Bernie Madoff suffers heart attack in prison

Bernie Madoff suffers heart attack in prison

Jan. 23 (UPI) -- Ponzi schemer Bernie Madoff has reportedly suffered a heart attack while in federal prison in North Carolina.
Gabrielle Levy

Madoff suffers heart attack in prison

BUTNER, N.C., Jan. 22 (UPI) -- Bernie Madoff, the investment guru convicted of running the largest Ponzi scheme in U.S. history, confirmed he had a heart attack while in prison.
JPMorgan nears $2B settlement to end criminal probe in Madoff case

JPMorgan nears $2B settlement to end criminal probe in Madoff case

Dec. 12 (UPI) -- JPMorgan might pay $2 billion to the government after two decades of working with Bernie Madoff.
Sonali Basak

Breaking the banks

WASHINGTON, Nov. 4 (UPI) -- As bankers and politicians argued again whether or not to split RBS (Royal Bank of Scotland) into a good and a bad bank, a key issue has made few headlines. What governments have given banks with one hand they have taken away with the other.
MARTIN WALKER, UPI Editor Emeritus
Jackson gets 'Dear Candidate' letter from FCC

Jackson gets 'Dear Candidate' letter from FCC

WASHINGTON, Oct. 30 (UPI) -- Jesse Jackson Jr. may be serving a 2 1/2 year prison term for corruption but the disgraced former congressman is still caught up in the federal bureaucracy.

Prosecutor: Former Madoff staffers 'knew' they were involved in fraud

NEW YORK, Oct. 17 (UPI) -- Five former employees of convicted swindler Bernard Madoff knew what they were doing when they created false records, a New York federal prosecutor says.

Judge rules jurors may hear of Madoff office love affairs

NEW YORK, Sept. 25 (UPI) -- Jurors may hear testimony about alleged affairs by convicted Ponzi schemer Bernie Madoff and others in his office, a federal judge in New York has ruled.

The almanac

UPI Almanac for Wednesday, Nov. 14, 2012.
By United Press International
Madoff son having trouble finding rental

Madoff son having trouble finding rental

NEW YORK, June 4 (UPI) -- Ponzi schemer Bernie Madoff's son and future daughter-in-law are having trouble landing a New York City apartment because of their familial connections.

The almanac

UPI Almanac for Monday, Nov. 14, 2011.
By United Press International
Latest Madoff book tabbed for HBO film

Latest Madoff book tabbed for HBO film

NEW YORK, Nov. 5 (UPI) -- HBO has acquired an option on a new book about Bernie Madoff and will roll it into a movie project about the U.S. investment swindler.

Thanksgiving slayings plea deal expected

PALM BEACH, Fla., Oct. 26 (UPI) -- A Florida man accused of killing four family members during a Thanksgiving 2009 shooting is expected to enter a plea avoiding the death penalty, attorneys said.

Court ruling means trouble for Mets owners

NEW YORK, Aug. 17 (UPI) -- A federal appellate court decision in the case of Bernie Madoff is being seen as a significant setback for the owners of the financially troubled New York Mets.
Wife leaves fraudster Bernie Madoff

Wife leaves fraudster Bernie Madoff

WASHINGTON, Aug. 15 (UPI) -- The wife of a convicted multibillion-dollar Ponzi scheme operator Bernie Madoff has left him in an attempt to put her life back together, his biographer said.

Watercooler Stories

No jail for California woman who fed bears … Madoff's clothes made into iPad cases … Crew was not seeking Buddhist lobsters … Man gets master's degree on 90th birthday … Watercooler stories from UPI.
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Bernie Madoff
The Bernie "Made Off With My Money" Madoff action figure, designed by Graeme Warring, president of Modelworks, is shown at the 2009 Toy Fair held at the Jacob Javits Center on February 18, 2009 in New York City. The caricature doll resembles the disgraced financier and it comes with a hammer intended to be used to smash the figurine. (UPI Photo/Monika Graff)

Bernard Lawrence "Bernie" Madoff (pronounced /ˈmeɪdɒf/; born April 29, 1938) is an American former stock broker, investment advisor, non-executive chairman of the NASDAQ stock market, and the admitted operator of what has been described as the largest Ponzi scheme in history.

In March 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1970s, and those charged with recovering the missing money believe the investment operation may never have been legitimate. The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.

Jeffry Picower, rather than Madoff, appears to have been the largest beneficiary of Madoff's Ponzi scheme, and his estate settled the claims against it for $7.2 billion. J.P. Morgan Chase & Co. may have also benefitted from the scheme – through interest and fees charged – to the tune of a billion dollars. Trustee Irving Picard has filed suit seeking the return of $1 billion and damages of $5.4 billion. Morgan denied complicity. According to the same lawsuit, New York Mets owners Fred Wilpon and Saul Katz and associated individuals and firms, received $300 million from the scheme. Wilpon and Katz "categorically reject" the charges.

This article is licensed under the GNU Free Documentation License.
It uses material from the Wikipedia article "Bernie Madoff."
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