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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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  • Court: No inflation pay on recovered funds of Madoff victims

    Thousands of victims of Bernard Madoff's multibillion-dollar fraud are not entitled to interest or inflation when they get a share of recovered funds, a federal appeals court said Friday.
  • Every ethnic group has its bad apples

    To the editor: I can relate to the cringe that Erin Aubry Kaplan experiences when an African American commits a wrong that feeds into negative stereotypes. ("'Suge' Knight and the lurid legacy of gangsta rap," Op-Ed, Feb. 7) Back in 2008, I was hoping...

    Madoff trustee returns $355M to investors, saying over half of allowable claims repaid in full

    About $355 million distributed last week to investors cheated in Bernard Madoff's Ponzi scheme means over half of allowable claims have been paid in full, the trustee recovering money for investors announced Monday. Trustee Irving Picard said everyone...

    What to consider before consolidating retirement accounts

    What to consider before consolidating retirement accounts
    Q. Should I put all my retirement accounts with one brokerage/financial firm? I have two accounts at one firm out of town, and a recently inherited account with another firm here in my hometown. The same applies to my husband's accounts. My daughter...

    Watch out: Ponzi scheme on steroids

    We've all heard and read extensively about the notorious Bernie Madoff Ponzi scheme. Thousands of personal investors and charitable organizations lost money. It is hard to imagine a more sinister misconduct. But there is one, one that ties both hands of...