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?"
Allen Stanford, the Texan billionaire accused of a $9.2 billion fraud by U.S. regulators has denied any wrongdoing in a tearful interview in which he threatened to punch his questioner in the mouth.
The Commonwealth of Massachusetts' securities division on Wednesday charged investment firm Fairfield Greenwich with fraudulently representing its dealings with convicted Ponzi mastermind Bernard Madoff.
The financial assets of Peter Madoff -- brother of convicted Ponzi schemer Bernard Madoff -- have been frozen until an April 3 court hearing by Nassau Supreme Court Justice Stephen Bucaria, according to an order the judge filed on Wednesday.
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.
Bernard Madoff, who pleaded guilty to operating a multibillion-dollar Ponzi scheme, is worth up to $826 million, according to a document filed with a federal court on Friday.
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.
updated: Thu Mar 12 2009 16:15:00
Richard Friedman, who lost $3.1 million to Bernard Madoff, says there is "no way" Madoff acted alone.
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.
With Bernard Madoff pleading guilty to federal charges that will likely send him to prison for life, attention has turned toward his wife, Ruth. Or, more specifically, to two questions about her: What did she know of the fraud? And, will she keep the tens of millions of dollars worth of property and assets in her name?
updated: Tue Mar 10 2009 22:46:00
CNN's Allan Chernoff reports Bernie Madoff, who is charged with investment fraud, will plead guilty to 11 counts.
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.
A federal judge has unfrozen the assets of about 12,000 people and groups who invested in companies of R. Allen Stanford, who is accused in a $9.2 billion fraud scheme.
The life of Sir Allen Stanford, the cricket and polo-loving financier who is being investigated for a potential Ponzi scheme, is a case study in how to buy respectability and influence.
The chief investment officer of the firm headed by financier Alan Stanford, who is accused in an alleged $8 billion fraud scheme, was arrested and charged Thursday in Houston, Texas.
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.
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.
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 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.
Tucked into the rolling hills of Hopkins, a suburb west of Minneapolis, the recently refurbished Oak Ridge Country Club looks much like a middle school: beige paneling, a limestone base, and energy-efficient windows. Along the main road to the club is a modest apartment complex with four signs advertising units for rent. Beyond Oak Ridge's modest doors, however, is a well-appointed interior that provides a gathering place for some of the wealthier families in the Twin Cities.
It has been a tough season for Intel, the world's largest chip maker. Intel's stock price slipped 42% in 2008 and its fourth-quarter numbers were poor, with net income off 90% from a year earlier. In such a difficult economic environment, cuts to non-essential spending would seem natural, like the company's substantial corporate social responsibility (CSR) programs around the world.
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.
updated: Tue Jan 13 2009 10:56:00
An alleged victim says Bernard Madoff is "repulsive" and "loathsome." CNN's Christine Romans reports.
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.
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.
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.
updated: Sat Jan 03 2009 05:17:00
A $10,000 statue stolen from the estate of disgraced financier Bernard Madoff has been found. WPEC's Ashley Glass reports.
The Austrian government has taken control of a private bank with significant exposure to the alleged fraud by Bernard Madoff.
updated: Wed Dec 24 2008 15:06:00
A French investor link to Bernard Madoff's $50 billion scandal is found dead in an apparent suicide. CNN's RIchard Roth reports.
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.
Like the conclusion that Lee Harvey Oswald was a lone gunman, the theory that Bernard Madoff acted alone is hard to swallow.
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 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.
Broadcom co-founder and billionaire Henry T. Nicholas III pleaded not guilty Monday to federal drug and securities fraud charges.
There is often a lot of confusion around Corporate Responsibility and what organizations need to do to account for their actions. What are the key facets of a good Corporate Responsibility policy and how exactly will it benefit the business?
The Supreme Court dealt a blow Tuesday to Enron investors who sued major investment banks to recover money lost when the Texas energy giant collapsed
Should you put your money where your heart is? Let's say you agree with Al Gore about global warming - or, on the other hand, you feel that the biggest threat to our society is the corrosion of traditional values.
Fired ex-Wal-Mart marketing executive Julie Roehm and Wal-Mart have called a truce and dropped lawsuits against each other.
Clothing retailer Gap Inc. said that it will convene all of its Indian suppliers to "forcefully reiterate" its ban on child labor after children were found making Gap clothes
The former CEO of Enron Corp.'s broadband division reported to a Louisiana prison on Tuesday to serve 27 months for securities fraud related to his role in the company's 2001 collapse, his lawyer said.
One of the key buzzwords at business schools in recent years, both in research and teaching, has been corporate social responsibility.
Uneasy rests the head that wears a halo, it seems. Consider the recent struggles of socially responsible mutual funds, which usually seek out companies with progressive labor practices and product lines that don't pollute or kill.
People who invest in socially responsible mutual funds have been paying for their principles. Such funds tend to avoid energy and mining companies - and those have been two of the market's hottest ...
Class-action lawsuits filed over securities fraud reached an all-time low in 2006, according to a Stanford Law School report.
Apple Computer disclosed in a regulatory filing Friday that Chief Executive Officer Steve Jobs was aware that some stock options granted to him and other executives at Apple between 1997 and 2002 were backdated and that the company was restating financial results for the past few years as a result of the backdating.
About one in every ten dollars of assets under management in the U.S. - an estimated $2.3 trillion out of $24 trillion - is being invested in companies that rate highly on some measure of social re...
More criminal indictments will come down the pike as corporate America struggles with the ever-growing stock options backdating scandal, according to an assistant director at the FBI.
As corporate scandals continue to mount on Wall Street, Berkshire Hathaway Chairman Warren Buffett has a message for the company's top managers: Don't give in to peer pressure.
From the relatively small amount of money going into socially responsible investment (SRI) funds, it is clear that people do not always put their money where their mouth is.
The widespread options backdating scandal is gaining new momentum after the Department of Justice charged executives from Comverse Technology with securities fraud for profiting from manipulated stock options.
In a world full of vice and guilty pleasure, investors can rest assured that when it comes to their investments, at least there's one area in their lives where having a conscience can produce hefty returns.
The light at the end of the tunnel continues to be elusive for Enron founder Kenneth Lay who could find himself spending life in prison even if he is acquitted by a jury for allegations that he helped bring about Enron's collapse.
What's a socially responsible company? It is a company that serves. It serves its customers by selling something of value, its workers by providing good jobs, its owners by generating profits and all of us by making the world a better place.
Former WorldCom accountant Betty Vinson was sentenced Friday morning to five months in prison and five months house arrest for her part in WorldCom's $11 billion accounting fraud.
Bernard Ebbers, the once-celebrated WorldCom chief who faces life behind bars, is baffled by his current predicament.
In a major victory in the government crackdown on corporate corruption, former Tyco CEO Dennis Kozlowski and ex-CFO Mark Swartz were found guilty Friday of stealing hundreds of millions of dollars from the manufacturing conglomerate.
Engine manufacturer Cummins has been named the top "corporate citizen" in the U.S. in the latest survey by Business Ethics magazine.
Bernard Ebbers, the former CEO of WorldCom, was found guilty Tuesday for his role in the huge accounting scandal that led to the largest bankruptcy in U.S. history.
CNN's Becky Anderson talks to Bjorn Stigson, the President for the World Business Council for Sustainable Development and Clive Crook, the Deputy Editor of the Economist, Clive Crook about corporate social responsibility.
The better stocks perform, the fewer disgruntled investors there are suing companies over falling stock prices, right?
Businesses still have a long way to go to convince workers and customers of their commitment to corporate social responsibility, according to recent research.
Ex-WorldCom CEO Bernard Ebbers was charged with securities fraud Tuesday for his role in the nation's biggest accounting scandal, while his former chief financial officer pleaded guilty and agreed to cooperate with prosecutors.
Ex-Enron CEO Jeffrey Skilling was charged with fraud and insider trading Thursday, making him the highest ranking former executive charged in the collapse of the once-mighty energy company.
Paul Tebo is no one's idea of a revolutionary. A mild-mannered, gray-haired, 59-year-old chemical engineer, he has worked at DuPont for 35 years. He used to run the firm's $3-billion-a-year petroch...
Investing ethically is hardly a new concept--for thousands of years Jewish law has dictated that all business investment should support the entire community--but only in the past few decades has th...
$500 Annual corporate membership dues for the Greater Houston Business Ethics Roundtable
Exciting developments came from the world of marketing this month with the introduction of an intriguing new product designed to repair the reputation of American business. It's called Corporate Re...
In a huge office with a marble-topped bar and a perfect view of San Diego Harbor, paunchy, red-faced, Brillo-topped Bill Lerach--wearing a pitted-out green shirt, khaki slacks, white socks, and Top...
Someplace right now, in the layers of a FORTUNE 500 company, An employee--probably high up and probably helped by people who work for him--is perpetrating an accounting fraud. Down the road that cr...
People who once refused to soil their portfolios with General Electric, a known collaborator with the Defense Department, are now crowding into mutual funds that are not contaminated with GE, Exxon...
LIKE tuberculosis and measles, child labor is making a comeback in the U.S. From New York to California, employers are breaking the law by hiring children of 7 to 17 who put in long, hard hours and...
BY THE TENS OF THOUSANDS, AMERICANS ARE REFUSING TO COMPROMISE their social and political principles in the quest for investment profits. As a result, so- called socially responsible investing -- i...
Disciples of socially responsible investing have long contended that you don't have to settle for second-rate returns if you put your money in a so-called ethical mutual fund to keep your conscienc...
To 17th-century Puritans, business success was a sign of God's grace -- tangible evidence that they were headed for heaven. For nearly 20 years, Anthony Brown, a taciturn fourth-generation New Engl...
Outraged Alaskan citizens have made a T-shirt denouncing Exxon's TANKER FROM HELL a best-selling souvenir. And that's the least of it. In the weeks after the worst U.S. oil spill covered an area bi...
One of these days a Congressman will stand in the well of the House and utter the truth about sweatshops, but no way does this person figure to come from the tenth district of New York. The tenth, ...
Ethical investing, chortled at by free-marketeers and efficient market maestros who argue it's like boxing with one hand tied behind your back, has turned out to be a real contender. Newsletters, p...
Having thought deeply about the issue for, oh, four seconds, we have no trouble sensing the broad appeal of socially responsible investing. Spiritual redemption and capital appreciation -- friends,...
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