If you had unparalleled access to one of the biggest names in investing, wouldn’t you ask that person for some advice? That’s the logic that some prisoners at the federal prison in Butner, N.C. are using. Their financially savvy neighbor is Bernie Madoff, mastermind of the biggest Ponzi scheme in history. Yes, he knows something about investing. [More]
Those who lost money investing with jailed shyster Bernie Madoff will be getting some of their ill-advised expenditures back this week, thanks to the bankruptcy court-mandated liquidation of his estate. [More]
A federal judge shot down an appeal from Madoff investors who didn’t just want the money they’d invested back, they wanted the amount of money Madoff said they were worth on paper. The judge said that Madoff’s financial statements were “fictitious” and thus can’t be used as a basis for claims by investors. [More]
The NY Post says that a fellow inmate of Bernie Madoff told them that the ponzi-schemer bragged about giving away $9 billion to three people before he was caught. [More]
ABCNews is reporting that “a new government report reveals that some high-level regulators have spent more time looking at porn than policing Wall Street.” It seems that the report, obtained by ABC News, says senior employees of the SEC spent hours on the commission’s computers looking at sites like naughty.com, skankwire, youporn, and others, thus clearly removing their only defense, the fact that “X” is right next to “C” on the keyboard. [More]
Some of Madoff’s investors took money out of the scheme — not knowing it was a scheme. Now it seems those people might be out of luck — and will have to pay the money back, says Reuters. [More]
The SEC’s inspector general has released a jailhouse interview in which his royal Ponziness, Bernie Madoff himself, explains that he got away with his scheme because the SEC basically sucks.
The trustee who’s liquidating Bernie Madoff’s firm has released $534.2 million in repayments to some of his victims, reports Bloomberg. The half-billion is a drop in the bucket of total verified losses, which are now more than $21 billion. But hey, those 1,558 victims whose claims were approved for this partial payout are probaby pretty happy—which is more than you can say for the 2,500+ Madoff customers who may be sued to return fake profits.
Jeffry Picower, the only Madoff investor to wind up on the Forbes list of the 400 richest Americans, was found dead at the bottom of his pool Sunday, says the AP. He is accused of making more than $7 billion off of Madoff’s ponzi scheme.
Forbes says that the collective worth of the 400 richest people fell by $300 billion or 19% to $1.27 trillion. The top reasons for the decline were market turmoil, plummeting real estate prices, fraud and divorce.
Most investors who put money into Bernard Madoff’s funds over the decades he was in business came up losers when the house of cards collapsed. Some, however, lost more than others. According to a new court filing, about half of the investors who had accounts in Madoff’s Ponzi scheme at the time it was shut down didn’t actually lose any of the original principal they put into the funds.
An unidentified person has offered $8.75 million cash–more than the asking price–for Bernie Madoff’s beachfront home in Long Island. Bidders made sealed offers for the property, and the realtors say they won’t reveal any more details until after the deal closes. The house is supposedly very fancy, but if we lived there we’d just tear it up looking for hidden piles of cash. This is why we can never have anything nice.
If you’ve ever wanted to live like the King of Ponzi Schemes, now’s your chance. Bernard Madoff’s penthouse at 133 East 64th Street in New York is on the market, and can be yours for a mere $7.5 million. The U.S. Marshal Service, which is liquidating Madoff’s assets, gave a guided tour, and The New York Post captured it on video. Inside, a shoe closet to make Imelda Marcos jealous, Ruth and Bernie’s separate bedrooms, the shelves that once held monogrammed “BLM” shirts, and Deputy Marshal Roland Ubaldo doing his best Chad Rogers impression.