September 20, 2012 |
NEW YORK -- More checks are in the mail for Bernard Madoff's victims, nearly four years after his epic Ponzi scheme collapsed. Irving Picard, the trustee overseeing the liquidation of Madoff's firm, mailed checks worth nearly $2.5 billion on Wednesday. The distribution -- the trustee's second -- satisfies about half of the allowed claims filed by Madoff's investor, Picard's office announced Thursday. Madoff investors had received an earlier October 2011 distribution of $343 million.
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.
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...
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.
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.
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.
June 26, 2011 |
Three days. That's how close Bernard Madoff's $65-billion Ponzi scheme came to collapsing back in November 2005. The high-profile Bayou hedge fund had failed, and droves of newly anxious investors were pulling money out of investment businesses such as Madoff's. He owed $105 million in redemption checks to investors, but the fraudulent investment business' JPMorgan bank account had just $13 million. As Diana Henriques documents in her new book, "The Wizard of Lies: Bernie Madoff and the Death of Trust," Madoff was able to cover the difference only by pulling money from his legitimate brokerage business and by appropriating client assets to get a $95-million loan.