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Bernard Madoff

Bernard Madoff
Bernard Madoff's family turned him in to authorities in December, blowing the whistle on what authorities said he described as a "giant Ponzi scheme."

Authorities say Madoff confessed to family members that he had for years been paying returns to certain investors out of the principal received from others until he had only $200 million to $300 million remaining.

The charge against Madoff carries a potential penalty of up to 20 years in prison. Other charges could be added as the case is presented to a grand jury.

He is free on bail but must stay at his Upper East Side apartment.
Bernard Madoff's family turned him in to authorities in December, blowing the whistle on what authorities said he described as a "giant Ponzi scheme."

Authorities say Madoff confessed to family members that he had for years been paying returns to certain investors out of the principal received from others until he had only $200 million to $300 million remaining.

The charge against Madoff carries a potential penalty of up to 20 years in prison. Other charges could be added as the case is presented to a grand jury.

He is free on bail but must stay at his Upper East Side apartment.
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  • Ten for Tuesday: Caroline says yes

     
    Obama leads after electoral votes were cast in state Capitols yesterday, and his election as President will become official when the votes are tallied in Congress on Jan. 6. Caroline Kennedy has thrown down for the Senate seat, and...
  • Bernard Madoff, a disaster foreseen

     
    by Frank James The more I learn about the Bernard Madoff and his alleged Ponzi scheme, the more it reminds me of the Space Shuttle Challenger disaster. That 1986 calamity, as you'll recall, was preventable. Engineers at the Thiokol rocket...

    Madoff-SEC's very cozy tie?

     
    by Frank James The Bernard Madoff affair in which many wealthy people were allegedly scammed in a Ponzi scheme that may have cost investors $50 billion just gets stranger by the day, doesn't it? Now it turns out a Securities...

    Madoff talked softly, wrote big DC checks

     
    by Frank James Bernard Madoff, Wall Street's alleged Ponzi king, made political donations to Washington types which evidently bought him some access in here. But it appears he had a light footprint in the nation's capital and I haven't seen...

    Ten for a Monday: Israel goes to Iraq, with Paterson

     
    Dick Cheney and Joe Biden exchanged insults and different views on the role of the vice-presidency and the accomplishments of the Bush administration in TV interviews. Biden will be overseeing a task-force on the middle class. Obama, on vacation...