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BUSINESS
April 2, 2010 | Bloomberg News
Actor John Malkovich is seeking to recover $2.3 million from an account he had with the securities firm of Bernard Madoff, who conducted the biggest Ponzi scheme in U.S. history. Irving Picard, the trustee liquidating Madoff's firm, in August approved a claim for $670,000 for the actor's pension plan and trust, more than $1.5 million short of the value of the securities in Malkovich's account listed on his November 2008 final statement, attorneys for the actor said in a filing Thursday in U.S. Bankruptcy Court in New York.
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BUSINESS
January 13, 2014 | By Marc Lifsher
SACRAMENTO -- Bernice Tingle, 67, lost her life's savings of over $1 million to a convicted Bay Area Ponzi scheme operator, who's now serving 46 months in federal prison. The retired phone company manager says she now barely gets by on the income she has left. But state tax collectors came after her for $84,000 in taxes on the paper profits that she never got. The debt now is $135,000 with interest and penalty charges. Tingle got some relief from the IRS, thanks to a ruling helping victims of the more infamous Ponzi schemer Bernard L. Madoff.
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BUSINESS
January 13, 2014 | By Marc Lifsher
SACRAMENTO -- Bernice Tingle, 67, lost her life's savings of over $1 million to a convicted Bay Area Ponzi scheme operator, who's now serving 46 months in federal prison. The retired phone company manager says she now barely gets by on the income she has left. But state tax collectors came after her for $84,000 in taxes on the paper profits that she never got. The debt now is $135,000 with interest and penalty charges. Tingle got some relief from the IRS, thanks to a ruling helping victims of the more infamous Ponzi schemer Bernard L. Madoff.
BUSINESS
January 7, 2014 | By Stuart Pfeifer
JPMorgan Chase & Co. has agreed to pay $1.7 billion to resolve a Justice Department investigation into its role in Bernard Madoff's multibillion-dollar Ponzi scheme. The giant Wall Street firm, which served as Madoff's primary banker, acknowledged that it failed to alert authorities to suspicious activity in Madoff's accounts as required under federal law. Prosecutors with the U.S. attorney's office for the Southern District of New York agreed to defer a criminal prosecution in exchange for the monetary penalty, which will be forwarded to victims of the Ponzi scheme.
NEWS
December 20, 2008
Also, an article in Section A on Wednesday about the Madoff scandal misidentified the American Jewish Congress as the United Jewish Congress. The article also misspelled the last name of Reed Kathrein, an investor's attorney, as Kathrien.
BUSINESS
June 24, 2009 | Associated Press
Bernard Madoff's lawyer has told a judge scheduled to sentence the disgraced financier next week that 12 years in prison would be sufficient punishment for the man who swindled tens of billions of investors' dollars in one of history's biggest frauds. But a Colorado woman who says her family was ruined financially by Madoff's thievery said that sentence might work only "if he was hung by his toes" the whole time.
BUSINESS
January 9, 2009 | Tom Petruno
Hollywood mogul Jeffrey Katzenberg says the losses on his personal investments with Bernard L. Madoff have done "extraordinary damage" to his philanthropic efforts. In an interview with CNBC on Thursday, the DreamWorks Animation SKG chief said it was a "disgrace" that Madoff remained free pending the next phase of his case.
BUSINESS
March 17, 2009 | Associated Press
Prosecutors probing Bernard L. Madoff's massive fraud are determined to leave his wife with almost nothing after telling a Manhattan court that they consider more than $100 million in assets, most of it listed in her name, to be the fruits of her husband's crimes. The government even included a $39,000 Steinway piano and $65,000 in silverware, both owned by Ruth Madoff, in items it said it would try to force the Madoffs to forfeit. The list was in a three-page document filed in U.S.
BUSINESS
May 27, 2009 | Associated Press
A Spanish bank that was among the biggest losers in the Bernard Madoff swindle has cut a deal to avoid a legal brawl with the trustee trying to unwind the massive Ponzi scheme. The settlement, announced Tuesday, calls for Banco Santander to pay $235 million to resolve potential legal claims over withdrawals a subsidiary made from its investments with Madoff in the 90 days before the fraud collapsed.
BUSINESS
April 24, 2009 | Bloomberg News
The trustee liquidating Bernard Madoff's defunct money management firm told 223 investors to return as much as $735 million or face legal action, a person familiar with the matter said. "The trustee demands that you immediately return such amounts to the trustee for the benefit of all defrauded creditors" of Bernard L. Madoff Investment Securities, according to a copy of the letter.
BUSINESS
January 7, 2014 | By Walter Hamilton and Stuart Pfeifer
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.
BUSINESS
December 12, 2013 | By Andrew Tangel
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...
BUSINESS
April 10, 2013 | By Andrew Khouri
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.
BUSINESS
February 26, 2013 | By Shan Li
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.
ENTERTAINMENT
January 5, 2013 | By Carolyn Kellogg
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.
BUSINESS
December 26, 2012 | By Andrew Tangel
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.
OPINION
June 30, 2009
Bernard Madoff's apology was all we could have asked for. It wasn't halfhearted or mealy-mouthed. He accepted responsibility for his actions and didn't slip in any caveats, justifications or self-exculpatory asides. "I'm sorry," the 71-year-old convicted swindler said, turning around in the courtroom to face his victims. "I live in a tormented state now, knowing of the pain and suffering that I've created." Great. Except for one little problem.
BUSINESS
December 23, 2008 | Times Staff and Wire Reports
Facebook Inc., operator of the world's largest social-networking site, removed a page dedicated to Bernard Madoff after some users posted comments complimenting and jeering his alleged $50-billion fraud. Facebook judges whether the content of a page is inappropriate if it gets complaints, spokesman Larry Yu said. Facebook, after inquiries by Bloomberg News, concluded that the pages may not have been authorized as required by Madoff or his representatives.
BUSINESS
December 21, 2012
NEW YORK - The brother of imprisoned financier Bernard Madoff was sentenced to 10 years in prison for crimes committed in the shadow of his notorious sibling by a judge who said she disbelieved his claims that he did not know about the epic fraud. Peter Madoff, 67, agreed to serve the maximum sentence allowable to the charges of conspiracy and falsifying the books and records of an investment advisor that he pleaded guilty to in June. U.S. District Judge Laura Taylor Swain urged him to tell the truth even after he reports to prison Feb. 6 about what he knows about the multi-decade fraud that cost thousands of investors their original $20 billion investment.
BUSINESS
November 13, 2012 | By Andrew Tangel
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.
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