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.
December 12, 2013 |
NEW YORK -- JPMorgan Chase & Co. can't stop writing checks to the federal government. The nation's largest bank may, according to a person familiar with the matter, soon pay about $2 billion to settle investigations into its dealings with Bernard Madoff, the notorious fraudster whose epic Ponzi scheme collapsed five years ago. This next payout would come as the ink was still drying on a landmark $13-billion settlement the New York company struck...
April 10, 2013 |
Investors who lost big when Bernard Madoff's Ponzi scheme unraveled cannot sue federal regulators, despite the government's “regrettable inaction,” a federal appeals court ruled. Madoff victims had sued, arguing that the Securities and Exchange Commission was negligent for failing to uncover the Ponzi scheme even though the regulator received multiple complaints over the years. On Wednesday in New York, the U.S. Court of Appeals for the Second Circuit dismissed those claims, agreeing with a district court that the SEC's actions or inaction are protected under the law. Madoff is currently serving a 150-year prison sentence for his multibillion-dollar Ponzi scheme that came to light in December 2008.
February 26, 2013 |
Imprisoned money manager Bernard Madoff is encouraging those investigating his massive Ponzi scheme to keep going after banks he alleges were complicit in the fraud. Madoff, who is serving a 150-year sentence for defrauding investors out of billions of dollars, wrote an email to Fox Business Network reiterating what he has said before: The big banks he dealt with had to be aware of the scheme. "The banks had to know what I was doing regarding the fraud," he wrote. That echoed what Madoff told the New York Times during an interview from prison in 2011.
January 5, 2013 |
How does an author of seriously literary fiction discover one of his books was owned by Bernie Madoff, the investor who defrauded his clients of billions of dollars? He sees it listed in an auction on EBay. That's how Rick Moody came to know that Madoff's library included his novel "Purple America . " Parts of the Madoff library collection is appearing piecemeal on eBay from a seller who won the books (Lots 750, 751 and 752) in a U.S. Marshall's auction of some of Madoff's Florida possessions.
December 26, 2012 |
NEW YORK -- He may be stuck in a federal prison for the rest of his life, but Bernard Madoff is nonetheless taking the time to muse on Wall Street topics of the day. CNBC posted on its website a Dec. 24 email Madoff sent the financial news network as well as attorneys and academics who have been communicating with the notorious Ponzi scheme mastermind. In the email, Madoff offered his thoughts on a range of issues -- including the stock market's structure, hedge funds and insider trading.