As I have repeatedly written, the economy will not recover until trust is restored.Now, a distinguished international group of economists (Giancarlo Corsetti, Michael P. Devereux, Luigi Guiso, John Hassler, Gilles Saint-Paul, Hans-Werner Sinn, Ja…
Posts Tagged ‘Bernard Madoff’
US to ask for leniency for swindler Madoff’s former chief aide
February 21st, 2010 |
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A man who helped Wall Street swindler Bernard Madoff steal billions of dollars has earned himself friends in the Justice Department. In a letter made public Friday, federal prosecutors said Madoff’s former chief aide Frank DiPascali had provided “substantial assistance†to investigators.
Madoff brother, sons and a niece agree to limit spending to protect assets
February 6th, 2010 |
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Bernard Madoff’s brother, sons and a niece, accused in a lawsuit of using the family finance business like a “piggy bankâ€, have agreed to an asset freeze. The deal with court-appointed trustee Irving Picard was described in a document filed Friday in the US Bankruptcy Court in Manhattan.
Madoff unit escapes UK fraud charges
February 3rd, 2010 |
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Britain’s Serious Fraud Office (SFO) confirmed yesterday it will not pursue charges against the UK arm of Bernard Madoff’s investment firm as it seeks to broaden out its investigation. “Following a thorough review of all the available evidence (the SFO) has decided to take no action against
Madoff moved to prison hospital
December 24th, 2009 |
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Wall Street conman Bernard Madoff has been moved to a prison hospital from his cell where he is serving a 150-year jail sentence, US prison authorities said Wednesday. Madoff, 71, was moved last Friday to the hospital in North Carolina’s Butner prison, where he has been held, according to
Madoff’s spoils go under the hammer for $1 million
November 15th, 2009 |
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AÂ treasure trove of spoils from Wall Street swindler Bernard Madoff and his wife raked in nearly a million dollars Saturday in an auction to help pay back some of his victims. But the proceeds were still just a mere drop in the ocean compared to the $21.2 billion investors are said to
Zsa Zsa Gabor IRS Tax Debt
November 14th, 2009 |
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That damned Madoff….Convicted swindler Bernard Madoff is being blamed for a hefty tax bill owed by his former client, screen legend Zsa Zsa Gabor, according to documents obtained by The Associated Press on Friday.
On Oct. 5, the Internal Revenue Service filed a lien of more than $118,000 for the years 2001 and 2002 against the [...]
Madoff friend Picower dead, found in pool
October 26th, 2009 |
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Palm Beach billionaire and philanthropist Jeffry Picower, described as the biggest beneficiary of Bernard Madoff’s fraud, died on Sunday after he was found lying at the bottom of the pool at his home, police said. Police were investigating the death of the 67-year-old investor as a
Ponzi king Madoff emerges victorious in prison fight
October 15th, 2009 |
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Jailed Ponzi king Bernard Madoff was involved in a prison scuffle with a fellow inmate in North Carolina federal prison following a debate over stock market, and reportedly came out victorious.
According to reports, Madoff and the other inmate had a heated debate over the stock market, which turned sour when the former pushed Madoff.
Madoff retaliated [...]
A sidekick sings
August 12th, 2009 |
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Frank DiPascali will help prosecutors understand the Madoff fraud
HOW did Bernie do it? With an old IBM computer, oodles of chutzpah and, it seems, help from multiple sidekicks. On Tuesday August 11th Frank DiPascali, the senior lieutenant in Bernard Madoff’s bogus fund-management business, admitted to fraud and was arrested. His willingness to confess and, apparently, to co-operate—in contrast to Mr Madoff, who went to jail insisting he acted alone—is a coup for prosecutors. They will waste no time going after the unidentified “other people” with whom Mr DiPascali says he and his boss perpetrated the scam.
Mr DiPascali was the main point of contact for investors, who ranged from Jewish charities to film moguls. He also oversaw the mechanics of the vast Ponzi scheme. It purported to be making steady, double-digit returns trading options on a share index. In fact, client funds sat in an account at JPMorgan Chase and were withdrawn only to meet redemptions or to be parked in Treasuries and the like. This was “nothing more than a slush fund”, according to the complaint against Mr DiPascali by the Securities and Exchange Commission. …
Madoff finance boss pleads guilty
August 11th, 2009 |
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Frank DiPascali, the former chief financial officer of Bernard Madoff, is expected to plead guilty shortly for his role in the $65bn (£40bn) fraud.
Mr DiPascali is due before a court in Manhattan to face 10 charges including conspiracy and securities fraud.
The 52-year-old, who worked for Madoff for 33 years, faces a maximum possible sentence of 20 years.
Madoff, 71, was jailed for 150 years at the end of June. Last month he decided not to appeal again his sentence.
Ponzi scheme
Mr DiPascali is the third person to be charged in connection with the fraud at Madoff’s investment business, following Madoff himself and the company’s external accountant, David Friehling.
Mr Friehling is currently free on bail after being charged in March with aiding and abetting fraud, and four counts of filing false audit reports. He has pleaded not guilty.
Madoff admitted defrauding thousands of investors through a Ponzi scheme which he said had been running since the early 1990s.
A Ponzi fraud works by paying investors from money paid in by other investors rather than real profits.
It differs from pyramid selling in that individuals all tend to invest with the same person.
This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
First Madoff Interview: Can’t Believe I Got Away with It
July 28th, 2009 |
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In his first prison interview, a buff-looking Bernie Madoff said he couldn’t believe he got away with his massive Ponzi scheme for so long.
“There were several times that I met with the SEC and thought ‘they got me,’” Madoff told Joseph Cotch…
Leslie Pratch, Ph.D.: Information Asymmetries Part 1
July 26th, 2009 |
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If parties are not mutually and equally well informed, those with more information are likely to wind up with all of the wealth and those with less information will wind up with none of the wealth.
Hotprisonpals.com Gives Madoff Honorary Membership
July 25th, 2009 |
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BERNIE Madoff is in for some interesting fan mail. HotPrisonPals.com, a Web site that helps jailbirds hook up with pen pals, has given the Ponzi schemer an honorary membership.
More on Bernard Madoff
Pietersen targeted by 80-mn pounds British style Ponzi scheme
July 21st, 2009 |
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England star all rounder Kevin Pietersen was targeted in an alleged 80 million pounds fraud by a British “Bernie Madoff-style” gang.
Suspected tricksters tried to get England”’’s former captain, who played in yesterday”’’s historic win to invest in a “Ponzi” scheme, which has since collapsed.
It is thought two men approached multi-millionaire Pietersen, 29, who is married [...]
“Madoff” Bill Would Charge Rich Criminals For Jail
July 21st, 2009 |
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For anyone who believes crime doesn’t pay, tell that to the New York state legislator who introduced a “Madoff” bill on Monday. Rich New Yorkers convicted of crimes would be forced — if his bill becomes law — to pay the state and federal gov…
America’s 10 Cushiest Prisons
July 18th, 2009 |
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It’s looking like a lifetime sentence at one of the nation’s cushiest prisons for world-class fraudster Bernard Madoff. The record-setting scammer is now at the Federal Correctional Complex at Butner, N.C. It’s no Club Fed–the U.S. Bureau of …
Mass. Philanthropist Refunds Madoff Victims
July 16th, 2009 |
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BOSTON — A Massachusetts philanthropist who lost most of his personal fortune in the Bernard Madoff scandal has paid $5 million out of his own pocket to restore the retirement savings of employees who lost money in the multibillion dolla…
Getting Into The Top Prisons: Madoff Didn’t Get His First Choice
July 16th, 2009 |
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The federal judge overseeing the trial of Bernard Madoff said he would recommend the man who pulled off the biggest Ponzi scheme in U.S. history serve out his sentence in the Northeast. Instead, Mr. Madoff landed in a prison nearly 500 miles a…