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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
  • Out of the Blue: Chase away Chase, too many banks

    OK, so what's the story on the sudden surge of banks in our town? Big, hairy ones. The ones we bailed out after they caused the crash and who thanked us by collectively growing 30% bigger and gobbling up the weak. Four new banks have come to town...
  • Matt Taibbi rips into America's growing income gap in 'The Divide'

    Matt Taibbi begins his sixth book, "The Divide: American Injustice in the Age of the Wealth Gap," with a simple formulation: "Poverty goes up; Crime goes down; Prison population doubles." It's a snapshot, a way to represent what Taibbi sees as the...
  • Colonial Realty's Founders Bilked Nearly 7,000 Investors

    Colonial Realty's Founders Bilked Nearly 7,000 Investors
    Bernard Madoff's investor fraud took the Ponzi scheme to a new level, but it wasn't so long ago that Connecticut had its own infamous fraud case tied to some of Hartford's most well-known real estate: Colonial Realty Co. And in the two decades since...
  • Cate Blanchett: From awful to Oscar?

    Cate Blanchett: From awful to Oscar?
    It's not where you start, it's where you finish, a beloved song tells us. And that certainly applies to Cate Blanchett in "Blue Jasmine." She is the heavy favorite to win the best-actress Oscar next month. But the early going on the Woody Allen...
  • Greg Schwem: I'm happy at the end of the line

    I have come to the realization that my days of being first at anything have long passed. I no longer run races, so "first across the finish line" is out. I have no desire to sleep outside my local Best Buy, hoping to get the first video game cell phone...
  • Defending Generation Y: why millennial-bashers are wrong

    Brazen Careerist Some of the most repeated knocks on GenY by the Millennial-bashing experts in media-land are that they're selfie-posting, social media-crazed underachievers. While there's no solid defense for taking excessive selfies, spreading hateful...
  • JPMorgan's latest legal tab rises as bank hammers out Justice deal

    NEW YORK -- A large chunk of JPMorgan Chase & Co.'s mounting legal bills may get even bigger. The nation's largest bank could now pay a record $13 billion to settle a raft of federal and state probes, according to a person familiar with the...
  • What JPMorgan's $13-billion settlement won't resolve

    NEW YORK -- JPMorgan Chase & Co.'s historic $13-billion settlement with the federal government will pay down a major chunk of the bank's ballooning legal tab. The Justice Department on Tuesday announced the widely expected settlement of faulty...
  • Here's why Madoff employees went along with his scam

    It’s one of the more baffling elements of the Bernard L. Madoff saga. Why did so many employees of the disgraced money manager go along with the record-setting Ponzi scheme rather than blow the whistle on such a brazen financial felon? Eight...
  • Sens. Warren, Coburn propose more disclosure on federal settlements

    Sens. Warren, Coburn propose more disclosure on federal settlements
    WASHINGTON -- Sens. Elizabeth Warren and Tom Coburn on Wednesday introduced legislation requiring federal agencies to disclose more information about settlements that end government investigations, such as whether the money paid by companies is tax-...
  • JPMorgan profit slips 7% in fourth quarter

    NEW YORK -- JPMorgan Chase & Co.'s profit slipped 7% in the fourth quarter as the bank's legal costs mounted and investment banking slumped. The nation's largest bank said Tuesday it earned $5.3 billion, or $1.30 a share, down from $5.7 billion, or $1....