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Holiday shopping Madoff-style

What do you get for the person who has everything? Well, maybe you buy him a piece of history. The U.S. Marshals Service has done all the hard work, and now you can take advantage of it... maybe even at discount prices! Possessions seized from Ponzi schemer Bernie Madoff are set to go under the gavel in New York City on Saturday, so bring your checkbook and your appetite for luxury. The money will be used to compensate the victims of Madoff's crimes.

Continue reading Holiday shopping Madoff-style

Madoff family to be sued for $198 million

Even with the ringleader in jail, the pursuit of Bernie Madoff doesn't seem to be finished. Sunday night, the trustee who's winding down the Madoff company said on 60 Minutes that Madoff's two sons (Mark and Andrew), brother (Peter) and niece (Shana) will be slapped with a $198 million suit. They are alleged to have known about the Ponzi scheme, according to the trustee, Irving Picard and his chief counsel, David Sheehan.

Sheehan and Picard are also working under the assumption that there is still some money hidden, quite a lot of it, in fact. Picard told the show, "We'd assume it's millions and millions of dollars." Yet, this probably wouldn't help with the task in front of them.

Continue reading Madoff family to be sued for $198 million

Federal authorities take possession of Madoff's home

Bernie Madoff Ponzi SchemeOn Monday, convicted con man Bernie Madoff was sentenced to 150 years in jail, and today federal authorities took possession of his $7 million Manhattan penthouse, forcing his wife to leave and look for somewhere else to live.

Ruth Madoff was told ahead of time that she would be forced to vacate her lush Manhattan penthouse, and reportedly she did leave the property this afternoon around 1 PM EST. The penthouse, on East 64th Street will be sold, with the proceeds being used to help reimburse the victims of the nations largest ever Ponzi scheme.

Continue reading Federal authorities take possession of Madoff's home

Madoff receives a sentence of 150 years

Bernie Madoff was in federal court today, where he was given a 150 year sentence for charges related to his Ponzi scheme.

Reports from the courtroom state that Madoff, the mastermind behind the largest ever Ponzi scheme, showed little to no emotion today when he learned that he would be spending the rest of his life in a jail cell. Due to federal sentencing guidelines, Madoff must serve at least 80% of his sentence, so he will not be eligible for parole until 2129.

Continue reading Madoff receives a sentence of 150 years

Ruth Madoff cuts a deal: Let the outrage begin

While Madoff's victims are out billions, his wife Ruth Madoff will get to keep a nice chunk of his unjust winnings.

The Wall Street Journal (subscription required) reports that "Ruth Madoff, the wife of one of the most reviled swindlers in history, has agreed to give up her potential claim to more than $80 million worth of assets, keeping just $2.5 million in cash in an agreement reached with federal prosecutors."

Financial journalist Gary Weiss is having none of it:

Continue reading Ruth Madoff cuts a deal: Let the outrage begin

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Last updated: February 11, 2012: 02:02 PM

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