September 16, 2010 |
Beverly Hills financial advisor Stanley Chais made a fortune serving as Bernard L. Madoff's connection to Southern California's rich and powerful. He hobnobbed with Hollywood elite, won praise as a generous philanthropist and kept homes on both coasts. These days, the 84-year-old Chais spends the bulk of his time shuttling from one medical appointment to the next, tormented by an ongoing federal criminal investigation and myriad lawsuits that could ruin him financially. Eight months have passed since the U.S. Attorney's Office in Manhattan disclosed that it was considering criminal charges against Chais, but there has been no indictment and little explanation of where the case stands.
September 12, 2010 |
If you own U.S. stocks, you should know that the Securities Investor Protection Corp. is considering revamping its rules in the wake of the two biggest quakes ever to hit the brokerage industry — the massive Lehman Bros. collapse and Bernard L. Madoff's record-setting Ponzi scheme. SIPC is the brokerage-industry equivalent of the Federal Deposit Insurance Corp., with some major differences. SIPC will cover a stock investor for up to $500,000 in securities and cash (there's a $100,000 cap on the cash part)
May 29, 2009 |
Calabasas resident Richard Shapiro never made it to his college graduation. Instead, he went to work and spent decades in the commercial real estate industry. Overnight, he watched a lifetime of savings disappear in the wreckage of Bernard L. Madoff's Ponzi scheme. "It was sickening to see your life's work disappear in a second," said Shapiro, one of almost 5,000 investors who lost money to confessed swindler Madoff.
December 16, 2008 |
Wall Street financier Bernard L. Madoff's alleged $50-billion Ponzi scheme appears to have extended deeply into Southern California's Jewish community, with millions of dollars in losses tallied Monday by charitable organizations, Hollywood executive Jeffrey Katzenberg and a foundation bankrolled by director Steven Spielberg.
September 3, 2009 |
As federal regulators probed Bernard L. Madoff's remarkably consistent investment returns, he was able to brush them off, in part, by claiming a magic touch. "Some people feel the market," he told Securities and Exchange Commission investigators in 2006, 2 1/2 years before his gigantic Ponzi scheme was discovered. "Some people just understand how to analyze the numbers they're looking at." Unfortunately for investors in Madoff's fund, some people at the SEC didn't understand how to analyze his numbers, according to an internal agency review.
February 16, 2009 |
Santa Monica retiree Bob Braslau considers himself a victim of accused fraud mastermind Bernard L. Madoff. But the court-appointed bankruptcy trustee, he fears, might consider him a beneficiary. Braslau was among the thousands who lost money when the Madoff fund collapsed amid allegations that it was a $50-billion Ponzi scheme.
March 13, 2009 |
Even with Bernard L. Madoff heading to prison Thursday after confessing to an epic Ponzi scheme, the intrigue over his case deepened as embittered victims pressed the government to find out who may have helped him and where the money went. At a 75-minute court hearing, he pleaded guilty to 11 securities-related fraud counts and said he was "so deeply sorry and ashamed."
September 11, 2009 |
Bernard L. Madoff's massive fraud stunned some of the wealthy denizens of Malibu Colony, especially when a couple devastated by the scheme surrendered their oceanfront home to Wells Fargo Bank. But some neighbors say the real shocker came when they saw one of the bank's top executives spending weekends in the $12-million beach house and hosting eye-catching parties there. What's more, a real estate agent said Wells Fargo spurned offers to show the property to prospective buyers.
June 30, 2009 |
With Bernard L. Madoff sentenced Monday to 150 years in prison, his massive Ponzi scheme is likely to be felt for years as victims struggle to recoup their money, investors treat Wall Street with new suspicion and regulators scramble to crack down on all manner of financial wrongdoing. Closing a chapter in the Madoff melodrama, a federal judge unexpectedly imposed the maximum possible sentence, jolting the legal community and electrifying many of those who had entrusted Madoff with their money.