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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

Displaying items 12-22
  • Obama: American Idol, Special Olympics

     
    by Mark Silva It's easy, despite the many, many minutes that President Barack Obama spent with the Tonight Show's Jay Leno in discussion of the economy and the culture of greed that enabled the excesses of Wall Street, to focus......
  • Naked Ambition

     
    Which was the most fevered lunge for self-promotion? 1. State Sen. Kevin Parker (D-Brooklyn), assault defendant, denouncing Gov. David A. Paterson in personal terms. 2. Rep. Gary Ackerman (D-Nassau, Queens) blasting regulators for ignoring Bernard...
  • Obama and Medvedev: Russian revival?

     
    by Mark Silva It may not be the "reset button'' that Secretary of State Hillary Clinton presented her Russian counterpart earlier this year - a symbol of the need to start over again in relations between the United States and......
  • Ten for a Thursday: Holder to the Hill

     
    Banks are facing a new financial crisis that could leave little of the $350 billion in the second tranche of bailout money available for foreclosure relief even if Obama is able to round up the votes to fend off......
  • Regulators: Past, present, future

     
    We all live now with the consequences of massive underregulation and lack of executive and Congressional oversight of Wall Street. Two important pieces of reading: 1. The Wall Street Journal (including former Newsday reporter Tom McGinty) offered this...
  • Madoff put many underwater but ...

     
    by Frank James A lot of people who checked out the House hearing yesterday on Bernard Madoff's alleged Ponzi scheme probably got a little confused by something Rep. Gary Ackerman of New York said. Ackerman, a Democrat, was castigating the......
  • Justice for all ... except those too big for jail

    Fair warning: this book will make you angry. "The Divide: American Injustice in the Age of the Wealth Gap," by Matt Taibbi, is a volume of stories. Like the Vietnamese refugee and rape victim in San Diego who applied for public assistance, only to be...
  • Power rankings: No. 25 Mets

    Power rankings: No. 25 Mets
    Bernie Madoff, meet Ruben Tejada. Ruben Tejada, meet Bernie Madoff. Mets fans, meet your future until your swindled owner, Fred Wilpon, is replaced by someone who has the financial might Wilpon had when he and Nelson Doubleday bought the team from...
  • Nancy Silverton, taste maker

    Nancy Silverton, taste maker
    The last time an Angeleno won the James Beard Foundation's outstanding chef award — a very big deal — it was 1998, smoking had just been banned in the state's restaurants, and Wolfgang Puck was the awardee. This year, a woman who once was...
  • 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...
  • Daum: Denial — Madoff style

    I didn't see any Ruth Madoff masks on Halloween night, but it wouldn't have surprised me if I had. The wife of disgraced Wall Street Ponzi schemer Bernard Madoff is Pariah No. 1 this week, followed closely by her son, Andrew. The two, along with Andrew'...