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.
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.
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.
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.
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.
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.
December 23, 2008 |
U.S. Rep. Paul Kanjorski says the Madoff scandal is a case study in why the U.S. financial system - from equities to bonds to insurance - needs to be reregulated. The Northeastern Pennsylvania Democrat, who survived an election battle last month that threatened to end his 24-year career in Congress, now finds himself closely involved in the biggest story in America. As chairman of the House Financial Services subcommittee on capital markets, Kanjorski will hold a series of hearings starting in the new year on how federal regulators missed the $50 billion Ponzi scheme put together over years by the financier Bernard Madoff.
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.
January 26, 2016 |
Roughly 15 years ago, I wrote an article about a notable Wall Street figure and his secretive investment fund that never, ever lost money. His name was Bernard Madoff. The dot.com bubble had just burst, yet Madoff's hedge fund earned 10 percent that year, without missing a beat. In May 2001, I wrote about some red flags surrounding Madoff's hedge fund: eerily consistent returns and no losing years even when the stock market crashed, no due diligence allowed by investors, no independent brokerage statements, and odd threats that investors could not return to the fund once they had cashed out. Madoff himself gave me a brief interview by phone, then metaphorically patted me on the head and told me to go away.
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.