Madoff fraud hits investors worldwide

Bernard Madoff, a prominent money manager and former chairman of the Nasdaq Stock Market, has confessed to losing $50 billion of his investors' funds in a Ponzi scheme

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Madoff calls banks 'complicit'

Bernard L. Madoff said he never thought the collapse of his Ponzi scheme would cause the sort of destruction that has befallen his family.

Salem businessman
to battle Madoff suit

Robert Lappin, a Salem businessman and philanthropist who lost millions of dollars that he entrusted to convicted swindler Bernard Madoff, said yesterday that he intends to fight a lawsuit seeking $1.8 million from one of his funds.

Suits against Madoff proceed

At least 1,000 civil lawsuits will now go forward to try to recover more than $50 billion for victims of the global Ponzi scheme orchestrated by Bernard Madoff.
Madoff’s son is found dead in apparent suicide in N.Y.

Madoff’s son is found dead in apparent suicide in N.Y.

Mark Madoff, 46, hanged himself by a dog leash in his Manhattan apartment on the second anniversary of his father’s arrest in a multibillion-dollar Ponzi scheme.

Shapiro family to return
$625m in Madoff funds

Boston philanthropist Carl Shapiro and his family have agreed to return $625 million they received from convicted con man Bernard Madoff.

Jaffe 'reckless,' SEC says

Regulators settled charges with Boston broker Robert Jaffe and Cohmad Securities Corp. alleging that they were reckless and failed to protect investors.

Madoff trustee details costs, claims

Irving Picard, the trustee overseeing the bankruptcy of Bernard Madoff’s investment firm, spent $26.9 million in the six months ended Sept. 30 while recovering $849,000 for victims of Madoff’s Ponzi scheme.

Markopolos offers guarded praise for SEC

Markopolos offers guarded praise for SEC
Bernard Madoff whistle-blower Harry Markopolos yesterday said the SEC was taking steps to become more effective in the wake of the massive fraud.

Website targets Madoff victims

As if things weren't tough enough for Bernie Madoff's victims: Scam artists have created a faux website mimicking that of the agency handling claims for the swindler's investors.

Shapiros help nonprofits ease loss of aid

The Carl & Ruth Shapiro Family Foundation, which lost $145 million in the collapse of Madoff's scheme, is helping help former grant recipients, such as a Boston teen dance group, find new funders.

Madoff case hits Hub donor

The Boston philanthropist who allegedly reaped $1 billion in profits from Bernard Madoff's Ponzi scheme is a step closer to having to return a portion of that money.

Whistle-blower says SEC hasn’t improved

Harry Markopolos, who repeatedly warned the Securities and Exchange Commission about Bernard Madoff’s Ponzi scheme, says he and his investigative team have uncovered a raft of new multibillion-dollar frauds.

Former Madoff aide arrested

Daniel Bonventre, the former operations director for Bernard Madoff Investment Securities, faces conspiracy, securities fraud and tax charges.

Suit aims to boost victims’ reimbursements

Three investors who lost money in the Ponzi scheme filed a fraud lawsuit against the president and directors of the Securities Investor Protection Corp. to try to boost the amount of reimbursements to victims.
Charges against Jaffe dropped

Charges against Jaffe dropped

A federal judge in New York dismissed securities fraud charges the SEC had brought against broker Robert Jaffe in the Bernard Madoff affair.

A year later, fresh outrage at Madoff

A year since the world learned that Bernard Madoff pulled off one of the biggest cons of all time, some are expressing their outrage publicly for the first time - in court.

Trustee: Shapiro got $1b in fake profit

The trustee in the Madoff case is accusing Boston philanthropist Carl Shapiro and his family foundation of reaping $1 billion in fictitious profits.

Trustee seeking $22.1m

Irving Picard, the liquidator for Bernard Madoff's investment advisory business, asked a judge to approve $22.1 million in fees for him and his team with the law firm Baker & Hostetler LLP for five months of work.

Madoff auditor pleads guilty

David Friehling pleaded guilty to securities fraud and other charges in District Court in Manhattan in a deal that could leave him behind bars for years.

Madoff victims recoup $534m

More than $534 million has been paid to 1,368 victims of Bernard Madoff through the national fund that insures against failed brokerage firms, a trustee said.

Madoff trustee seeks $7b

A trustee recovering Madoff's assets for jilted investors has labeled a Florida philanthropist as the biggest beneficiary of the multibillion-dollar fraud and demanded that he return more than $7 billion in bogus profits.

Trustee may divvy up Madoff's assets

The United States may hire Irving Picard, the trustee for Bernard L. Madoff Investment Securities, to help distribute assets to Madoff’s investors, according to a court filing.

Properties to be auctioned

Properties
Days after being sentenced for running the largest Ponzi scheme in US history, Bernard Madoff's properties were seized by US marshals. Take a look at what will be sold.

Sotheby's to sell Madoff's NYC home

Sotheby’s International Realty in New York was selected by the US Marshals Service as brokers for the sale of Bernard Madoff’s New York City penthouse apartment, according to people familiar with the decision.

Galvin settles with Madoff feeder fund

Secretary of State William F. Galvin's office has reached a settlement agreement of $8 million with Bernard Madoff feeder fund Fairfield Greenwich Advisors.
Followers of a mystical religion taken in by Madoff

Followers of a mystical religion taken in by Madoff

A number of Sufis, including Saphira Linden, entrusted their money to a California lawyer, who in turn placed their money with Bernard Madoff.

Galvin finds new victims

Massachusetts' top securities regulator said that he identified three more victims who lost millions of dollars in Bernard Madoff's Ponzi scheme.

Galvin won’t settle case

Secretary of State William F. Galvin has rejected an offer by Fairfield Greenwich Advisors to settle fraud charges he filed against the investment firm for allegedly failing to protect clients from swindler Bernard L. Madoff.

Madoff aide pleads guilty

After months of secretly working with the FBI, Bernard Madoff’s right-hand man pleaded guilty to conspiracy and other charges, contradicting claims by the disgraced financier that he acted alone.

Shapiro tax filing shows a steep loss

The family foundation of Carl Shapiro, one of Bernard Madoff’s longtime friends and investment clients, has amended its taxes to reflect more than $140 million in losses to the convicted swindler.

Galvin says firm failed in oversight

Massachusetts Secretary of State William F. Galvin contends that Fairfield Greenwich Group should have seen the signs that Madoff was hiding something.
Trustee sues Madoff's wife

Trustee sues Madoff's wife

The trustee overseeing the liquidation of Bernard Madoff's assets sued the swindler's wife, asking for nearly $45 million that he says was spent on "a life of splendor."

Recovery lawsuits progress

The trustee liquidating Bernard Madoff’s business told a judge he is in settlement talks with three Fairfield Greenwich Group hedge funds accused of taking $3.54 billion in fake profit from the conman’s fraud.

Madoff victim pays for employees' 401(k)

Philanthropist Ronald I. Lappin is using $5 million of his own money to restore the retirement savings of his employees who lost their nest eggs to admitted swindler Bernard L. Madoff.
shapiro

Uneasy times for Shapiros

Eleven days ago, while Bernard Madoff was in a Manhattan jail cell awaiting his sentence, his old friend Carl Shapiro was enjoying a family dinner in Boston.

US marshals seize Madoff NYC penthouse

Federal marshals seized disgraced financier Bernard Madoff’s $7 million Manhattan penthouse yesterday and forced his wife to move out and leave her possessions behind, including a fur coat she asked to take with her.

Madoff gets 150 years

Despite claims of contrition, Bernard L. Madoff was sentenced to 150 years in prison for what a federal judge called an act of “extraordinary evil.’’
Ponzi schemes explained
interactive graphic

Ponzi schemes explained

Madoff defrauded investors in an alleged Ponzi scheme. Here's how they work.

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