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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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  • 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. The ruling by a three-judge panel of the 2nd U.S. Circuit Court of...
  • 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...
  • REVIEW: 'White Guy On the Bus' at Northlight Theatre

    REVIEW: 'White Guy On the Bus' at Northlight Theatre
    I'll say this for Bruce Graham's "White Guy On the Bus," now premiering at the Northlight Theatre: It is a play with guts. This writer has previously been inclined toward sentimentality, as such sweet works as "Stella and Lou" and "The Outgoing Tide"...
  • Venezuelan Hedge Fund Manager Gets 13 Years In Prison

    BRIDGEPORT (AP) — A Venezuelan-American hedge fund manager was sentenced Thursday to 13 years in prison for running a Connecticut fraud scheme involving hundreds of millions of dollars from Venezuela's state oil company. Francisco Illarramendi...
  • Former music mogul held without bond in alleged Ponzi scheme

    Former music mogul held without bond in alleged Ponzi scheme
    He was once described as an entertainment mogul, an airline pilot-turned-promoter who hung out backstage with the Rolling Stones, Santana, Coldplay and other big-name musical acts at concerts he staged all over the world. Now 72, Utsick is in the...
  • Personal Finance Q&A: Risks of keeping entire nest egg at one brokerage

    Dear Liz: I recently retired at 56 and am receiving a pension. My wife is set to retire next year at 56 and will also receive a pension. I chose to leave my 401(k) in my employer's plan but am planning to consolidate it with my wife's 457 and four 403(b)...
  • Reel Critics: 'American Sniper' right on target

    In Clint Eastwood's Oscar-winning film "Unforgiven," he caused the harsh light of day to shine on Hollywood's romantic notions of the Old West. In "American Sniper," he shines a severe spotlight on our ongoing wars in the Middle East by focusing on...
  • UConn's Tate George Now Representing Himself

    UConn's Tate George Now Representing Himself
    Ever since being convicted on four felony counts in a real estate Ponzi scheme, former University of Connecticut basketball icon Tate George has been complaining about his legal representation. He criticized his trial attorney, saying the lawyer did not...