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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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Top Bernard Madoff Articles see all

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  • Deciphering the alphabet soup of advisers

    Susan Cohen and Barry Berg, of Maplewood, N.J., handled their own finances for years. But when their special-needs son, Julian, turned 18 in 2013, they had a docket of financial decisions to make for the young man, born with Fragile X syndrome. They reached beyond their circle of advisers, which included a lawyer, accountant and stockbroker.
  • Criminals' luxury cars, jewels — even velvet slippers — hit auction block

    Criminals' luxury cars, jewels — even velvet slippers — hit auction block
    If federal prosecutors have their way, Leonard Potillo's fleet of luxury cars and homes around the world will hit the auction block. Potillo, a Longwood debt collector, is accused of running a $76 million fraud-and-bribery scheme that authorities say...

    Exclusive: Accountant's plea signals more possible scrutiny of Madoff son

    NEW YORK (Reuters) - U.S. prosecutors may still be building a case against imprisoned swindler Bernard Madoff's only surviving son, who according to sources was one of the "co-conspirators" mentioned in a plea deal by a Madoff associate last month. Two...

    Madoff trustee is dealt fresh legal setback

    NEW YORK (Reuters) - A federal judge has limited the ability of the trustee seeking money for victims of Bernard Madoff's Ponzi scheme to recoup sums allegedly transferred fraudulently outside the United States. In a decision on Sunday, U.S. District...

    How risky investment bets helped cripple a major university

    How risky investment bets helped cripple a major university
    Yeshiva University in New York fessed up years ago to having lost more than $100 million in Bernard Madoff's Ponzi scheme.  But it was hard to blame the leadership of the prestigious Jewish institution for that misstep, given how many other prominent...