madoff

For sure, there have been a few high-profile dramas. Bernard Madoff is one, obvious, example.

According to reporters in the courtroom, Madoff sat looking down in front of him as his victims gave vent to their fury.

Fairfield Greenwich, which had $7. 5bn invested with Mr Madoff, faces at least one class action lawsuit from enraged investors.

Mr Madoff was no hawkish salesman. He often turned down the country club members competing to throw money at him.

Some of Mr. Madoff's fellow inmates suspect he has money hidden somewhere and try to cozy up to him in hopes of learning its location.

Mr. Madoff told Mr. White he didn't want to be depicted in his prison khakis, Mr. White says, so he drew him in a suit and tie.

Mr. Madoff's brother and niece held positions at the firm as of this month, and his wife earlier did.

Mr Madoff's victims believed he could deliver returns that were too good to be true, and did not ask how or why.

For what it is worth, I thought Mr Sorkin mumbled his way through a poor attempt to defend Mr Madoff in his closing argument.

The size of the alleged Bernard Madoff scam, if it lives up to its initial $50bn billing, is astounding, yet unsurprising.

He described Madoff in court as a "deeply flawed human being" and said the maximum sentence was "absurd" .

The company has no intention of resurrecting the investment management side of Mr Madoff's business, which was the Ponzi scheme.

Madoff treated him well, Nasi said, rarely if ever yelling at him, often coming to his desk to ask if everything was okay.

Mr Madoff was himself a big name, having been a chairman of the Nasdaq exchange, and his investors regarded him as a Wall Street insider.

He had been the victim of a Ponzi scheme before but, before he died, he made sure he was one of Mr Madoff's largest beneficiaries.

Mr. Madoff said he made 'a terrible mistake' and an 'error of judgment' and that he lives in a 'tormented state' now.

Thus Madoff posed as a man beleaguered by his own generosity, who took on new clients as a favor to friends.

As I mentioned in an earlier post on the Deal Professor, Mr. Madoff's guilty plea signaled the end of the beginning.

But six months after his arrest, prosecutors still do not know exactly how much money Madoff took or what his victims might hope to recover.

But Bernard Madoff has robbed the world of such a catharsis, just as he robbed almost 5, 000 credulous clients of billions of dollars.

As with Bernard Madoff's Ponzi scheme, everything went well provided they continued to put money into the market.

Once, after Levy's health began to fail, Madoff arranged for a helicopter to transport him for medical treatment.

When he admitted to the fraud, Madoff said it had begun in the 1990s, as he tried to navigate the recession.

Dominic Ambrosino, an ex-prison officer, said he and his wife Ronnie Sue had their "entire life savings wiped out" by Madoff.

Nancy Fineman, who represented investors in a suit against his wife, Ruth Madoff, interviewed him this summer.

That ought to have made investors suspicious of the smoothness of the returns of Bernard Madoff, who has been accused of a vast fraud.

As for her salon, Pierre Michel, Mrs. Madoff had dropped in every six weeks over the last 10 years.

Bernie Madoff's wife has been left with a lump sum in that amount from her settlement with the Justice Department.

There was no Lehman-style collapse or Bernie Madoff-type fraud to hammer home the full extent of the hubris.

Back then, Mr. Madoff was sleeping in the bottom bunk and exercising every night by walking around the track.

One of his lawyers, Ira Sorkin, added at the time that Mr. Madoff was experiencing high blood pressure and heart palpitations.

Disgraced investor Bernard Madoff returned to his Manhattan apartment after making a surprise appearance at the federal courthouse.

Madoff's death "is a tragic development and my sympathy goes out to Mark Madoff's family, " Picard said in an e-mailed statement yesterday.

There had been no letters submitted in support of Madoff's character, he said.

Even within his own group, Mr Madoff's money-management business was a black box: no one but he had full access to the accounts.

Mr Madoff is in jail after pleading guilty to one of the biggest incidents of fraud in American history. Andy Gallacher reports.

Just as with Enron and Bernard Madoff, fraudulent Chinese companies can be market darlings for years before being rumbled.

Exactly one year ago, Bernard L. Madoff's two sons turned him in for running the biggest Ponzi scheme ever.

When one client dared to do just that in an e-mail to other clients, Madoff threatened to banish the man from his fund.

He said one Madoff investor had grabbed him by the lapels and shaken him, saying "Don't question Bernie" .

A list of creditors of Mr. Madoff's bankrupt firm was also filed with the court, as well as a list of employees.

Mr Madoff seemed unable to say no and risk disappointing those around him, which apparently sparked the fraud in the first place.

And yet seeing the Madoff victims reminds me how fleeting good fortune can be.

Why should taxpayers have to pay for Mr Madoff's prison-sentence, asks Mr Tedisco, when he has already cost people so much?

Sorkin says Madoff and his wife have told the US government that they are "willing to relinquish many of their assets" .

He is one of the most senior wealth managers known to be facing criminal charges connected with the Madoff scandal.

Even if Wall Street did not think so, some of Mr Madoff's millionaire clients probably did.

Secretive and aloof, Kreuger, like Madoff, built his mystique by playing hard to get and retreating into a tight little zone of privacy.

At the time, the Bureau of Prisons said that rumors of an assault were false and that Mr. Madoff suffered from dizziness and hypertension.

The Wizard of Lies reveals many moments where Madoff might have been stopped.

Prosecutors and the court-appointed trustee have insisted Mr. Madoff hasn't been as cooperative as he could be.

'Mr. Madoff will not be attending the funeral out of consideration' for his family, said attorney Ira Sorkin in an interview.

For many years Mr Madoff, a former chairman of the NASDAQ stockmarket, assured his clients that their money was safe with him.

A few schools, including Tufts, New York University, and Yeshiva University, have recently reported losses due to the Madoff fraud.

In the "Unlikely" scenario: Mr. Madoff, who acted as a broker as well as an investor, was "front-running" his brokerage customers.

Yet most, if not all, of the Madoff victims no doubt thought they were.

Wall Street's involvement with Mr Madoff was a spectacular example of a bigger failure of ethics and risk management in the bull market.

Mr. Sorkin, Mr. Madoff's lawyer, said most of the money taken in by the fallen financier was paid to other investors as redemptions.

If I. B. M. 's shares rose, Mr. Madoff kept them; if they fell he fobbed them off onto the poor customer.

Mr. Madoff is facing a lengthy prison sentence and fines of about twice the amount of any illicit gains.

The SEC says Madoff was registered with it both as a broker-dealer and an investment adviser.

Financier Bernard Madoff traded his luxury penthouse for a tiny jail cell after pleading guilty to a massive Ponzi scheme .

Mr Madoff creamed off commissions from his investment business to support his share-trading operations.

And yet the S. E. C. 's cursory investigation of Mr. Madoff pronounced him free of fraud.

"You couldn't meet Madoff, " one banker told the Wall Street Journal. "He was like a pop star. "

And yes, our portfolios have plummeted, but most of us can say that at least we didn't invest with Bernie Madoff.

For these reasons, the big Wall Street firms are notably absent from the long list of victims of Mr Madoff's alleged Ponzi scheme.

But Madoff's scheme has a host of culpable look-alikes and one has only to begin with the mortgage market to understand the similarities.

The agreement was reached as part of a lawsuit filed last week by the trustee, lawyer Irving Picard, against Mrs. Madoff.

Mr Madoff was in effect running a hedge fund but did not charge hedge fund fees.

Another person approached by the 45-year-old Mr. Madoff was told by his lawyer not to respond.

It was neither here nor there, however: Mr Madoff's conduct was ultimately indefensible and he deserved what he got.

Mr Madoff's alleged fraud came to light last month when his sons turned him in.

Madoff, unable to free himself from the two Atlantic denizens, bolted from the restaurant and fled yelping into traffic.

The havoc caused by Madoff and a few of the lesser offenders left an indelible mark on the minds of the power elite.

He said a prison officer found Mr. Madoff lying wounded on a floor.

But Judge Denny Chin opted for the statutory maximum for the 11 charges to which Mr Madoff pleaded guilty.

Well, now think about this in the context of a Ponzi scheme such as the one perpetrated by disgraced financier Bernie Madoff.

In Madoff case, rather than being made through his business, the monies paid out to investors were coming from earlier investors.

There will always be a Bernard Madoff or a subprime mortgage repackager willing to set us up for catastrophe.

The Bernard Madoff scandal had at its hearts, a man who seemed to have the Midas touch, generating astonishing returns year after year.

Dressed in a dark, charcoal-gray suit and dark tie, Mr. Madoff stared down at the defense table during much of the hearing.

Adding further mystery to Madoff's motives is the fact that he charges no fees for his money management services.

But Bernard Madoff's alleged $50bn investment scam has struck residents of this fairy tale spot with a bone-shattering thud.

Mr Madoff predicted two other banks being sued by Mr Picard, HSBC and UBS, "are going to have big problems" .

Forbes failed to include Madoff investor Jeffry Picower, for instance, until 2009, when he was listed with a net worth of $1 billion.

Mr Madoff's Ponzi scheme probably began after the 1987 stockmarket crash, which prompted investors to withdraw billions from his fund.

Auditors hired to unravel the case asked Madoff for copies of account statements, which he provided, the records show.

The effect, the payback, perhaps, for years of vampire predators like Bernie Madoff, whom we saw earlier.

On Dec. 12, the day after Madoff was arrested, Nasi went back to the office to collect his things in a duffle bag.

On Dec. 12, the day after Madoff was arrested, Nasi went back to the office to collect his things in a duffle bag.

Indeed, in pleading guilty last Thursday, Madoff explained that he had initially thought his fraud would be short-lived.

A spokeswoman for the Butner facility said Mr. Madoff was moved to the hospital on Dec. 18 but declined to say what necessitated the move.

The 71-year-old Mr. Madoff also is salvaging something that disappeared in the outside world the moment his fraud was exposed: respect.

IRVING PICARD, the court-appointed trustee overseeing the Madoff estate's bankruptcy (pictured), has earned his year-end break.

And worries remain that another Ponzi scheme could be brewing, along the lines of Bernie Madoff or Robert Allen Stanford.

Bernard Madoff's investment firm did not buy any securities for clients in 13 years.

At the time of his arrest, Madoff's account statements reflected 4, 900 accounts with $65 billion in nonexistent balances.

That was how Madoff was able to maintain his charade for so long.

Ruth Madoff: Mr. Madoff's wife appears highly unlikely to be charged, unless someone can link her directly to the fraud.

Ruth Madoff: Mr. Madoff's wife appears highly unlikely to be charged, unless someone can link her directly to the fraud.

The US financial watchdog mishandled a string of probes into the business of convicted fraudster Bernard Madoff, an investigation has found.

Mark Madoff was also accused of falsifying transactions to withdraw $18. 1 million from his account.

Mr Madoff dealt through his own in-house broker, raising questions about custody of assets and internal control.

Details about funeral arrangements for the younger Mr. Madoff, who committed suicide Saturday, were still unclear Monday.

One of Mr. Madoff's sons committed suicide too; Mr. Madoff himself is in prison for life.

Perhaps from now on it should be known as the "Madoff scheme" .

Last December, unable to cope with the ignominy of being a Madoff, Mark committed suicide.

Mr Madoff claimed to achieve healthy, stable returns through a whizzy stock- and options-trading strategy.

Bankers have blamed lax regulation in the Madoff case and for the wider problems of the credit crunch.

IRVING PICARD, the court-appointed trustee overseeing the Madoff estate's bankruptcy, has earned his year-end break.

Since Madoff disagreed with another senior-citizen jailbird when debating over the economical situation, the two scuffled with each other.

Banks around the world, including HSBC and Royal Bank of Scotland, lent billions to funds that invested in Mr Madoff's scam.

The U. S. attorney is handling the continuing criminal probe of the Madoff fraud.

Separately in New York, a US judge has ruled that Mr Madoff can stay out of jail while he awaits his trial.

Picower consistently said his charity and his own personal finances had suffered from Madoff 's crimes .

His defense lawyer says Madoff has waived the right to indictment, action that often comes before a guilty plea.

Madoff himself described his investment business as an unsophisticated "Ponzi scheme, " according to investigators who interviewed him.

Readers with only a cursory acquaintance with the Madoff scandal will find it an entertaining summary.

'All things considered, he's OK, ' says Ira Sorkin, Mr. Madoff's lawyer. 'He still suffers deeply for what he did. '

'All things considered, he's OK, ' says Ira Sorkin, Mr. Madoff's lawyer. 'He still suffers deeply for what he did. '

Over the past two years, so many details about the Madoff case have emerged that very little of the narrative feels truly new.

Mr. Madoff's investment performance, given his stated strategy, was not merely improbable but mathematically impossible.

A fund managed by Nicola Horlick, described as the City's "superwoman" , had 9% of its cash invested with Madoff.

On multiple occasions during the interview, Madoff told Walters that he was guilty of the crimes he was convicted of.

Or consider the flip side, the Bernie Madoff too-good-to-be-true flipside of invisible riches that never appear.

A memoir published by one of Mr Madoff's investors after he went to prison revealed he had an affair while he was married.

Nonetheless, Mr. Madoff's victims can surely be forgiven for relying on what is supposed to be a watchdog agency.

When a wave of redemptions hit the Madoff funds, the Ponzi scheme, as Mr Madoff himself reportedly called it, became unworkable.

Mr Madoff was arrested in December after his sons reported him to the authorities.

Mr Madoff was arrested in December after his sons reported him to the authorities.

The punishment of Mr Madoff whose fraud was described as "extraordinarily evil" by the judge, still leaves many questions unanswered.

Since missing the Madoff fraud, the SEC has been hit by an avalanche of criticism.

You might even say that the bursting of the credit Ponzi scheme has left us all in jail now with Madoff.

Madoff was arrested two years, Andrew has refused to visit his father or his telephone.

'I cannot offer you an excuse for my behavior, ' Mr. Madoff said.

Yet people lined up to entrust their savings to Mr Madoff.

Madoff was found hanging from a dog leash in his apartment. His 2-year-old son was found asleep in an adjacent room.

And I don't mean Bernard Madoff for his decades-long Ponzi scheme.

Mr Madoff has already turned over his passport after being charged last Thursday with securities fraud.

Mr Madoff has already turned over his passport after being charged last Thursday with securities fraud.

Madoff was his carbon copy. But was all of Wall Street a copy, too?

The Madoff approach had virtually no correlation with the performance of the overall stockmarket.

But skepticism comes naturally in this age of Madoff.

Mr Madoff's story was dull by comparison, but compelling in a credit bubble where yields were everywhere falling.

He added that the exposure of the fraudster Bernard Madoff underlined the need to look for rogue firms.

The Palm Beach Country Club, where Mr Madoff drummed up many of his local Florida clients, has gone into lockdown mode.

No one thought that Mr Madoff was operating a Ponzi scheme but plenty of people thought he had an unfair advantage.

Madoff never even came close to realizing the gains he reported and paid out to some investors.

Madoff ran his business like a club and would throw out investors who asked too many questions.

Ms Henriques offers this as proof that Mr Madoff hid a great deal from Ruth.

Last week a Palm Beach mansion owned by Madoff and two of his yachts were seized in the US.

Before the scandal, Mrs. Madoff radiated an understated sense of taste.

The most glaring red flag in the Madoff scandal was the lack of checks and balances.

As Mr. Madoff arrived at the courthouse early Thursday morning, helicopters buzzed overhead and television news trucks lined the street.

These analysts assumed that Madoff intended from the outset to create a gigantic fraud and destroy thousands of people.

He had just been in Palm Beach, he said, where he had been speaking with Madoff victims who wanted to sue.

Common Theme Ties Cases of Madoff, Siemens and 'Light' CigarettesThis is IN THE NEWS in VOA Special English.

They should have been suspicious of Mr. Madoff's vague explanations of how he arrived at those results.

He declined to say whether Madoff, who has been released on bail, will fight the charges.

Banco Santander reached a settlement with the trustee seeking to recover money for clients of Bernard Madoff's Ponzi scheme.

Bernie Madoff is well recognized as the perpetrator of the biggest Ponzi scheme in history, at $50 billion.

Last week, Mark Madoff and three of his children were sued by Mr. Picard.

Mr Tappolet had already charged five directors of Aurelia Finance for mismanaging assets entrusted to Mr Madoff.

Mr. Picard said on Saturday: 'This is a tragic development, and my sympathy goes out to Mark Madoff's family. '

In a statement on Saturday, Mark Madoff's lawyer, Martin Flumenbaum, called his suicide 'a terrible and unnecessary tragedy.

A vintage Rolex is displayed during a media preview in Miami Beach, Fla. , for the final auction of Bernard L. Madoff's estate.

The only other person to face charges has been an accountant accused of helping to mismanage Madoff's books.

Several of Mr Madoff's employees falsified records of non-existent trading activity and will probably spend their lives in jail.

The Madoff broker network also included many funds of funds and private banks that oozed financial sophistication.

Another suit takes aim at Medici Bank, an Austrian bank run by Sonja Kohn, whom Mr Picard describes as Mr Madoff's "criminal soul mate" .

Sorkin commented a day after the city medical examiner's office formally ruled Mark Madoff's death a suicide.

In an email, Mr. Chavkin said Mrs. Madoff already had forfeited 'almost all' of the assets named in the complaint.

Austin Capital Management managed money for the Massachusetts state pension fund, which lost $12 million with Madoff.

Some also turned to money managers like Mr Madoff, where they were mercilessly fleeced.

Mr Madoff pleaded guilty this year and a federal judge has scheduled his sentencing for June 29.

And Mr Madoff presented himself as offering something comparatively modest and reassuring.

Were the fund managers seduced by Mr Madoff's reputation and his list of investors?

Investigative reporter Erin Arvedlund was the first to expose Madoff back in 2001, but Wall Street and the world didn't listen.

Lawyers for the men have said their clients were unaware of Madoff's fraud.

Ira Sorkin, Madoff's attorney, said his client was experiencing high blood pressure and heart palpitations.

They come in the wake of dozens of investment scams, including the $50bn Ponzi scheme presided over by Bernard Madoff in New York.

But Madoff's investors rave about his performance - even though they don't understand how he does it.

Harry Markopolos, the former money manager who says regulators didn't act on his tips about Madoff, canceled his appearance.

Federal authorities are seizing the Palm Beach mansion of disgraced financier Bernard Madoff.

Ruth Madoff, 68, has not been charged with any crime or even questioned by prosecutors.

The defense lawer lawyer says Madoff has raped waived the right to digment indictment , action that often comes before a guilty plea.

If Nasi didn't get back to the office in short order, Madoff would start paging him.

Neither son, nor Madoff's brother, was charged criminally, and authorities have said no charges are imminent.

Even when he deigned to accept people's money, Madoff emphasized his extreme reluctance.

'Nothing could be further from the truth, ' Mr. Madoff said. 'She cries herself to sleep every night. '

"Madoff's assertion that JPMorgan employees 'knew what was going on' is patently false. "

No one involved with feeder funds has been charged with any wrongdoing in relation to the Madoff probe.

Her extensive research makes clear that Madoff's blatant disregard for ethical limits started early.

The big question that the book fails to answer is why Mr Madoff became a villain at all.

Mr Madoff is not alone among disgraced businessmen in having a name that gives the game away.

Even so, the potential losses from the scam perpetrated by Bernie Madoff, a Wall Street veteran, are jaw-dropping.

But then Bernie Madoff's scam was a victory of soft over hard information.

The hammer is to "pulverize Bernie Madoff, " posters and the action figure unit's website said.

Worried that returns were suspiciously high, Mr Madoff occasionally instructed Mr DiPascali to book fake trades designed to lose money.

"Madoff would never happen in Brazil, " says Eduardo Lopes of Ashmore, an emerging-markets fund.

It is unusual for dominance to shade into criminality, as the SEC alleges against Mr Madoff and Sir Allen.

In truth, I had been trying for months to invest money with Madoff.

Prosecutors said about $170bn flowed through the principal account used by Mr Madoff to commit the fraud.

After all, that's why so many people trusted Mr. Madoff.

In November, I invited a friend and longtime Madoff investor to dinner and literally begged him to get me in.

Mr. Madoff has offered no justification and only the vaguest of apologies.

Mr. Madoff owned a 55-foot boat in Florida, named 'Bull, ' as well as a boat in France.

In the "Highly Likely" scenario, wrote Mr. Markopolos, "Madoff Securities is the world's largest Ponzi Scheme. "

Madoff has not taken any steps that might rehabilitate her image.

Many observers suspected that Mr. Madoff was a fraud.

Madoff clients' households crashed, and now one-time millionaires are broke.

Mr. Madoff's books were audited by a virtually unknown accounting firm.

How the Madoff pox had found its way to the Rockies and spread, however, was still unclear.

Santander is the first financial company to offer to settle claims resulting from the Madoff scandal.

'Ask me anything, ' the former employee recalled Mark Madoff imploring him.

The SEC investigated and gave Mr. Madoff a clean bill of health after he corrected some minor issues.

The Madoff case throws an interesting light on the fragility of trust in financial markets.

Mr Madoff's victims, though, have urged Denny Chin, the judge, to give the former broker, 71, the harshest sentence possible.

A number of years ago, a wealthy friend of mine considered investing in Bernie Madoff's hedge fund.

But correctional officers keep a close watch on Mr. Madoff and don't allow groups to crowd around him .

Low volatility was a large part of Bernard Madoff's appeal.

Only a handful of victims will be allowed their say, as will Mr Madoff.

Mr Madoff said of this: "JPMorgan doesn't have a chance in hell of not coming up with a big settlement. "

The most sensational regulatory failure of modern times is the alleged scam by Bernie Madoff.

Chin agreed with prosecutors that Madoff should receive the statutory maximum incarceration of 150 years.

Moreover, the problem has been compounded after some banks withdrew credit lines to funds after the Madoff scandal.

Madoff, 71, was moved to the medical facility Friday from a medium security area of the prison.

And finally, the Madoff scandal continues to provoke extreme horror.

Details of the couple's wealth are unlikely to please Madoff's victims.

Madoff's brother and sons all held management positions at the family investment business.

Mark Madoff was remembered fondly by former classmates Monday.

By contrast, the public reaction to Mrs. Madoff has been white hot and vitriolic.

This step alone would have prevented anyone from writing a big check to Bernard Madoff, since he rarely shared data with outsiders.

This year, Madoff burned a lot of people so we thought it would be good to choose him.

Ruth Madoff told the CBS program 60 Minutes that the couple took a "bunch of pills" on Christmas Eve in 2008.

Mr Madoff claimed he pulled off this massive fraud alone, but this seems unlikely.

Palm Beach residents spoke of friends who had entrusted Mr Madoff with nest-eggs, only to lose it all.

The widow of a former close friend and business partner of Madoff, Jeffry Picower, has agreed to repay them $7. 2 billion.

Mr Madoff's attorney Ira Sorkin had asked for a 12 year sentence and the probation service had recommended 50 years.

Ideas included: "The fall of the house of Madoff" and "Iceland goes kerplunk" .

Madoff's fall hit Palm Beach like a hurricane.

Mr Madoff cried when his wife Ruth and his son, Mark, who committed suicide last year, were mentioned.

Bernie Madoff received a 150-year jail sentence for defrauding clients of $65 billion in his Ponzi scheme.

The lawsuit seeks to recover some $44 million on behalf of victims of the Madoff fraud.

Chief among them was Jeffry Picower, who was a long-term investor in Bernard Madoff's funds.

Bernie Madoff's Ponzi scheme, which came to light in 2008, made clear the risks of handing over capital without close oversight.

Madoff's arrest and the charges sent shock-waves through financial markets.

A second is that SIB, like Mr Madoff's advisory business, was a strange hybrid.

Prison officials won't say who has visited Mr. Madoff, though one inmate says Ruth has made the 500-mile trip from New York.