fraud

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Madoff Aide Pleads Guilty, Will Help Prosecutors

DiPascali will get time off his 125 years

(Newser) - Bernie Madoff's right-hand man pleaded guilty to a slew of fraud charges today and agreed to help prosecutors unravel how the multi-billion-dollar Ponzi scheme worked, the Wall Street Journal reports. In return, Frank DiPascali, 52, will get time shaved off his potential sentence of 125 years. DiPascali began working for...

Trustee Sues Ruth Madoff for $44M

Bankruptcy trustee says fraudster's wife received more than she'll admit to

(Newser) - The trustee in the Bernie Madoff case sued the swindler's wife today to demand the return of $44 million to bilked investors, Newsday reports. The complaint doesn't allege criminal activity by Ruth Madoff but says she directly received funds from her husband’s multi-billion-dollar Ponzi scheme. Ruth Madoff gave up...

Madoff: I Can't Believe They Didn't Catch Me

Gives first prison interview, and he's looking a little buff

(Newser) - Prison life appears to be agreeing with Bernie Madoff. A lawyer who represents victims met with Madoff today and said he appears fit. "He looked pretty good and seems to be working out," said attorney Joseph Cotchett. "He looked a lot better than he has in some...

Jailed Financier Stanford Wants Cell With Better A/C

Alleged fraudster files a motion to move to cushier Houston jail

(Newser) - Accused financier R. Allen Stanford is demanding he be moved from his current jail to a nicer facility in Houston, on grounds that his current cell is not comfortable enough, the New York Post reports. Stanford, charged with swindling investors out of $7 billion, complained through his lawyer that the...

Madoff Crafty but Dumb: New Book

Pals surprised he pulled Ponzi scheme off

(Newser) - Bernie Madoff was a swindler from a young age—but many acquaintances also considered him “the dumbest man on earth," says an upcoming exposé. Jerry Oppenheimer’s new book, Madoff With the Money, also reveals that the Ponzi schemer skirted 2 years of Army Reserve duty during the...

Madoff Arrives at Posh Prison
 Madoff Arrives at Posh Prison 
Jul 14, 2009 1:16 PM CDT

Madoff Arrives at Posh Prison

(Newser) - Bernie Madoff has reached his destination for the next 150 years or so. Clad in a blue jumpsuit, the fraudulent financier arrived at Butner Federal Correctional Complex in North Carolina just before noon today, ABC News reports. But the 71-year-old can take heart, because he “hit the inmate lottery,...

$400M Ponzi Lawyer Gets 20 Years

(Newser) - A high-flying New York lawyer who orchestrated a Ponzi scheme to fund his lavish lifestyle has been sentenced to 20 years in jail, the New York Times reports. Marc Dreier pleaded guilty to charges including conspiracy and securities fraud relating to the scam, which bilked hedge funds and other investors...

Madoff Moved to NC Prison
 Madoff Moved 
 to NC Prison 
UPDATED
Jul 13, 2009 2:30 PM CDT

Madoff Moved to NC Prison

With transfer, con man begins his 150-year sentence

(Newser) - Bernard Madoff was transferred today from Manhattan’s Metropolitan Correctional Center to a prison in Butner, NC, to serve out his 150-year sentence, sources tell CNBC. Madoff’s attorney had requested that the 71-year-old convicted Ponzi schemer do his time at Otisville in upstate New York. The prison system tries...

Feds, Swiss Call Timeout in US Tax Evasion Case

(Newser) - Aiming to avoid an ugly international dispute, the US government, Switzerland, and a Swiss bank are seeking to delay a hearing over private bank accounts, the Wall Street Journal reports. The respite would give government officials and UBS until August to strike a deal over data on some 52,000...

Madoff Won't Appeal
 Madoff Won't Appeal 
Jul 9, 2009 2:59 PM CDT

Madoff Won't Appeal

Conman resigned to life in prison

(Newser) - Bernie Madoff will do his time, his lawyer said today. The 71-year-old con man sentenced to 150 years in prison on a slew of fraud charges related to his massive Ponzi scheme won’t file an appeal, Bloomberg reports. “In terms of the appeal, done, over,” Madoff’s...

Madoff Sentence a Massive Waste: Alec Baldwin

(Newser) - Alec Baldwin throws water on the general celebration of Bernie Madoff's prison sentence, arguing that the 150-year term handed down to the fraudster Monday was a wasted opportunity. "I want to suggest, as I am confident others have, that Madoff be given a reduced sentence in exchange for answering...

US Won't Charge Ruth Madoff

Not enough evidence to nab Bernie's wife in Ponzi scheme

(Newser) - Ruth Madoff won’t be prosecuted in her husband’s giant Ponzi scheme, insiders tell the New York Post, because the feds didn't find enough evidence against her after a 6-month probe. She had “no criminal exposure,” one source says. But if something new turns up, authorities could...

Madoff's Money Man Sells Rothkos for $310M

Merkin unloads art, but buyer's identity a mystery

(Newser) - Ezra Merkin, the financier who pumped billions of his clients' money into Bernie Madoff's Ponzi scheme, is selling more than 10 paintings by Mark Rothko and two sculptures by Alberto Giacometti for $310 million, reports the Wall Street Journal. Some of the proceeds may go to his defrauded investors, who...

How Will Ruth Madoff Survive on Just $2.5M?

With $125K to spend yearly, time to trade in the pair of Mercedes

(Newser) - With just $2.5 million at her disposal as her husband heads to jail, Ruth Madoff won't exactly be sentenced to penury, but she'll have to cut her annual expenses to the low six figures if she wants it to last her lifetime, reports Brett Arends of the Wall Street ...

Fake Swine Flu Cures Flourish Online

(Newser) - Purported swine flu cures are cropping up online, including a nostril sanitizer, air purifier, and a shampoo that makers say will wash that virus right out of your hair, the Kansas City Star reports. The FDA has mailed out more than 50 warnings to online sellers not to make such...

Stanford Surrenders to FBI
 Stanford Surrenders to FBI 
Jun 19, 2009 12:26 AM CDT

Stanford Surrenders to FBI

Alleged fraudster turns himself in after grand jury hands down criminal charges

(Newser) - Sir Robert Allen Stanford turned himself in to authorities soon after criminal charges were filed against him yesterday, the BBC reports. The billionaire financier is now in FBI custody, according to his lawyer. Stanford, whose firm Stanford Financial was shut down by authorities earlier this year, already faces civil charges...

HealthSouth Boss on Hook for $2.9B Fraud

Civil case finds Scrushy to blame after criminal acquittal

(Newser) - Four years after Richard Scrushy was acquitted of directing accounting fraud at HealthSouth, a judge has held him accountable for $2.876 billion, Bloomberg reports. “Scrushy was the CEO of the fraud,” said the judge, who ruled without a jury. The decision “is a shot across the...

Kinkade's Art Firm Loses Court Battle

'Painter of light' must pay two 'duped' gallery owners $2.1M

(Newser) - Hugely popular painter Thomas Kinkade claims God is his art agent, but a federal appeals court has ruled against his company for putting art gallery owners through financial hell, the San Francisco Chronicle reports. The plaintiffs accused Kinkade and his firm of exploiting their Christian faith to lure them into...

Global Insurance Fraud Floods N. Korea with Cash

 Global Insurance Fraud 
 Floods N. Korea with Cash 
INVESTIGATION
Jun 18, 2009 6:54 AM CDT

Global Insurance Fraud Floods N. Korea with Cash

North Korean leader profits personally from fires, disasters

(Newser) - North Korea has collected hundreds of millions of dollars from global insurance giants on often suspicious claims of fires, floods, and other disasters, according to a Washington Post investigation. While insurers have kept mum about their losses, US officials and Korean defectors describe a sophisticated fraud that has provided Kim...

NY Man Posed as Dead Mom in Alleged Fraud Scheme

He denies being modern Norman Bates

(Newser) - Shades of Norman Bates in Psycho: A Brooklyn man accused of dressing up as his dead mom to collect Social Security checks and rent subsidies worth $115,000 has been indicted on 47 counts of grand larceny, forgery, and conspiracy, the New York Daily News reports. Thomas Prusik-Parkin, 49, and...

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