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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 229-240
  • Madoff Forfeits $170 Billion in Assets

    Madoff Forfeits $170 Billion in Assets
    Ponzi schemer, Bernard Madoff has been ordered to forfeit more than $170 billion in assets, prosecutors said Friday. U.S. District Judge Denny Chin entered the preliminary order of forfeiture the same day. It requires Maddoff hand over all real estate,...
  • Bernard Madoff Faces 150 Years in Prison

    Bernard Madoff Faces 150 Years in Prison
    The mastermind behind the largest ponzi scheme in history is scheduled to appear in court on Monday. Bernard Madoff, will be sentenced at U.S. District Court in Manhattan where he faces the possibility of spending the rest of his life in prison....
  • Day Of Reckoning Comes For Bernard Madoff

    Day Of Reckoning Comes For Bernard Madoff
    It was a crime of epic proportions: a multibillion dollar Ponzi scheme that wiped out fortunes, drained retirement nest eggs, ruined charities and foundations, and even pushed some investors to commit suicide. Six months after the scandal came to light,...
  • Madoff sentenced to 150 years in prison

    Madoff sentenced to 150 years in prison
    Disgraced fund manager Bernard Madoff, 71, was sentenced to 150 years in prison Monday for masterminding one of the largest Ponzi schemes in U.S. financial history. "I think Judge [Denny] Chin had it absolutely correct," said Stanley Lehrer, a retired...
  • Madoff sentenced for multi-billion-dollar fraud

  • Victim: Madoff Family Should Be Held "Accountable"

    Victim: Madoff Family Should Be Held "Accountable"
    A sense of vindication Monday for thousands of investors who lost millions of dollars in the $65-billion dollar Ponzi scheme run by Bernard Madoff, as a judge sentenced the disgraced money manager to a maximum prison term of 150 years. "I really held...
  • Ruth Madoff Locked Out Of Upper East Side Penthouse

    Ruth Madoff Locked Out Of Upper East Side Penthouse
    Ruth Madoff has officially been evicted from her luxurious Upper East Side penthouse. Six U.S. Marshalls arrived at Bernard and Ruth's apartment shortly before noon Thursday armed with court papers, ordering her to leave the $7 million penthouse at 133...
  • Madoff Aide To Plead Guilty In Ponzi Scheme

    Madoff Aide To Plead Guilty In Ponzi Scheme
    Bernard Madoff's top lieutenant in his Ponzi scheme is scheduled to plead guilty Tuesday to federal charges in what many legal observers believe is a cooperation deal that could lead to trouble for some major hedge fund operators. Frank DiPascali Jr.,...
  • Madoff aide pleads guilty

    After months of secretly working with the FBI, Bernard Madoff's right-hand man emerged in federal court on Tuesday and pleaded guilty to conspiracy and other charges, contradicting claims by the disgraced financier that he acted alone. "I was loyal to...
  • Court filing details how Madoff scheme worked

    Bernard Madoff used a random-number generator, old stationery, a "phantom" trading platform and an aging computer to hide for decades the world's biggest Ponzi , U.S. regulators said in claims against the person they called his "key lieutenant," Frank...
  • NY Lawyer Can't Recover Madoff Millions from Ex-Wife

    NY Lawyer Can't Recover Madoff Millions from Ex-Wife
    A judge says that a prominent New York real estate lawyer can't recover money he paid in a divorce agreement based on the belief that the ex-couple had millions invested with Bernard Madoff. Steven Simkin says he gave Laura Blank $6.6 million as her...
  • Madoff Victims Seek To Recover Money In Court

    Madoff Victims Seek To Recover Money In Court
    Thousands of Bernard Madoff victims have billions of reasons to be concerned about a court battle being waged in New York over just how much money was scammed in Wall Street's biggest Ponzi scheme. At issue is which figure, $65 billion or $20 billion,...