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]
ponzi schemes
Read The Suicide Note Of A Ponzi Schemer
By 10.27.10
“For decades I’ve felt trapped, like, someone who has had a stroke who can think on the inside, but cannot communicate on the outside. … I feel like I have disappeared long ago. … So here is the story. My secret life of terrible crime.” So begins the suicide note of Robert Markman, whose 20-year Ponzi scheme was only discovered after he shot himself. [More]
Madoff Bragged That He Gave Away $9B To Friends Before Being Arrested
By 6.21.10
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]
10 Warning Signs Of An Investment Scam
By 6.8.10
Any one of us would love to be able to take what little money we have left after paying for our homes, food, family and clothing and invest in something that is guaranteed to turn a healthy profit in a short period of time with little risk. Only problem is, those situations are often scams that will have you worse off than you were when you began. [More]
Miami Businessman Charged With Running $900 Million Ponzi Scheme
By 4.21.10
It’s not exactly Bernie Madoff’s $65 billion, but the Securities And Exchange Commission has charged a Florida businessman with operating a $900 million Ponzi scheme, telling people they were investing — risk-free and at interest rates upward of 26% — in his grocery business, when in fact he was just using the money to fund his lavish lifestyle. [More]
Madoff Gets S*** Kicked Out Of Him In Prison
By 3.18.10
A fellow inmate at Butner federal prison brutually fulfilled the fantasy of millions by brutally beating the piss out of ponzi schemer Bernie Madoff, reports WSJ. [More]
Bernie Madoff's Daughter-In-Law No Longer Wants To Be A Madoff
By 2.25.10
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]
Madoff Victims Receive First Repayment Of $534 Million
By 10.28.09
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.
ATM Ponzi Scheme Was $80 Million Cash Machine For Fraudsters
By 9.21.09
Every Ponzi scheme has to have a gimmick; something to convince marks that they’re investing in a legitimate enterprise, even when they’re being bilked of every last cent. For Bernie Madoff, it was an investment fund that offered ridiculously steady returns. For Vance Moore II and Walter Netschi it was ATMs, an incredibly prosaic setup that managed to siphon $80 million from investors who believed they were putting their money into cash machines. The only cash machine, of course, was the fund itself, which Moore and Netschi allegedly operated from 2005 to 2008.
There's A New Ponzi Schemer Under Arrest, And He Has A Mail Order Porn Business
By 9.9.09
The smaller versions of Madoff are still out there, convincing people to hand over their savings for foolproof investments that don’t actually exist, but every once in a while the authorities nab another one. This week it’s Philip G. Barry, a Brooklyn-based guy who operated out of my own neighborhood and happened to run a pornography business.
Madoff Gives First Prison Interview To Victims' Lawyers
By 7.29.09
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.
Faith-Based Fraud Powered Georgia Ponzi Scheme
By 7.15.09
Relying on a get-rich-quick foreign currency investment pitch anointed with a Christian spin, Georgian E.A. Gresham hit up 75 marks for $15 million. The U.S. Commodity Futures Trading Commission took the mini Madoff to federal court in a civil suit filed last week.
Tell Your Great-Grandchildren To Protect Their Money In 2139
By 7.3.09
When Bernie Madoff was sentenced to 150 years in prison, they weren’t kidding around. Here’s a screencap of his profile in the U.S. federal prison system database. He’s in the system as scheduled for release in 2139.
How To Deduct Ponzi Scheme Losses On Your Taxes
By 7.2.09
Step 1: Trust your life savings to a man who seemed nice at the Beth-El potluck supper.
Madoff Asks Judge For 12-Year Sentence
By 6.23.09
“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.”
Madoff Map Shows Geographic Distribution Of Fraud Victims
By 5.27.09
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.)
Frontline Investigates Bernie Madoff
By 5.13.09
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.
Madoff "Victim" Looks Strangely Like Nigerian Scammer
By 3.24.09
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…
