Consumerist
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sucky government
Inspector General Admits SEC Pretty Much Sucks At Its Job
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. More » -
ponzi schemes
Madoff Victims Receive First Repayment Of $534 Million
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.
"Madoff Trustee Advances $534 Million to Customers " [Bloomberg]
(Photo: Todd Huffman) -
mysterious
Guy Who Made More Than $7 Billion Off Madoff Found At Bottom Of Pool
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. More » -
too bad so sad
Super-Rich People Have $300 Billion Less
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. More » -
madoff
Half of Madoff "Victims" Didn't Actually Lose Money
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. More » -
auctions
Bernie Madoff's Beach House Sells For $8.75 Million
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.
"Sold! Bernie Madoff Beach House Goes to Contract at $8.75 Mil +" [ABC News] (Thanks to Natalia!)
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accountability
Party Crazy Wells Fargo Banker Fired
The Wells Fargo banker who turned a foreclosed Malibu beach house intohisher summer party pad has been fired. The couple who originally owned the place were victims of Bernie Madoff, and lost the $12 million house in May. Wells says the banker acted alone, and added, "We deeply regret the activities that have taken place as they do not reflect the conduct we expect of our team members." More » -
weekend at bernie's
Bernard Madoff's Penthouse Now On Sale For $7.5 Million
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. More » -
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prison
NY Lawmaker Wants Rich Convicts To Pay For Their Own Incarceration
New York State Assemblyman Jim Tedicsco sees an injustice. The upstate Republican saw wealthy scammer Bernie Madoff convicted and sent to federal prison for 150 years the rest of his life at taxpayer expense. How fair is that? Why can't rich criminals pay their own way? More » -
madoff
Madoff Eligible To Scam Again In Only 150 Years
A federal judge has sentenced Bernard L. Madoff to 150 years in prison, after which time we assume he'll drink the blood of the living, hang out a shingle, and start soliciting "investments." More » -
ponzi schemers
Madoff Asks Judge For 12-Year Sentence
CNN just reported that Bernie Madoff's lawyer has submitted a letter to the judge who will be sentencing him next week, asking for a 12-year sentence.
"Mr. Madoff is currently 71 years old and has an approximate life expectancy of 13 years," wrote Sorkin, whose letter was released on Tuesday. "A prison term of 12 years - just short of an effective life sentence - will sufficiently address the goals of deterrence, protecting the public and promoting respect for the law."
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ponzi schemes
Frontline Investigates Bernie Madoff
PBS's documentary show FRONTLINE took on Bernie Madoff this week, exposing the history of his operation and how the SEC let him slip through their fingers. More » -
madoff
Madoff "Victim" Looks Strangely Like Nigerian Scammer
To help the judge decide Madoff's sentencing, the NY AG's office submitted 96 pages what they said were emails from his victims. I feel bad for this one guy on page 36...
More »
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madoff
Judge To Madoff: Hope You Like The Look Of Cinder Blocks, Douchebag
No more $7 million penthouse. Today was Madoff's first full day at the Metropolitan Correction Center, where he'll be spending some quality time while awaiting sentencing. ABCNews has some insights about the facility and its amenities. More » -
madoff
Madoff Pleads Guilty, Could Get 150 Years
Well, it's official. Bernie Madoff has plead guilty to 11 counts of fraud, money laundering, perjury and theft. The maximum amount of prison time for these crimes is 150 years. More » -
jobs
Craigslist: Fall Guy For Your Hedge Fund (Financial District)
If you need a scapegoat for your financial ponzi scheme, there's a guy on Craigslist who's looking for a job:
Is your hedge fund in dire financial straits? Are you totally screwed and now realizing that someone has to take the fall? Has your ponzi scheme enveloped numerous celebrity-endorsed charities benefiting Laotian children with AIDS and been discovered by the SEC?
More »I'm your man...
madoff
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