Bernard L. Madoff Investment Securities in late 2007, a half-dozen staffers stared up at the ceiling-mounted TV as CNBC aired a report on the mysterious Palm Beach death of a hedge fund manager who had been leading a double life. The police, it appeared, were even considering the possibility that he had been murdered. "Bernie," someone casually asked as Madoff happened to walk by, "have you heard of this guy?"
Since Bernard Madoff was arrested in December and confessed to masterminding a multi-billion Ponzi scheme, countless people have wondered: Who else was involved? Who knew about the fraud? After all, Madoff not only engineered an epic swindle, he insisted to the FBI that he did it all by himself. To date, Madoff has not implicated anybody but himself.
A federal judge Monday blocked Bernard Madoff's assets from being moved into bankruptcy, saying there is probable cause the assets should be forfeited to the government.
Five investors seeking nearly $64 million from Bernard Madoff filed court papers on Monday to force the convicted swindler into bankruptcy.
The Boston Red Sox had Babe Ruth; the Chicago White Sox had 1919; the Chicago Cubs have their goat. Every properly cursed franchise needs some hate symbol to stand in for everything that's haunted them. And perhaps the New York Mets have it now, with the disgraced financier Bernie Madoff's prime tickets to Citi Field up for sale on eBay. Someone ought to buy them and burn them.
The trustee tasked with liquidating the assets of convicted Ponzi schemer Bernard Madoff's company filed a motion with New York bankruptcy court Tuesday seeking to sell two New York Mets season tickets owned by the company.
The Commonwealth of Massachusetts' securities division on Wednesday charged investment firm Fairfield Greenwich with fraudulently representing its dealings with convicted Ponzi mastermind Bernard Madoff.
Federal marshals corralled Bernard Madoff's yacht "Bull," a smaller boat and one of the disgraced financier's homes in south Florida on Wednesday as the court-ordered seizure of his assets got under way.
Associates of convicted Wall Street swindler Bernard Madoff knew he was scamming his clients but joined in anyway because of the big money they could make, a securities investigator testified in a sworn affidavit for a Connecticut court.
"I'll trade you two Bernie Madoffs for a Derek Jeter and David Wright."
Letters and e-mails expressing the anger, sadness and disbelief felt by the victims of convicted swindler Bernard Madoff were made public Friday in a Manhattan court.
Bernard Madoff, who masterminded the biggest Ponzi scam in history, lost his latest effort on Friday to get out of jail.
David Friehling, accountant for Bernard Madoff, was released on $2.5 million bond after turning himself in Wednesday to face charges that he "rubber stamped" the Ponzi schemer's books.
Victims fleeced by Bernard Madoff's investment scheme may be forgiven for being wary of a something-for-nothing offer. But through Saturday, a New York City restaurant is offering them the real thing: a free three-course meal.
Small-scale investors in Bernard Madoff's Ponzi scheme -- claimants with a half-million dollars or less at stake -- will eventually get all their money back, according to the Securities Investor Protection Corporation.
Federal prosecutors are seeking the forfeiture of Bernard Madoff's four homes and other assets after Madoff's guilty plea to masterminding a massive investment fraud.
Elisa Schindler says she is relieved her father, the late Rabbi Alexander Schindler, didn't live to see the destruction caused by Wall Street swindler Bernard Madoff.
While Bernie Madoff will never walk the streets again, there's still a lot of explaining to do, not just by Madoff and his family, but at the Securities and Exchange Commission, whose bungling of the investigation likely cost Madoff's victims even more money.
Richard Friedman lost more than $3 million to Bernard Madoff's investment scheme. Following the disgraced broker's guilty plea Thursday, Friedman said he hopes Madoff lives a long time.
Bernard Madoff, who stole billions from investment clients, was ordered jailed Thursday after pleading guilty to all 11 criminal counts in one of Wall Street's biggest swindles ever.
The moment that Bernie Madoff lost his freedom was almost easy to miss. Federal district judge Denny Chin concluded this morning's hearing to accept the disgraced financier's guilty plea with a quick "we're adjourned," and disappeared off the bench within seconds. Audience members began gathering their belongings and preparing to leave. The shuffle of activity almost obscured Madoff, who pulled his shoulders back, shifted his arms behind him and waited docilely as handcuffs were placed on his wrists. The cuffs, which gleamed as if freshly polished, seemed somehow suited to the fastidious elegance of the defendant.
The next big question about convicted scammer Bernard Madoff, who has been ensconced in his $7 million home for the past several months, is where he'll likely spend the rest of his life.
The Bernie Madoff who'll plead guilty Thursday to the biggest swindle in history is a shrunken figure. Madoff, of course, made his media debut as a $50 billion villain in December, fending off a scrum of camerapeople outside his New York apartment building and vigorously pushing back when one of them shoved him. Back then, in his baseball cap and quilted jacket, Madoff looked decades younger than his 70 years. Many who saw Madoff on video that day perceived him to be insouciant, or even smirking.
Accused investment swindler Bernard L. Madoff will plead guilty later this week to 11 counts that could bring a sentence of 150 years in prison, one of his attorneys told CNN.
Alleged swindler Bernard Madoff will plead guilty later this week to 11 counts, including money laundering, perjury and fraud, that could bring a sentence of 150 years in prison, one of Madoff's attorneys, Ira Lee Sorkin, told CNN.
Bernard Madoff's defense attorney Ira Lee Sorkin tells CNN he has received death threats and virulently anti-Semitic hate mail.
The stage is set for Bernard L. Madoff to plead guilty to defrauding thousands of investors out of billions of dollars in what is widely believed to be the biggest investment fraud in history.
A hearing has been scheduled for Wednesday morning to determine whether the attorney representing Bernard Madoff, the alleged mastermind of a $50 billion Ponzi scheme, has a conflict of interest with his client, according to a clerk in the U.S. District Court.
The stage is set for Bernard L. Madoff to plead guilty to defrauding thousands of investors out of billions of dollars in what is widely believed to be the biggest investment fraud in history.
Accused swindler Bernard Madoff has waived his right to a grand jury indictment, his attorney said Friday, a move that may signal a plea deal is in the works.
Elie Wiesel, the Nazi concentration camp survivor who went on to win the Nobel Peace Prize, showed little inclination this week to make peace with accused swindler Bernie Madoff, whom he called "one of the greatest scoundrels, thieves, liars, criminals."
If you think you dodged the Madoff bullet, can you really be sure? Say, for instance, you briefly invested five years ago in a fund, and that fund in turn invested in a fund-of-funds that invested in a feeder fund that invested with Madoff. Could the Madoff trustee knock on your door and demand that you return any profits?
Investors allegedly swindled in the largest Ponzi scheme in history reacted furiously when they learned Friday that Bernard Madoff didn't put any of their money into securities for at least 13 years.
Federal prosecutors and the defense for alleged fraud mastermind Bernard Madoff have agreed to push back the deadline for an indictment or probable cause hearing for the former investor, sources close to the case said Wednesday.
The Securities and Exchange Commission and disgraced investor Bernard Madoff made permanent Monday a partial judgment, one that could eventually force Madoff to pay a civil fine and return investors' money.
Harry Markopolos, the fraud investigator who was repeatedly rebuffed by the Securities and Exchange Commission in his efforts to blow the whistle on Bernard Madoff, Thursday presented SEC Inspector General David Kotz with evidence of two new potential cases of investment fraud.
Harry Markopolos, the fraud investigator whose efforts to blow the whistle on investment adviser Bernard Madoff were rebuffed by the Securities and Exchange Commission, Thursday presented the SEC's inspector general with evidence of two new cases of potential investment fraud.
A 162-page list naming thousands of "customers" of alleged fraud mastermind Bernard Madoff has been filed with the bankruptcy judge overseeing the case.
When Madoff whistleblower Harry Markopolos testified before Congress Wednesday, he blasted the Securities and Exchange Commission, gave gripping testimony about his nine-year quest to reveal Bernard Madoff's alleged $50 billion scheme, and predicted that more of Madoff's web would be uncovered soon. But one of his most provocative accusations was about the auditing practices of Madoff's biggest feeder fund, Fairfield Greenwich Group.
As the Bernard Madoff scandal continues to play out, it is becoming increasingly clear how devastating the alleged fraud has been for the banking industry.
A 162-page list naming thousands of presumed victims of alleged fraud mastermind Bernard Madoff has been released by the trustee that is liquidating Madoff's investment company.
A 162-page list naming thousands of presumed victims of alleged fraud mastermind Bernard Madoff has been released by the trustee that is liquidating Madoff's investment company.
A whistleblower who repeatedly warned the Securities and Exchange Commission that Bernard Madoff was perpetrating a massive investment fraud testified Wednesday that the regulatory agency that oversees financial markets is inept, "financially illiterate" and far too cozy with the financial titans it is supposed to be regulating.
The Securities and Exchange Commission's director of enforcement told a Senate committee Tuesday that the agency lacks the resources to pursue all the leads and tips about possible fraud that come to it.
As Bernard Madoff was telling his investors they were earning double-digit annual gains, it appears he wasn't even investing their money, according to a CNN investigation of his reported trades.
Accused Ponzi schemer Bernard Madoff was not the first person in his close-knit family to run afoul of federal authorities. A broker-dealer firm registered in the name of Madoff's mother, Sylvia, was effectively forced to close by the U.S. Securities & Exchange Commission more than 40 years ago.
President-elect Barack Obama's choice to head the Securities and Exchange Commission is expected to face questions at her confirmation hearing Thursday about Bernard Madoff -- the alleged mastermind of the largest Ponzi scheme in history.
A judge rejected an appeal by prosecutors Wednesday in the government's continuing legal quest to put accused white-collar schemer Bernard Madoff behind bars.
Federal prosecutors are appealing a court's ruling that allows alleged fraud mastermind Bernard Madoff to remain under house arrest on $10 million bail.
Nice work if you can get it: Hanging out at the Palm Beach Country Club and introducing friends to an exclusive and seemingly safe place to stash your cash - Bernard L. Madoff Investment Securities.
A judge ruled Monday that Bernard Madoff would not be sent to jail pending trial, declining a request by prosecutors to revoke the bail of the financier accused in a $50 billion fraud case.
When stock markets are soaring, people think they're making money because they're geniuses. But when the market tanks -- which it always does, sooner or later -- people look for villains to blame for their losses.
Prosecutors have accused financier Bernard Madoff - the alleged mastermind of a $50 billion Ponzi scheme - of intending to transfer up to $300 million worth of assets to protect them from seizure, and they want him locked up immediately.
Prosecutors urged a federal judge Wednesday to put alleged Ponzi scammer Bernard Madoff behind bars for trying to mail more than $1 million worth of valuable items to family members.
There was crime, now comes punishment. As Wall Street struggles to regain its footing this year, a yet-to-be resolved part of that rebalancing is investigating, charging, trying and, yes, punishing those who broke the law during the market's stunning rise and collapse.
Prosecutors asked a judge Monday to revoke bail and jail investment guru Bernard Madoff, who is accused of defrauding investors worldwide out of billions in a Ponzi scheme.
Lawmakers took a hard look Monday at the alleged $50 billion investment scam engineered by Bernard Madoff that has sent shock waves across the nation's already fragile financial system.
A federal bankruptcy judge Tuesday approved the release of more than $28 million in assets belonging to accused swindler Bernard Madoff to pay for the administrative costs related to his case.
The Bernard Madoff scandal will certainly end up as the most expensive Ponzi scheme in U.S. history, but the $50 billion price tag claimed by the disgraced financier may end up as fictitious as the returns that he had promised investors.
One of the most vexing questions in the Bernard Madoff scandal is, "How did he get away with it for so long?" A disturbing answer might be found in an unexpected place - the predictable nature of some of his hardest-hit investors.
Bernard Madoff, the man accused of perpetrating one of the greatest frauds in history by allegedly losing $50 billion of investors' money, barely stood out in the Wall Street world of big personalities.
The Austrian government has taken control of a private bank with significant exposure to the alleged fraud by Bernard Madoff.
A statue worth more than $10,000 that was stolen from the Palm Beach, Florida, estate of Wall Street investment adviser Bernard Madoff has been recovered, police said Thursday.
It appears that Kevin Bacon was one degree too close to Bernie Madoff.
Police say a sizable statue worth more than $10,000 was stolen this month from the posh Florida estate of Bernard Madoff, the Wall Street investment adviser accused of operating a $50 billion Ponzi scheme.
Investigators won't know until next week the cause of death of Thierry de la Villehuchet, a hedge fund adviser whose firm reportedly lost $1.5 billion investing with Bernard Madoff.
Thierry de la Villehuchet, a hedge fund adviser and investor whose firm said he lost $1.5 billion investing with Wall Street adviser Bernard Madoff, was found dead in his office in an apparent suicide Tuesday, police said.
Most Americans believe that investment fraud like the recently revealed Ponzi scheme run by Bernard Madoff happens regularly on Wall Street, according to a recent survey.
Palm Beach and New York may have been hardest hit by the Bernard Madoff scandal, but residents in Aspen, Colo., are quietly tallying up massive losses.
It is not easy to stay on the sidelines while others are busy getting rich. Wall Street, moreover, is constitutionally predisposed to overdo things. The stereotype imagines a Wall Street populated by bulls and bears. In reality, the Street itself is neither bull nor bear but shark, constantly shifting direction in an eternal search for food. This feeding process involves massive shifts of capital, which inevitably, is sometimes misallocated. - J. Ezra Merkin, writing in an introduction to a chapter in the 75th anniversary version of Graham and Dodd's Security Analysis.
As the number of victims of Bernard Madoff, the criminally charged founder of the investment firm that bears his name, seems to multiply with the speed and force of a hurricane, certain types of investors seem to be absent -- so far, anyway -- from the casualty list.
Like the conclusion that Lee Harvey Oswald was a lone gunman, the theory that Bernard Madoff acted alone is hard to swallow.
Despite all that's been written about the Bernard Madoff scandal, what's remarkable is how much we don't know about the fraud allegedly committed by the respected philanthropist and former chairman of the Nasdaq.
Multi-billion-dollar Ponzi schemes don't happen every day. Yet, investors have mostly shrugged off the allegations that Wall Street powerhouse Bernard Madoff ripped off clients to the tune of $50 billion.
Victims of Bernard Madoff's alleged Ponzi scheme sued three big names over their role in the estimated $50 billion fraud: a high-profile investment firm, its managing partner and its auditor.
The lead government regulator charged with protecting investors vowed Wednesday to get to the bottom of why allegations over a decade's time about alleged fraudster Bernard Madoff were not fully explored.
The list of charities devastated by Bernard Madoff's alleged fraud keeps growing, but one philanthropic organization with strong ties to the Madoff family has so far emerged unscathed.
A bail hearing for Bernard Madoff, accused of leading a Ponzi scheme from his investment advisory business, was canceled Wednesday after a resolution was reached on specific bail conditions, according to court documents.
The government commission tasked with protecting investors has launched an internal investigation into how what may have been the largest Ponzi scheme in history was able to continue unchecked for at least 10 years.
The government commission tasked with protecting investors has launched an internal probe into why, despite credible allegations for at least 10 years, there were "multiple failures" in investigating what may have been the largest Ponzi scheme in history.
Not quite rich enough and not quite smart enough, a certain investing class has for years paid through the nose for what was thought to be world-class money management by investing in funds that promise access to the best hedge funds.
He had headed one of the world's biggest stock markets, and was known as "The Voice of Wall Street." His brokerage company attracted wealthy investors, including one of the nation's most elite clubs. Then, as his firm collapsed amid the worst economic downturn in decades he admitted it had all been a sham.
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