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Bernard Madoff

Bernard Madoff
Bernard Madoff's family turned him in to authorities in December, blowing the whistle on what authorities said he described as a "giant Ponzi scheme."

Authorities say Madoff confessed to family members that he had for years been paying returns to certain investors out of the principal received from others until he had only $200 million to $300 million remaining.

The charge against Madoff carries a potential penalty of up to 20 years in prison. Other charges could be added as the case is presented to a grand jury.

He is free on bail but must stay at his Upper East Side apartment.
Bernard Madoff's family turned him in to authorities in December, blowing the whistle on what authorities said he described as a "giant Ponzi scheme."

Authorities say Madoff confessed to family members that he had for years been paying returns to certain investors out of the principal received from others until he had only $200 million to $300 million remaining.

The charge against Madoff carries a potential penalty of up to 20 years in prison. Other charges could be added as the case is presented to a grand jury.

He is free on bail but must stay at his Upper East Side apartment.
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  • Government: Accounting exec earned leniency in Madoff case

    A 79-year-old former New York accounting firm executive who did work for some of Bernard Madoff's most important clients has earned leniency at sentencing because his cooperation provided new insights into history's largest financial fraud, prosecutors said.
  • 6 years in prison for hedge fund trader in Ponzi scheme

    6 years in prison for hedge fund trader in Ponzi scheme
    The former head of a Chicago investment firm tearfully apologized to his victims, sobbing as he addressed family members he'd scammed, before he was sentenced Thursday to six years in prison for stealing more than $9 million in a Ponzi scheme. But...

    MBTA union leaders back review of pension fund

    Leaders of a union representing thousands of transit workers have pledged support for an independent audit of the pension system of the Massachusetts Bay Transportation Authority. The statement released Thursday by Carmen's Union President James O'...

    Greece nearing financial cliff

    Greece nearing financial cliff
    I have been reading articles about Greece's efforts to gain further loans. It seems to me, that they are trying to get loans to pay the interest on previous loans. That sounds like a Ponzi scheme to me. Bernie Madoff got 50 years in the slammer for that,...

    Board members pledge review of T's pension fund

    Two members of the MBTA retirement board are promising action after a whistleblower raised questions about the financial strength of the $1.6 billion fund. Former state Treasurer Steven Grossman tells The Boston Globe (http://bit.ly/1LxQHjc ) that he'...