Fri, 11/12/2010 - 00:45 by Prince damin
New York -- The U.S. Marshals Service said Bernie Madoff items headed for auction in New York include a $300,000 diamond ring and the Ponzi scheme fraudster's boxer shorts.
The Marshals Service, which is handling the sale of Madoff's possessions to benefit the victims of the fraud, said the Saturday auction will feature the $300,000 diamond engagement ring the jailed Madoff gave his wife, Ruth, as well as 109 used pairs of socks and 11 pairs of unused boxer shorts, the New York Post reported Thursday.
The sale will also include 138 pairs of new socks, a pair of black silk Armani pants and a pair of brand new Prada pantyhose.
Copyright 2010 United Press International, Inc. (UPI).
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Wed, 07/28/2010 - 00:17 by Prince damin
Fort Lauderdale, Fla. -- A hedge fund manager in Florida will pay $5 million and sacrifice most of his assets to make up for funneling funds to a $1.4 billion Ponzi scheme.
George Levin, manager of Banyon investment firm, channeled $830 million to the scheme set up by attorney Scott Rothstein, the South Florida Sun-Sentinel reported Tuesday.
The court agreed to let Levin keep his $4.2 million home in Fort Lauderdale and about $750,000. Beyond that, Levin, who is said to be worth about $100 million, will divest himself of his remaining assets, keeping 15 percent and giving 85 percent to the court.
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Thu, 07/15/2010 - 09:09 by Pankaj Damin
Newark, N.J. -- A Florida man was indicted Wednesday in an alleged $880 million Ponzi scheme tied to a phantom grocery distribution business, authorities in New Jersey said.
Nevin Shapiro, 41, of Miami Beach, Fla., the former owner and chief executive officer of Capitol Investments USA Inc., is accused of soliciting hundreds of millions of dollars from people in New Jersey and elsewhere who thought they were investing in his wholesale grocery distribution enterprise, U.S. Attorney Paul J. Fishman said in a release.
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Thu, 04/29/2010 - 11:28 by Rakhi
Denver -- Regulators in Colorado said they have seized the assets of hospitalized hedge-fund manager Sean Mueller, suspected of running a $122 million Ponzi scheme.
Colorado Securities Commissioner Fred Joseph said he had obtained permission to appoint a receiver for Mueller Capital Management, which listed its Over-Under Fund as worth $122 million in December, but included only $15 million in its Morgan Stanley account when it was seized this week, The Denver Post reported Wednesday.
Mueller is reportedly hospitalized after threatening to end his life Thursday by jumping from a height of 19 stories.
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Fri, 03/05/2010 - 22:56 by Inderjit Singh
Detroit -- An alleged $11 million Ponzi scheme in Detroit spawned offspring, as one defrauded investor turned around and duped his own clients, state authorities said.
After investor Mark Carpenter, a registered broker of Ann Arbor, Mich., realized he'd been taken in by a Ponzi scheme allegedly run by Michael Winans Jr., son of gospel music singer Michael Winans Sr., he allegedly set up his own clients by selling the same fraudulent bonds, The Detroit News reported Friday.
"This was a multiheaded Ponzi hydra," said Ken Ross, commissioner of Michigan's Office of Financial and Insurance Regulation -- a state agency with no enforcement powers.
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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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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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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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Wed, 10/14/2009 - 13:22 by Ayurdhi Dhar
Raleigh, NC, October 14 -- Investment fraud king Bernie Madoff, who has received 150 years of imprisonment in the North Carolina Federal prison, is in the news again. For winning his first prison fight.
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Fri, 08/21/2009 - 22:32 by surajdogra
New York -- U.S. insurance giant American International Group says it paid victims of Bernard Madoff's Ponzi scheme millions of dollars for losses covered by its policies.
AIG said it denied claims from Madoff victims who had withdrawn more money from their Madoff account than they had invested. Nevertheless, the company said it had honored hundreds of claims under homeowner policies that protected them against "fraud, embezzlement or forgery," the New York Post reported Friday.
Madoff pleaded guilty to running a massive Ponzi scheme that lost tens of billions of dollars. Many victims have gone to court to seek compensation.
The Post said most of the policies covered losses up to $30,000. A few covered up to $100,000.
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Sat, 08/08/2009 - 18:46 by Jamie Anderson
New York, August 8: As the Bernard Madoff $65 billion ponzi scheme case progresses, more skeletons are coming out of the cupboard. The swindler scripted one of the biggest frauds in the history of corporate America. Key roles were played by his aides to ensure the success of the ponzi scheme.
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Thu, 07/30/2009 - 13:49 by Jamie Anderson
Los Angeles, July 30: In what may be termed as a marathon interview, Bernard Madoff divulged the names of several fund managers who funneled investor money to the $65 billion Ponzi scheme. The names of the alleged accessories who may have known or suspected the fraud were also disclosed by Madoff.
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