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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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Top Bernard Madoff Articles

Displaying items 205-216
  • Bernard Madoff's $10 Million Bail May Be Revoked, Jail-Bound

    By Anthony M. DeStefano, Newsday.com Bernard Madoff, the accused Wall Street swindler, could learn as early as today if he will have his $10-million bail revoked and spend his days in a federal jail cell. Government prosecutors filed additional legal...
  • Feds: Bernard Madoff is Risk to Flee

    Accused Wall Street scammer Bernard Madoff is a danger to the public and may flee in the face of massive fraud charges, a federal prosecutor stated Wednesday in court papers seeking a revocation of the 70-year-old investment adviser's bail. In a six-page...
  • Bernard Madoff Investor's Autopsy Completed

    The New York City medical examiner's office said an autopsy has been completed on the French hedge fund adviser who reportedly lost $1.4 billion investing with accused swindler Bernard Madoff, but the results won't be known until next week. Ellen...
  • Crooked Lawyer Is Granted House Arrest

    NEW YORK, N.Y. (WPIX) -- Former financier Bernard Madoff isn't the only one who's enjoying all the comforts of home as he awaits legal action against him. A federal judge ruled Thursday that a New York City lawyer accused of defrauding investors of more...
  • Bernard Madoff 's List of Victims Revealed

    NEW YORK, N.Y. (WPIX) -- We now know the names of the clients who lost huge sums of money they had invested with former financier Bernard Madoff.  The investors who saw their fortunes disappear include Hall of Fame pitcher Sandy Koufax, actor Kevin...
  • NY Congressman Gary Ackerman Erupts At SEC

    New York Congressman Gary Ackerman verbally whipped members of the Securities and Exchange Commission Thursday in Washington for not uncovering the alleged $50 billion dollar fraud perpetrated by Bernard Madoff. This after whistleblower Harry Markopolos...
  • Bernie Madoff's Assets Are Revealed

    NEW YORK, N.Y. (WPIX) -- The public is now getting a glimpse at how much disgraced financier Bernard Madoff is worth. Newly-filed court documents show at the end of last year, Madoff and his wife, Ruth, had a net worth of more than $823 million. The...
  • Gov't. Will Seek Ruth Madoff's Money, Too...

    NEW YORK - Federal prosecutors have notified a New York court that they also want the assets of Bernard Madoff's wife. In a court filing, the government said it will seek the $7 million Manhattan penthouse as well as another $62 million that Ruth...
  • IRS: Madoff Victims Will Get Tax Break

    NEW YORK (WPIX) -- More good news for those ripped off by Bernard Madoff. Just days after the swindler was thrown into prison, the IRS announced Tuesday it's giving tax breaks to victims of the massive $65 billion Ponzi scheme. IRS Commissioner Douglas...
  • Bernard Madoff facing 150 years in prison

    Accused Wall Street scammer Bernard Madoff faces 11 counts in the alleged $50-billion Ponzi scheme -- including wire fraud, securities fraud and mail fraud -- and faces 150 years in prison according to federal guidelines, prosecutors said in court Tuesday...
  • Madoff Ready To Plead Guilty?

    NEW YORK (AP) - Prosecutors filed a motion Friday indicating that Bernard Madoff may be ready to plead guilty to charges that he carried out one of the biggest financial frauds in history. The U.S. Attorney's office suggested in a brief court filing...
  • Madoff Sent To Jail, Pleads Guilty To 11 Federal Charges

    NEW YORK (WPIX) -- U.S. District Judge Denny Chin sent Bernard Madoff directly to jail following his pleading guilty to all 11 felony charges against him. Speaking publicly for the first time about the massive scandal Madoff told the judge he "cannot...