December 22, 2012 |
NEW YORK - The brother of imprisoned financier Bernard Madoff was sentenced Thursday to 10 years in prison for crimes committed in the shadow of his sibling. Peter Madoff, 67, agreed to serve the time in prison when he pleaded guilty in June to conspiracy and falsifying the books and records of an investment adviser. About 40 of the thousands of investors who lost $20 billion they invested with the family's investment business wrote victim impact statements submitted to U.S. District Judge Laura Taylor Swain.
August 26, 2012 |
NEW YORK - They've called from pay phones. They've had furtive meetings at hotels and even a church. On internal government documents, they go by such code names as Mr. X. For the last year, whistle-blowers deep inside corporate America have been dishing dirt on their employers under a Securities and Exchange Commission program that could give them a cut of multimillion-dollar penalties won by financial regulators. A new bounty program has been an intel boon to the securities industry regulator, which has struggled to redeem itself after failing to stop Bernard Madoff's epic Ponzi scheme and rein in Wall Street before the 2008 financial crisis.
May 28, 2011
MIAMI - More art, artifacts and other items that once belonged to convicted swindler Bernard Madoff are being auctioned in South Florida. The auction is set for next Saturday at the Miami Beach Convention Center. The U.S. Marshals Service says the items are the last remaining from Madoff's homes in New York and Palm Beach. Proceeds will go to compensate victims of Madoff's $65 billion Ponzi scheme. He's serving a 150-year prison sentence. A Marshals Service spokesman says sales of Madoff assets and property so far have brought in more than $103 million.
May 6, 2011 |
NEW YORK - The trustee appointed to unravel disgraced Wall Street financier Bernard Madoff's massive fraud sought approval on Wednesday to distribute recovered funds for the first time to the victims. Trustee Irving Picard told a Manhattan bankruptcy court he is planning a $2.6 billion allocation, including an initial payout of $272 million. It was unclear when the court would rule. Madoff, 73, is serving a 150-year prison sentence in Butner, N.C., after admitting that his investment advisory service was a giant Ponzi scheme, using money from new investors to pay returns to existing clients while financing a lavish lifestyle for him and cheating rich people, charities, celebrities and institutional investors.
October 16, 2010
Councilman tells of bullying ordeals A city councilman in Fort Worth, Texas, has rocketed into cyberspace prominence in a video pleading with gay teens not to commit suicide and tearfully recounting his own ordeals as a bullied schoolboy. "Give yourself a chance to see how much life will get better," Councilman Joel Burns says in his appeal to bullied teens, which he made during a 12-minute speech to the council Tuesday. By Friday afternoon, the video had received more than 500,000 hits on YouTube.
September 30, 2010
Stanley Chais, 84, a once-esteemed investment manager and philanthropist whose reputation was marred by accusations he steered hundreds of millions of his clients' dollars to con man Bernard Madoff, died Sunday in New York, his wife said. Pamela Chais declined to disclose the cause of death. A spokeswoman for New York City's medical examiner said he died of natural causes. Mr. Chais had moved to New York in recent years, where he was undergoing treatment for myelodysplasia, a blood disorder.
September 16, 2009
KENNETH CALVIN "K.C. " White has good feelings about the Butner Federal Correctional Complex, in Butner, N.C., from which he was released last month. K.C. earned his GED at Butner. Kicked his addictions. Found ways to express his phenomenal artistic talent. And - this is key - he befriended Bernard Madoff at Butner. K.C. hopes that his meeting with the notorious convicted Ponzi schemer will give him what he needs most as he tries to establish a new life in Philly, 400 miles from the prison where he met Madoff: cash.
June 30, 2009
Someday, Bernard Madoff will die in prison, as he should. That's not to gloat over the 150-year sentence that Madoff, 71, received yesterday from a federal judge. Even though it is richly deserved. The sentence is a measure of justice for Madoff's victims, who are now assured that the swindler will spend the rest of his days being denied the lavish lifestyle he fueled with their investments. The victims aren't likely to get much, if any, of their life savings back. Madoff had asked for a sentence of 12 years.
June 30, 2009 |
Michael T. DeVita exited the federal courthouse in the financial district yesterday and flashed a victory signal to a mob of onlookers, TV news crews, and security personnel, signaling his great pleasure at the 150-year prison sentence issued to The Great Swindler. "We finally won a round, which was making sure that Bernie Madoff never walks again as a free man," said DeVita, a 59-year-old Chalfont, Bucks County, resident who lost more than $1 million in funds that were to have financed his retirement.
March 12, 2009
Bernard Madoff's expected guilty plea today must not end the government's efforts to find answers - and more potential culprits - in the biggest financial fraud in history. The 70-year-old Madoff deserves what amounts to a life sentence for defrauding 4,800 investors with his high-flying Ponzi scheme. He should go to jail immediately to await sentencing, not bide his time in a $7 million Park Avenue penthouse. This stunning saga should not end with Madoff's guilty plea. Prosecutors must dig deeper into how this scheme was carried out. As more details emerge about how Madoff scammed investors and evaded regulators for more than 20 years, it seems increasingly likely that he had help.