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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
  • SEC charges Texan in alleged $8 bn fraud

     
    A U.S. Marshal in the lobby of Stanford Financial Group's offices in Houston, Texas, U.S., on Tuesday, Feb. 17, 2009. Photographer: Craig Hartley/Bloomberg News by Frank James Warren Buffet has famously said only when the tide goes out do......
  • Toxic political money: Pols' sudden spirit of giving back

     
    Just as toxic assets sparked a global banking crisis, recent financial scandals are prompting political campaigns to shed potentially toxic contributions. Fraud charges swirling around Texas billionaire R. Allen Stanford last week drew attention to his...
  • Madoff headed to hellish jail, SEC still in doghouse

     
    Disgraced financier Bernard Madoff enters a federal court in New York City on March 12, 2009. (Photo by Mario Tama/Getty Images) by Frank James Physicians get to bury their mistakes, it's said. And federal regulators get to see theirs......
  • Obama to Leno: Dog 'campaign promise'

     
    by Mark Silva and updated at broadcast with transcript The economy, his first few months as commander-in-chief and that promise that he made to his daughters about a dog - President Barack Obama talked about all of that in his......
  • 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...
  • 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...
  • Personal Finance Q&A: Investing an inheritance for college

    Personal Finance Q&A: Investing an inheritance for college
    Dear Liz: We recently inherited some money. We've never had much. We want to invest our inheritance for our kids' college education. We asked around to find investment firms that people have had a good experience with. But how do we know they are honest...
  • Disastrous Iran deal may prove fatal to Israel

    In 1982, during one of many visits to Israel, I had the opportunity to speak with Prime Minister Menachem Begin, who told me, "Israel needs friends." He added that in the end, his nation could not trust any nation with its fate and security. The...
  • Tough-On-Crime Rowland Earns His Stripes

    As a young guy, he was tough on crime. It was one of the ways he built his reputation. President George H.W. Bush came to Connecticut and said this about him: "He's tough on crime. He's been a strong supporter of our comprehensive crime bill, a bill...
  • Tough-On-Crime Rowland Earns His Stripes

    Tough-On-Crime Rowland Earns His Stripes
    As a young guy, he was tough on crime. It was one of the ways he built his reputation. President George H.W. Bush came to Connecticut and said this about him: "He's tough on crime. He's been a strong supporter of our comprehensive crime bill, a bill...