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Thu, 05/19/2011 - 15:29 by Neka Sehgal
After much of Bernard Madoff's estate, properties in Manhattan, and Palm Beach were sold off it was the turn of his wine and spirit collection to hit the auction block.
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Sun, 11/07/2010 - 23:44 by Prince damin
Dallas -- A Dallas energy deal that apparently satisfied some investors was tainted by Bernard Madoff, an investigator alleges.
The deal was put together in New Orleans in 2007 by four investors who planned to lease Dallas County gas rights with New York money and flip the leases at a profit, the Dallas Morning News reported.
Natural gas prices, and the prices for drilling rights, were soaring at the time, the report said.
Millions of dollars skimmed from other clients' accounts by Madoff were channeled into the risky gas-leasing business around Joe Pool Lake, Madoff case trustee Irving Picard alleges, the newspaper said.
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Fri, 08/06/2010 - 00:04 by Prince damin
New York -- Prosecutors in New York are seeking to lay claim to more than $5 million in assets owned by former Bernard Madoff employee Annette Bongiorno, court papers show.
Madoff is serving a 150-year prison sentence for operating a decades-long Ponzi scheme that lost billions of dollars of his investors' money.
Bongiorno, who owns a $1.2 million mansion in Boca Raton, Fla., was employed by Madoff for more than 40 years as a secretary and staff supervisor, the South Florida Sun-Sentinel reported Thursday.
But prosecutors allege that Bongiorno was a willing accomplice in Madoff's scheme.
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Thu, 03/18/2010 - 22:21 by Inderjit Singh
Butner -- Convicted Ponzi scheme operator Bernard Madoff was assaulted in a North Carolina prison in December, three sources told The Wall Street Journal.
Madoff was convicted of running a Ponzi scheme that lost investors billions of dollars. He pleaded guilty to 11 felony counts and was given a 150-year prison sentence.
Neither prison authorities, nor Madoff's attorney, Ira Sorkin, would verify the account, but sources said Madoff suffered a broken nose, fractured ribs and various lacerations in an altercation over a money matter, the Journal said.
Madoff allegedly owed another inmate money, the report said.
A Bureau of Prisons spokeswoman, Traci Billingsley, said, "not one inmate told staff he was assaulted."
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Fri, 02/26/2010 - 11:33 by Rakhi
New York -- Federal authorities arrested former Bernard Madoff executive Daniel Bonventre Thursday as an accomplice to the New York trader's $65 billion Ponzi scheme.
Bonventre, formerly Madoff's operations director, was arrested on eight counts based on suspicions that he helped Madoff conceal what is considered the largest Ponzi scheme in history. Madfoff, who pleaded guilty to 11 counts of fraud in March, is serving a 150-year prison sentence.
Securities and Exchange Director George Canellos said, "a fraud of this magnitude requires a coordinated effort. Bonventre played an essential part by creating bogus financial records."
The charges allege Bonventre used funds belonging to a client to secure a $145 million loan, The Daily News reported.
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Fri, 02/12/2010 - 16:02 by Jaspreet Virk
The federal prosecutors are ensuring that none of Bernard Madoff’s aides go scot free. After putting Madoff’s right-hand man Frank DiPascali Jr. behind bars, the prosecutors in Manhattan are now pursuing criminal charges against Madoff’s brother and sons, reports the Wall Street Journal.
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Sat, 02/06/2010 - 19:49 by Inderjit Singh
New York -- Members of disgraced financier Bernard Madoff's family will have their assets frozen as part of a lawsuit filed by his victims' trustee, documents indicate.
Documents filed Friday in U.S. bankruptcy court in Manhattan indicated the family members have agreed to freeze their assets until a suit against them filed by Irving Picard, the court-appointed trustee who is trying to recover money for the victims of Madoff's Ponzi scheme, is being considered, The New York Times reported.
The Times said Picard contends the family members -- including Madoff's sons, Mark and Andrew; his brother, Peter; and his niece, Shana -- received about $141 million before Madoff's arrest, but the family members denied any culpability in the fraud.
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Thu, 12/24/2009 - 14:25 by Samia Sehgal
Bunter, December 24: Bernard Madoff, perpetrator of the multi-billion-dollar ponzi scheme, has been moved to the Federal Medical Center at the Butner Federal Correctional Complex in Butner, North Carolina.
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Fri, 12/11/2009 - 09:29 by Rakhi Kaptiyal
Washington -- Victims of Bernard Madoff's massive Ponzi scheme pleaded for help in Washington, nearly a year to the day when the New York trader was arrested.
Madoff was taken into custody Dec. 11 last year and is in prison serving a 150-year sentence.
Some of his victims asked the House Financial Services subcommittee on capital markets for help with claims that are slow and are woefully short of what many victims claim they lost, USA Today reported Thursday.
Out of 16,000 investors, only 1,487 have been paid for their claims.
Twenty-five percent have yet to hear a decision, while 9,916 claims have been
rejected, the newspaper said.
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Wed, 12/09/2009 - 20:19 by Inderjit Singh
Washington -- The multi-billion-dollar Bernard Madoff Ponzi scheme fraud case has put a little-known U.S. agency at the center of a complicated debate on victim compensation.
The Securities Investors Protection Corp., is set up to compensate victims of brokerage firms that fail with advances on claims of $500,000 and a proportional amount of the assets recovered, The New York Times reported Wednesday.
The corporation's president and chief executive officer Stephen Harbeck, scheduled to testify before the House Financial Services subcommittee, has said, "nobody likes to say no to people who are, without question, victims."
He also says he is limited by law as to who qualifies as a victim.
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Sun, 11/01/2009 - 14:35 by Jamie Anderson
New York, November 1 -- In an all-embracing jailhouse interview, Bernard Madoff, the mastermind behind the multi-billion-dollar ponzi scheme, divulged it all to SEC Inspector General David Kotz.
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Sat, 10/31/2009 - 21:52 by Inderjit Singh
New York -- Jailed former financier Bernard Madoff says lack of basic investigatory moves by the U.S. Securities Exchange Commission allowed his Ponzi scheme to flourish.
In a jailhouse interview given by Madoff to the SEC and released Friday, the disgraced financier said investigators failed to check basics, such as his account with Wall Street's central clearinghouse and records of the firms he falsely claimed were handling his trades, The New York Times reported.
In the interview, Madoff contended that those simple moves could have revealed his $65 billion scheme far earlier, reportedly saying, "It would have been easy for them to see."
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