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Tag: Ponzi Scheme


The Insider’s Economic Dictionary: P Is for Ponzi

Parasitism: In biology, parasites develop a strategy of gaining control of the host’s brain in order to obtain nourishment by masquerading as its natural progeny or as a part of its body. For economies, the brain in question is the government.

Posted on Apr 13, 2014 READ MORE



Fortune Live Media (CC BY-ND 2.0)

Is JPMorgan Chase About to Buy Its Way Out of Another Prosecution?

On the heels of an anticipated $13 billion fine to make its responsibility go away in the mortgage meltdown, the storied bank reportedly is in talks for a “deferred prosecution agreement” over its handling of some of Bernie Madoff’s Ponzi money. Short version: Pay a fine, and the bank avoids criminal charges. So in addition to being “too big to fail,” now we have “too big to be guilty.”

Posted on Oct 24, 2013 READ MORE



The Smoking Gun via Wikimedia Commons

Former Billionaire Sentenced for Huge Ponzi Scheme

R. Allen Stanford is perhaps not as well known as Bernie Madoff, but the two men have one thing in common—both received long sentences for their roles in separately orchestrating two of the largest Ponzi schemes ever.

Posted on Jun 14, 2012 READ MORE



Wikimedia Commons: U.S. Department of Justice / Georges Biard (CC-BY-SA) / U.S.

De Niro to Morph Into Madoff

The spectacular flameout of Bernard Madoff after the big reveal of his fraudulent financial empire played out like Shakespeare for the 21st century, and master actor Robert De Niro was clearly paying attention.

Posted on Nov 7, 2011 READ MORE


Madoff
AP / Louis Lanzano

Madoff’s Regrets

Ponzi schemer Bernard Madoff’s got nothing but time as he serves his sentence in a North Carolina prison for defrauding a vast network of clients out of billions of dollars, and he’s apparently not averse to spending some of it sitting for interviews that aren’t likely to help his standing much.

Posted on Oct 27, 2011 READ MORE



Jason Mitchell (CC-BY-ND)

Poker ‘Ponzi Scheme’ Bagged $440 Million, Says DOJ

Federal prosecutors Tuesday accused Full Tilt Poker, an online gambling operation, of running a global Ponzi scheme that siphoned $444 million from player accounts to pay off celebrity board members and cover business expenses. (more)

Posted on Sep 20, 2011 READ MORE



AP / John Minchillo

99 Percenters Occupy Wall Street

If 2,000 tea party activists descended on Wall Street, you would probably have an equal number of reporters there covering them.

Posted on Sep 20, 2011 READ MORE


Quacks Like a Ponzi Scheme

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Posted on Sep 15, 2011 READ MORE


Ponzi

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Posted on Sep 12, 2011 READ MORE


Madoff
AP / Louis Lanzano

Madoff Speaks

It’s hard to believe that it has already been two years since the implosion of Bernie Madoff’s devastating Ponzi scheme, and it’s hard to comprehend why the fallen financier would choose this moment to unburden himself to New York magazine’s Steve Fishman ...

Posted on Mar 1, 2011 READ MORE


Madoff pleads guilty
AP / Louis Lanzano

JPMorgan Chase Execs Doubted Madoff Before the Fall

It appears that some higher-ups at JPMorgan Chase were on to fraudster Bernie Madoff nearly two years before the catastrophic implosion of his Ponzi scheme, but said execs didn’t take this knowledge as reason enough to stop doing business with him.

Posted on Feb 3, 2011 READ MORE


Madoff
AP / Louis Lanzano

Billions More for Madoff Victims

The cash pot available to compensate victims of Bernie Madoff’s massive Ponzi scheme has grown by $7.2 billion after a settlement was reached with the estate of a Palm Beach client of the Wall Street shyster.

Posted on Dec 17, 2010 READ MORE


Madoff
AP / Jason DeCrow

Legal Trouble Spreads to Madoff Family Members

Fallen financier Bernard Madoff’s brother, sons and niece are now in legal hot water after a court-appointed trustee filed suit against them on Friday for allegedly pocketing “ill-gotten gains” they received from Madoff’s fraudulent business ventures, according to The Wall Street Journal.

Posted on Oct 2, 2009 READ MORE


Madoff affair book
gawker.com

Nobody Wants to Read About Bernie Madoff’s Steamy Affair

Disgraced former Wall Street baron Bernard Madoff might have made millions swindling others for profit during his heyday, but he doesn’t seem to have made much of a literary cottage industry for writers presumably looking to cash in on his downfall. Not even the “I-was-Bernie’s-mistress” angle is tempting book buyers at this point.

Posted on Sep 3, 2009 READ MORE


Madoff
AP / Louis Lanzano

SEC Missed Multiple Opportunities to Bust Madoff

It was a sad case of too little, too late when it came to the Securities and Exchange Commission’s readings of Bernie Madoff’s now-collapsed house of cards. On Wednesday, the SEC released a report about Madoff’s massive financial boondoggle, detailing the many moments in which chances were missed to stop the damage from spreading as far as it did.

Posted on Sep 2, 2009 READ MORE


Madoff pleads guilty
AP / Louis Lanzano

The Other Bernie Madoff Affair

Bernard Madoff’s connection with the New York-based Jewish charity Hadassah has become fraught above and beyond the economic level since the organization’s CFO, Sheryl Weinstein, claimed that she and the fallen financier had an affair, which she details in her upcoming memoir, “Madoff’s Other Secret: Love, Money, Bernie, and Me.”

Posted on Aug 14, 2009 READ MORE



AP / Louis Lanzano

Madoff’s Amazing Disgrace

Despite several occasions when he thought he had been nailed by the SEC, Bernard Madoff continued with his Ponzi scheme, revealing in his first jailhouse interview that he was “amazed” that he got away with it for so long. Madoff spoke to lawyers about his financial larceny Tuesday, during which he was called both candid and an “absolute gentleman.”

Posted on Jul 29, 2009 READ MORE


ENTER_ALT_TEXT
AP photo / Louis Lanzano

150 Years in the Slammer for Madoff

Bernard Madoff, the man responsible for the biggest Ponzi scheme in human history, has been sentenced to 150 years in prison. The judge was unswayed by the “tormented state” Madoff now finds himself in after swindling $65 billion over a span of 20 years, which affected thousands of people, from Elie Wiesel and Sandy Koufax to small investors and retirees.

Posted on Jun 29, 2009 READ MORE


Madoff
msrb.wordpress.com

Madoff’s Victims Speak Out

Some of them have only their homes, while others have no remaining assets and no means to earn income, but all of the former clients of Bernard Madoff (above) whose statements were made public by the government on Friday described in nightmarish terms their experiences since Madoff’s fraudulent investment empire crumbled.

Posted on Mar 21, 2009 READ MORE


Money Bags
U.S. Department of Justice

Madoff Accountant Arrested

David Friehling, the accountant of Bernard Madoff (pictured above), was arrested Wednesday on charges of securities fraud. Friehling is the first alleged accomplice to be named by authorities in connection with Madoff’s $65 billion Ponzi scam, though the accountant was charged with auditing failures, not direct participation in the scheme itself.

Posted on Mar 18, 2009 READ MORE


Smash-Me Bernie
minimemodelworks.com

Madoff’s Businesses Worth $10M, Tops

Although $10 million is a lot of money, it’s not much compared with $50 billion in lost investments. The $10 million figure represents the upper limit of the current value of Bernard Madoff’s businesses, which Madoff had valued at $826 million before his proverbial fall. It doesn’t look good for his defrauded investors’ chances of reclaiming much of their missing funds.

Posted on Mar 16, 2009 READ MORE


Madoff
AP photo / Jason DeCrow

Madoff Wants Out of Jail ... for Now

Citing such sketchy precedents as rulings in the cases of Enron’s Kenneth Lay and Jeffrey Skilling, Bernard Madoff’s legal team filed an appeal at a New York federal court on Friday requesting that their client be released on bail until he is sentenced on June 16.

Posted on Mar 13, 2009 READ MORE


Madoff pleads guilty
AP Photo/ Louis Lanzano

Madoff: ‘Deeply Sorry,’ ‘Ashamed,’ Guilty

The country’s most notorious scam artist, Bernard Madoff, pleaded guilty on Thursday to fleecing thousands of investors out of as much as $65 billion at the New York District Courthouse, where several of his defrauded clients turned up to hear him speak.

Posted on Mar 12, 2009 READ MORE


Madoff
AP photo / Louis Lanzano

Madoff to Plead Guilty

It’s not as though he has many other options, but alleged fraudster Bernie Madoff is preparing to plead guilty on Thursday to swindling thousands of clients out of as much as $50 billion in investments.

Posted on Mar 10, 2009 READ MORE


Thiermann

90-Year-Old Madoff Client Goes Back to Work

Even though this CBS report seems to want to make a feel-good story out of this one, it’s more the stuff of nightmares, despite 90-year-old Ian Thiermann’s good-natured take on his fate. After being retired for 30 years, Thiermann discovered that he’d lost his entire retirement fund due to Bernie Madoff’s shenanigans, and now Thiermann is working for $10 an hour in a California supermarket.

Posted on Feb 27, 2009 READ MORE


Smash-Me Bernie
minimemodelworks.com

Oh, Look ... You’ve Gone and Broken Your New Doll

Ah, capitalism. First, we had Ponzi schemer Bernard Madoff making big money off his clients, and now here comes ModelWorks, a toy manufacturer with an enterprising plan for how to profit off the failed financier in turn.

Posted on Feb 17, 2009 READ MORE


Bacon
seemoresplayhouse.com

Six Degrees of Bernard Madoff

Not that anyone else who suffered losses at the hands of failed financier Bernard Madoff is any less important, but it turns out that actor Kevin Bacon is one member of the vast network of investors in Madoff’s collapsed company, along with famed pitcher Sandy Koufax.

Posted on Feb 5, 2009 READ MORE


Madoff
AP photo / Jason DeCrow

An Insanity Plea for Madoff?

It might seem a stretch, but fallen financier Bernard Madoff’s legal team may be “exploring an insanity defense,” according to the New York Daily News.

Posted on Dec 28, 2008 READ MORE


Madoff Investor Found Dead in N.Y.

The co-founder of one of Bernard Madoff’s biggest corporate clients, Access International Advisers, was found dead of an apparent suicide on Tuesday morning in his New York office.

Posted on Dec 23, 2008 READ MORE


SEC logo
blog.kir.com

Sex and the SEC

Turns out that certain employees at the Securities and Exchange Commission weren’t just asleep at the wheel, as it were, when they should have been paying more attention to Bernard Madoff’s worrisome investment activities.

Posted on Dec 19, 2008 READ MORE


Obama appointees
AP photo / Gerald Herbert

Tough Road Ahead for New Economic Appointees

On Thursday, President-elect Barack Obama introduced three top financial appointees who will help him with the unenviable task of revamping the government’s economic regulatory system and “crack[ing] down on this culture of greed and scheming that has led us to this day of reckoning,” as Obama put it.

Posted on Dec 18, 2008 READ MORE


Madoff
streetinsider.com

Top Broker Busted for $50B ‘Ponzi Scheme’

Here’s yet another candidate for the expanding collection of Tales from the Dark Side of Wall Street (is there any other side?): The Wall Street Journal reported Friday that Bernard L. Madoff, a top trader for nearly five decades who has served as chairman of the Nasdaq Stock Market, was arrested this week after his sons turned him in for engineering an elaborate “Ponzi scheme.”

Posted on Dec 12, 2008 READ MORE


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