October 26, 2009 |
Jeffry Picower, a philanthropist accused of profiting by more than $7 billion from the investment schemes of his longtime friend Bernard Madoff, was found at the bottom of the pool at his ocean-side mansion and died Sunday, police said. He was 67. Picower's wife, Barbara, discovered his body and pulled him from the water with help from a housekeeper, authorities said. He was pronounced dead at Good Samaritan Medical Center at about 1:30 p.m. Palm Beach police are investigating the death as a drowning but have not ruled out anything on the cause of death.
November 11, 2009 |
The trustee for Bernard Madoff's firm is in settlement talks with the estate of Jeffry Picower after the longtime Madoff investor, whom the trustee sued for the return of $7.2 billion in fake profit, drowned in a pool. Picower's wife, Barbara, who received $200 million in cash in a will dated Oct. 15, wants to "reach promptly a fair and generous settlement with the Madoff trustee," she said in a statement today. Barbara Picower was also sued. "Jeffry was determined that we would put Madoff behind us, reclaim our good name and reverse the damage Madoff's fraud had," Barbara Picower said.
November 13, 2012 |
A Bank of New York Mellon subsidiary will pay $210 million to settle claims it concealed red flags showing Bernard Madoff was a fraud. Due diligence by the unit, Ivy Asset Management, revealed discrepancies in Madoff's stated investment strategy, according to a statement by New York Atty. Gen. Eric Schneiderman, who announced the settlement Tuesday. While Ivy steered clients to invest in Madoff, collecting fees for itself, some at the firm had reservations about Madoff, the attorney general said.
August 26, 2011 |
What should have been a disturbing examination of a colossal financial crime in "Chasing Madoff" is instead a disturbed one. Using an irritably distracting collage of hopped-up graphics, archival footage and faux-noir re-creations in black and white, director Jeff Prosserman's frenzied documentary focuses on the scandal's much-noted whistle-blower, a securities analyst named Harry Markopolos, who had been trying for 10 years — before Bernard Madoff's...
June 14, 2012 |
HOUSTON -- Texas billionaire financier R. Allen Stanford was sentenced to 110 years in prison Thursday for running what authorities have called one of the largest Ponzi schemes in U.S. history. The sentence was handed down by U.S. District Judge David Hittner in Houston after a court hearing at which Stanford, 62, spoke, followed by two investors. In March, a Houston jury convicted Stanford on all but one of 14 fraud-related counts and cleared the way for U.S. authorities to seize millions from Stanford's bank accounts.
December 17, 2008 |
"Good news, bad news" probably doesn't begin to describe the day Hollywood screenwriter Eric Roth had last week. Roth was nominated Thursday for a Golden Globe award as screenwriter of "The Curious Case of Benjamin Button." And that same day, he learned that he lost all his retirement money to Bernard Madoff's alleged $50-billion Ponzi scheme. "I'm the biggest sucker who ever walked the face of the Earth," Roth said Tuesday.
January 6, 2009 |
Lawmakers excoriated federal regulators Monday for failing to pursue "red flags" signaling that Bernard L. Madoff's storied investment business was an elaborate Ponzi scheme, and some officials promised more investigation and regulation in coming months. During a panel session on Capitol Hill, Rep. Paul Kanjorski (D-Pa.
October 21, 2009 |
Bernard Madoff's investment firm had a "diversion-filled office environment" featuring a culture of "sexual deviance" and drug use, says a lawsuit filed Tuesday against companies that dealt with the Ponzi-scheme mastermind. Starting in 1975, Bernard L. Madoff Investment Securities had an employee supply the office with drugs, according to the lawsuit. The complaint says the employee was fired in 2003 when Madoff, 71, who is now serving a 150-year prison sentence, worried that the drugs could draw the attention of prosecutors who might discover his financial fraud.
December 28, 2008 |
Rene-Thierry Magon de la Villehuchet saw his fortune and his loved ones' money disappear along with his clients' when he lost $1.4 billion he had invested with Bernard Madoff, the French financier's brother said. Magon de la Villehuchet, 65, was found dead at his desk in New York on Tuesday, both of his wrists slashed and a bottle of pills nearby. His brother said Magon de La Villehuchet invested virtually all his own funds, along with money from friends and family, with Madoff, who was arrested Dec. 11 and allegedly told FBI agents he had masterminded a $50 billion fraud.