The Long Island beach home formerly owned by the infamous Bernard Madoff has sold for $9.41 million and the money will go to a fund that will help defrauded investors to get back on their feet. Madoff was convicted of orchestrating an enormous multi-billion dollar Ponzi scheme and will spend the rest of his life in prison.
Although the sale of the house was announced a month ago, neither the identity of the buyers nor the price of the home was released. A statement made by the U.S. Marshals Service, which is in charge of the Department of Justice’s criminal forfeiture …read more

After losing a significant amount of money to Bernard Madoff and his multi-billion dollar Ponzi scheme, a Malibu couple was forced to return their $12 million beach house to Wells Fargo. A scandal erupted, though, when it was discovered that Cheronda Guyton, a Wells Fargo senior vice president in charge of foreclosed commercial properties, had been spending weekends in the foreclosed home, throwing parties and living the high-life, all the while prohibiting the house from being sold.
 
For many, Guyton’s brazen use of a multi-million dollar foreclosed home has reignited outrage about how banks that received billions of dollars in taxpayer …read more

Following in the shameful footsteps of criminals like Bernard Madoff and R. Allen Stanford, a Brooklyn money manager was arrested today and charged with running a $40 million classic Ponzi scheme. Among those affected are many retirees, several of them losing their life savings to the scheme that Philip Barry has run since the 1970s.
 
Officials in charge of investigating the case have revealed that Barry originally tried to invest the money legitimately, putting some of it into real estate investments that never became profitable and some into the pornography industry. Since then, Barry conned hundreds of people into giving them …read more

In news that will undoubtedly cause victims of Bernard Madoff’s massive $150 billion Ponzi scheme to become outraged, an new report by the Securities and Exchange Commission shows that the SEC received six tips in the sixteen years leading up to Madoff’s confession concerning his scam. However, the SEC’s report alleges that the agency mishandled the inquiries and ignored several key factors in exposing Madoff’s guilt.
 
The SEC recently released a 450-page report that revealed the SEC’s knowledge of Madoff’s “lies and misrepresentations” dating all the way back to 1992. However, the report also revealed that the SEC failed in its …read more

Bernard Madoff was recently sentenced to 150 years in prison for committing the largest case of investment fraud ever perpetrated by a single person. However, his accountant, David Friehling, has maintained that he is innocent of any wrongdoing, despite the fact that he is the only other person besides Madoff to be charged in the multi-billion dollar fraud case.
 
The prosecution in the case has alleged that Friehling was responsible for verifying the transactions at Madoff’s fraudulent investment firm, but that he also failed to realize that Madoff was committing false transactions. This lack of oversight allowed Madoff to swindle millions …read more

Bernie Madoff has lessons to teach us.

The man responsible for the largest Ponzi scheme in American history has lost his Manhattan penthouse apartment to federal marshals. Bernard Madoff’s $7 million property, from which his wife was evicted without even being able to take any of her possessions, will be sold and the proceeds will go toward the victims of Madoff’s billion-dollar scheme.
According to reports, Mrs. Madoff begged marshals to allow her to take her fur coat, but in the end, all she could take with her was a straw bag and the clothes on her back. She maintains that she is innocent until proven guilty and …read more

On Monday, Bernard Madoff begged for a light sentence. He told the federal judge that he didn’t deserve the max sentence. When it was all said and done, Madoff received that max sentence of 150 years in prison.
For Madoff, who is 71 years old, the 150 years in prison is a life sentence. When the judge was sentencing Madoff, he called Madoff’s crimes “extraordinarily evil”.
Madoff was charged in a multi-billion dollar ponzi scheme that destroyed the lives of many people. Some of his victims lost their life savings, others lost all of their retirement money and some of his victims …read more

In a move that might inspire empathy out of the American public if it was anyone other than the wife of the man who orchestrated the biggest Ponzi scheme in history, Ruth Madoff has decided to give up a claim of $80 million in assets. This leaves Madoff with $2.5 million, much less than she would have gotten if she pursued the claim.
This settlement came late yesterday after U.S. District Judge Denny Chin, who is also responsible for sentencing Bernard Madoff in court on Monday, approved of the decision. Ruth Madoff will not be present for the sentencing but she …read more

Bernard Madoff is responsible for committing what has been referred to as the largest investment fraud ever perpetrated by a single person, so large that it is taking a long time to account for each individual victim and loss. In spite of this, prosecutors urge the judge in charge of the case to go ahead and sentence Madoff for his crimes.
 
The records of the activities of Madoff’s firm go all the way back to 1979 and much of it still needs to be entered into a computer, meaning that the exact amount of money that Madoff swindled out of investors …read more