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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

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  • Business Highlights

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  • Madoff accountant sentenced to home detention

    A former accountant who certified fake financial records hiding Bernard Madoff's epic Ponzi scheme was sentenced on Thursday to one year of home confinement, becoming the latest defendant to avoid prison by cooperating in the case. David Friehling had...
  • Ex-Madoff trader testifies against co-workers, avoids prison

    A longtime trader for Bernard Madoff's firm was sentenced Wednesday to 10 months of home confinement after his testimony helped convict five former co-workers for their roles in history's largest Ponzi scheme. David Kugel, 69, apologized before U.S....
  • Newest titles

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    How the rich sometimes end up poor
    Celebrities — they're just like us. Or so the gossip magazines say. I'll attest to this much: The rich and famous can have as hard a time protecting their money as everyone else. Just ask Kevin Bacon, erstwhile client of Ponzi-scheme con artist...
  • Fact-Based 'Rob The Mob' At Playhouse

    Fact-Based  'Rob The Mob' At Playhouse
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  • Ex-Madoff employee sentenced to 9 months of home detention

    A second-generation employee of Bernard Madoff who was one of the earliest government cooperators after the massive Ponzi scheme was revealed was sentenced Wednesday to nine months of home detention. Eric Lipkin, who said he "cannot apologize enough" for...
  • Ex-Madoff controller avoids prison time after cooperating

    Imprisoned Wall Street swindler Bernard Madoff's former controller won't have to go to prison after a prosecutor praised her Tuesday for helping them successfully convict others in his multibillion-dollar fraud. Enrica Cotellessa-Pitz, 56, was...
  • NYC Court Calendar

    Associated Press NYC Court Calendar for Tuesday, May. 19. The daybook is for planning purposes only and is not intended for publication or broadcast. You should verify any event you plan to cover. Please keep the AP in mind when news develops. The New...
  • Kay Allen: Harmful investing attitudes

    Most of us consider ourselves logical and objective when we invest (or make any decision, for that matter). Yet subtle biases and behaviors strongly influence us. Here's what to guard against when handling your money. RECENCY BIAS This tendency to...
  • Today's Headlines: Losing Our Religion. Favela Lives Matter.

    Hello. I'm Davan Maharaj, editor of the Los Angeles Times. A major new study finds the U.S. is becoming less Christian, and Verizon discovers new life in AOL. Here are some story lines I don't want you to miss today. a img{ border:none; } .left{ float:...