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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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  • 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...
  • 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'...
  • 'Madoff': Richard Dreyfuss stars for ABC

    Oscar-winner Richard Dreyfuss will play swindler Bernard Madoff in a miniseries for ABC. The network didn't announce the number of hours for "Madoff," but it will run later this year. Tony-winner Blythe Danner plays Ruth Madoff, Bernard's wife....
  • 'Killjoys' actress unleashes her 'bossy' side

    PASADENA, Calif. Actress Hannah John-Kamen never had trouble saying what she thought, even as a kid. "I was assertive and a little bossy," she admits. "Every time my friends used to come around for tea or something, I used to write a script and used to...
  • Court won't hear appeal on recovery for Madoff victims

    The Supreme Court won't hear an appeal from the trustee trying to recover nearly $4 billion for victims of Bernard Madoff's massive Ponzi scheme. The justices on Monday let stand a lower court decision that blocked trustee Irving Picard from recovering...
  • Assets of Bernie Madoff's brother for sale in online auction

    The federal government is selling the personal assets of Bernard Madoff's brother, Peter, in an online auction. Peter Madoff is serving a 10-year sentence at a South Carolina prison on fraud charges for his role in his brother's billion-dollar Ponzi...
  • Newest titles

    The following fiction and nonfiction titles will be available at Baltimore County Public Library as of May 31. "Empire of Deception" by Dean Jobb In the 1920s, Leo Koretz was the Bernie Madoff of his day. This literary true crime saga is truly...
  • How the rich sometimes end up poor

    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...