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.
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.
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.
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."
December 20, 2008 |
It's conventional wisdom that Bernie Madoff, with his alleged $50-billion Ponzi scheme, has dealt a massive blow to Wall Street's credibility. That idea ought to give many individual investors a good laugh at the end of a devastating year for their own finances. I don't want to minimize the path of destruction, financial and psychological, that Madoff blazed. But I'm amazed that there seems to be such shock out there that the man could have ripped off people who trusted him.
December 20, 2008 |
The Bernard Madoff books are in the works. Less than one week after the former chairman of the Nasdaq stock exchange was arrested in an alleged multibillion-dollar Ponzi scheme, publishers HarperCollins and the Random House Publishing Group each reported that they had signed up books about the scandal. In 2010, HarperCollins will release an investigative work, currently untitled, by reporter-anchor Andrew Kirtzman, who has been featured on the New York television stations WCBS and NY1.
December 17, 2008 |
Investors have barely had time to tally their losses from Bernard Madoff's alleged $50-billion Ponzi scheme, but securities attorneys aren't wasting a moment in laying claim to their piece of the scandal. Some lawyers are aggressively prospecting for clients, and a few firms already have taken cases to court -- one less than 24 hours after the revelation of Madoff's alleged wrongdoing. Several more cases were filed Tuesday.
January 7, 2009 |
Investors who lost money in Bernard Madoff's alleged $50-billion fraud might begin recovering some funds as soon as next month, said Stephen Harbeck, head of Securities Investor Protection Corp. "You're talking about unscrambling an egg," he said Tuesday. First payouts from the investor protection fund could occur in "a month or two" if the cash isn't difficult to trace, Harbeck said. Other customers will have to wait for months, he said.
December 18, 2008 |
The Madoff scandal is shining a new light on what critics deride as years of toothless enforcement by the Securities and Exchange Commission -- and heightening calls for major changes. Already under fire for its regulatory performance during the financial crisis, the reputation of the federal government's Wall Street watchdog is now in tatters after it failed to stop Bernard Madoff's alleged Ponzi scheme before it had wiped out as much as $50 billion in investors' money.
January 7, 2014 |
When Bernard L. Madoff's Ponzi scheme was revealed five years ago, the big question was whether he pulled off the jaw-dropping crime by himself. Madoff stubbornly claimed to have acted alone, but it became clear Tuesday that he got a significant assist from one of the world's premier financial institutions. JPMorgan Chase & Co. agreed to pay $2.6 billion for ignoring numerous warning signs that could have exposed the $17.5-billion fraud years earlier. Internal emails showed that JPMorgan employees repeatedly questioned the towering investment returns that Madoff claimed to be notching.