It’s a tough job, but someone’s gotta do it: Irving Picard, the trustee in charge of liquidating Bernie Madoff’s assets is asking a New York court if he can distribute another $1.5 billion to $2.4 billion to victims of Madoff’s Ponzi scheme. He says he’s probably recovered around $9.1 billion but thus far, has only been able to hand out $1.1 billion of that. [More]
A recent settlement will see a group of Bernie Madoff’s victims in his Ponzi scheme receive $405 million. Clients of hedge fund manager J. Ezra Merkin, including New York Law School, Bard College, Harlem Children’s Zone, Homes for the Homeless and the Metropolitan Council on Jewish Poverty are included in the settlement. New York state will also get $5 million to cover the legal costs of the settlement. [More]
Personal items that belonged to convicted fraudster Bernie Madoff were auctioned off to high bidders over the weekend. His underwear, art and an honorary diploma helped raise more than $400,000 intended to go toward repaying his swindled investors. [More]
Since the 2008 revelation that Bernie Madoff’s wildly profitable investment business was all just smoke and mirrors, the owners of the New York Mets have claimed they were one of the victims of the Ponzi scheme. However, a newly unsealed lawsuit says that the Mets owners not only ignored warnings that Madoff was too good to be true, but that they made hundreds of millions off the scheme. [More]
Newly released documents reveal that executives at JPMorgan Chase were aware of the possible Ponzi-ness of Bernie Madoff’s investment business more than 18 months before it was revealed to be a mammoth scam. [More]
Victims of douchebag-supreme Bernie Madoff’s Ponzi scheme are getting an early Christmas present. The widow of one of Madoff’s biggest beneficiaries has agreed to return $7.2 billion in proceeds to those who were defrauded. [More]
The son of convicted ponzi schemer Bernard Madoff was found dead this weekend hanging by his neck from a dog leash. Mark Madoff’s death was ruled a suicide. According to reports, he had been depressed because no one on Wall Street would give him a job. [More]
In the outside world, Bernie Madoff is reviled. Inside prison, he’s a hero, admired for his stunning successes. [More]
What’s in a name? Just ask Stephanie Madoff, daughter-in-law to imprisoned Ponzi schemer Bernie Madoff. Seems like Stephanie is finding that the surname she took when she wed Bernie’s boy Mark isn’t just a badge of shame — it’s also a threat to her life. That’s why she has petitioned a Manhattan court for a name change. [More]
As convenient as it is to crucify Bernie Madoff and even his wife for the investment fraud that screwed billions out of investors, it’s foolish to believe he acted anywhere close to alone. That’s why prosecutors are giddy that former finance chief Frank DiPascali is pleading guilty and believed to be cooperating with investigators to build cases against the other culprits.
Bernie Madoff has given his first prison interview…to attorneys representing his victims. Highlights: He’s quite candid now (what has he got to lose?), he can’t believe that he got away with running an epic Ponzi scheme for as long as he did, and apparently he’s been working out.
Data is fun. Check out this map with data about the locations of Bernie Madoff‘s victims, color-coded according to the proximity of victims to each other, and in 3-D. Coooool. (Unless you’re one of the victims represented by those shiny, colorful dots, that is.)