Mark Madoff, 46, the son of convicted Ponzi scheme author Bernard Madoff, was found dead Saturday 11 December, hanging from a pipe in his living room in Soho, Manhattan in New York. He was found by his father-in-law at 07:30, after his wife, in Florida with one of their children, received disturbing e-mails. Their two-year-old son was sleeping in a nearby room. His death has been ruled a suicide. He took his life two years to the day after his father was arrested on charges of stealing $50-plus billion from investors and just three days after being sued by court-appointed trustee Irving Picard, along with his younger brother Andrew and others. Picard has been filing lawsuits against a large number of banks and individuals to try to recover assets for victims.
Zurich, Switzerland (GenevaLunch) - UBS denies as “completely unfounded and without merit” charges 24 November by Bernard Madoff’s trustee, says Bloomberg, which quotes an e-mail received from the bank. Bernard Madoff’s court-appointed trustee Irving Picard filed a sealed complaint against the bank in Manhattan, New York in the US Tuesday. The lawyer is seeking $2 billion from the Swiss bank and several others, “alleging 23 counts of financial fraud and misconduct against UBS AG and related entities and individuals for collaboration in the Bernard Madoff Ponzi scheme.”
Madoff was sentenced to 150 years in prison in 2009 for fraudulent activities that stole more than $65 billion from investors around the world.
Picard’s court complaint is sealed, he says on the Madoff Investment Securities Liquidation web site, because of UBS’s insistence on confidentiality.
The empire of Bernard Madoff, disgraced US financier, is crumbling, and the latest bit to fall is his Montauk, NY beachfront home, dunes and all, which has been sold for more than $8.75 million to an undisclosed buyer. The house, with four bedrooms and three baths, was on the market for two weeks, had numerous bidders and sold for more than its asking price, according to Reuters.
Convicted fraudster Bernard Madoff, widely reported 24 August to be dying of cancer in prison, is not being treated for cancer and is ot!! close to death, US Bureau of Prisons officials have told Reuters.
Bernard Madoff has been sentenced to 150 years in prison in New York, USA. The judge called his crimes “extraordinarily evil” and handed him the sentence asked for by prosecutors, for fraud charges that grew out of his massive Ponzi scheme. Madoff pleaded guilty to the charges: securities fraud, mail fraud, wire fraud, investment adviser fraud, three counts of money laundering, false statements, perjury, false filings with the SEC, theft from an employee benefit plan. Bloomberg, New York Times
Bernard Madoff, the disgraced investor and former SEC chairman who will be sentenced in a court in New York Monday, has been ordered by the judge to forfeit his fortune of $170 billion, including all real estate, and his houses and apartment in New York will now be sold. Madoff’s wife Ruth will be allowed to keep $2.5 million in cash. Bloomberg
Bernard Madoff’s court-appointed trustee in New York, USA, is suing the largest feeder fund for his investment scheme: according to the trustee, the Fairfield Greenwich Group knew in 2005 he was under investigation and ignored several signs that he was involved in fraud, reports Reuters. The trustee is suing for $3.5 billion, money the trustee says was paid by Madoff on the part of his clients.
The US town of Fairfield Connecticut filed a lawsuit against Bernard Madoff to recoup some of its 42 million Dollar loss in pension funds. Connecticut Superior Court Judge Arthur Hiller filed an order Monday 13 April to secure 25 million in cash escrow accounts and properties owned by Madoff’s relatives and business partners. According to the town’s lawyer, Fairfield is the first party suing Madoff to obtain orders securing pledges of cash or property. Reuters, Connecticut Post
Government prosecutors in New York, USA, Monday asked that Bernard Madoff be sent to jail rather than remain free on $10 million bond, saying he is a flight risk after sending gifts of jewelry worth $1 million to family and friends last month. His attorneys argue that his wife tried to recover the valuables once the couple talked to attorneys and realized this could be seen as a violation of bail terms. A judge will rule on the bail case Wednesday but in the meantime Madoff’s attorney now says he never said his client was cooperating with government officials – and the New York Times story is more guarded in its language than it has been about Madoff, “who is said to have confessed to a huge Ponzi scheme.”
Bernard Madoff, former lifeguard turned fraudster, is himself the victim of a theft, this time of a statue of two lifeguards, normally kept by the pool at his Palm Beach, Florida home. It was stoleneight days after he was arrested, according to CNN, which quotes police as saying that they have no leads, not even a clue.
The growing number of companies, organizations and individuals hit hard and even completely wiped out by the massive fraud perpetrated by Bernard Madoff includes several charities, notably in the US, reports Reuters. HSBC became the latest bank to say it may have lost large sums to Madoff.
Bernard Madoff, 70, former chairman of the Nasdaq stock exchange in New York, has been arrested on suspicion of running a Ponzi, or pyramid scheme with losses of $50b in what Reuters is saying “may rank among the biggest fraud cases ever.” The SEC (Securities and Exchange Commission), which is filing separate civil charges, said it appears assets have for the most part disappeared. Madoff was released on $10 million bail, a bond secured with his New York apartment. SEC press release
