Continue reading JPMorgan Chase Trading Lower Due to Madoff Allegations

JPMorgan Chase Trading Lower Due to Madoff Allegations originally appeared on BloggingStocks on Fri, 04 Feb 2011 14:00:00 EST. Please see our terms for use of feeds.

Continue reading SEC Levels Charges in $40 Million Ponzi Scheme

SEC Levels Charges in $40 Million Ponzi Scheme originally appeared on BloggingStocks on Thu, 03 Jun 2010 14:40:00 EST. Please see our terms for use of feeds.

How do you know the green finance sector has arrived? Well, it got its first Ponzi scheme! Allegedly.

The SEC filed charges against four people and two companies in a Denver federal court on Monday. Mantria Corp. and its principals, Troy Wragg and Amanada Knorr, stand accused of running raising $122 million from more than 300 investors in what could be a dozen fraudulent offers of securities. Mantria engaged Speed of Wealth LLC, run by Wayde and Donna McKelvy, to dump the cash out of their retirement plans and tap their home equity to "invest" in Mantria, which they said was offering returns ranging from 17% to "hundreds of percent" every year.

Continue reading Ponzi goes green, SEC in pursuit

Ponzi goes green, SEC in pursuit originally appeared on BloggingStocks on Tue, 17 Nov 2009 13:20:00 EST. Please see our terms for use of feeds.

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

Holiday shopping Madoff-style originally appeared on BloggingStocks on Tue, 10 Nov 2009 18:00:00 EST. Please see our terms for use of feeds.

Another player in the Bernie Madoff saga has fallen. His longtime auditor, David Friehling, pleaded guilty in federal court on Tuesday to charges of securities fraud, investment adviser fraud, making false filings with the SEC, and obstructing or impeding the administration of the Internal Revenue laws (among others).

Despite the plea, Friehling still told U.S. District Judge Alvin K. Hellerstein, "At no time was I ever aware Bernard Madoff was engaged in a Ponzi scheme."

Continue reading Friehling: Another Madoff domino falls

Friehling: Another Madoff domino falls originally appeared on BloggingStocks on Wed, 04 Nov 2009 12:20:00 EST. Please see our terms for use of feeds.

Allen Stanford gets kicked around, but Bernie Madoff can clearly throw down some serious smack. While the former's being moved from one facility to another because he's lost some ground on the cell block, Madoff just earned himself some props.

The engineer of the largest (known) Ponzi scheme in history apparently got into an argument with another geriatric inmate at the Butner, North Carolina federal prison. Of course, it was over the stock market. Does it really make sense to outmaneuver a guy who never needed to know what the market was doing to deliver double-digit returns?

Well, push came to shove, as they say, with the "attacker" stumbling and looking up at a mean, mean Madoff. He got up and ran off.

Continue reading Madoff fights to win, gets some cred

Madoff fights to win, gets some cred originally appeared on BloggingStocks on Tue, 13 Oct 2009 16:15:00 EST. Please see our terms for use of feeds.

R. Allen Stanford, accused Ponzi schemer, is about to get a new home. Following a fight at Joe Corley Detention Facility just north of Houston, Tex., a judge has ordered that he be moved to a facility in downtown Houston.

The order doesn't seem to be linked to the altercation that occurred last Thursday. Rather, it's to facilitate Stanford's meetings with his court-appointed attorney, Kent Schaffer.

Continue reading Stanford moved after cellblock smackdown

Stanford moved after cellblock smackdown originally appeared on BloggingStocks on Tue, 29 Sep 2009 12:20:00 EST. Please see our terms for use of feeds.

Accused Ponzi scheme perpetrator R. Allen Stanford was hospitalized Thursday following an altercation with another inmate. He was hospitalized in an undisclosed location, according to U.S. Marshals Service spokesman Alfredo Perez, and is expected to be released on Monday.

Stanford, who is 59 years old, sustained only superficial wounds, according to Perez. Given the limited physical damage, the reason for the extended hospitalization is unclear. Stanford's attorney, Kent Schaffer, says that a doctor was going to MRI Stanford but expected problems because of a metal stint. But, he has not linked the MRI to any specific condition.

Continue reading Stanford hospitalized following prison fight

Stanford hospitalized following prison fight originally appeared on BloggingStocks on Mon, 28 Sep 2009 12:00:00 EST. Please see our terms for use of feeds.

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

Madoff family to be sued for $198 million originally appeared on BloggingStocks on Mon, 28 Sep 2009 10:00:00 EST. Please see our terms for use of feeds.

Anne Lacombe, spokeswoman for the Corcoran Group, a real estate broker involved in the transaction, said the home was under contract for more than asking but did not have information on the exact amount, buyer or closing date, according to the Associated Press.

Continue reading Madoff mansion moves for more than asking price

Madoff mansion moves for more than asking price originally appeared on BloggingStocks on Thu, 17 Sep 2009 18:00:00 EST. Please see our terms for use of feeds.

Danny Pang was accused by federal regulators of defrauding investors of several hundred million dollars. The investors, however, will not realize the full extent of justice they would have preferred, as the 42-year-old financier died Saturday morning.

The police were called to Pang's home at 3:30 AM, and the financier was rushed to Hoag Hospital at Newport Beach, where he was later pronounced dead.

So far, the cause of death is unknown. Supervising Deputy Coroner Larry Eslinger has scheduled an autopsy for Sunday, though.

Continue reading Accused financial fraudster dies before trial

Accused financial fraudster dies before trial originally appeared on BloggingStocks on Sun, 13 Sep 2009 14:40:00 EST. Please see our terms for use of feeds.

Continue reading Looking for a penthouse? Madoff's is for sale.

Looking for a penthouse? Madoff's is for sale. originally appeared on BloggingStocks on Wed, 09 Sep 2009 15:50:00 EST. Please see our terms for use of feeds.

Sir Allen Stanford's attorney doesn't like Ralph Janvey, but that's not surprising. The SEC isn't crazy about him either, and U.S. Judge David Godbey told him, "You know everyone in the courtroom is angry with you," according to a report in USA Today.

Janvey has been tasked with taking over and cleaning up the wreckage from Stanford's $7 billion Ponzi scheme -- the second largest known disaster of this kind. Along the way, he's managed to piss off everyone he's encountered. The latest "transgression" is his demand for more than $27 million in fees for his team and the consultants he's hired to track down the missing billions of dollars in Stanford's former empire.

Continue reading Who is Ralph Janvey? Stanford's victims know he wants a third

Who is Ralph Janvey? Stanford's victims know he wants a third originally appeared on BloggingStocks on Sun, 16 Aug 2009 11:40:00 EST. Please see our terms for use of feeds.

Frank DiPascali, CFO to convicted fraudster Bernard Madoff, turned in a guilty plea yesterday, as expected. He fessed up to ten charges, including securities fraud, conspiracy, falsifying records and international money laundering. "It was all fictitious," he said, admitting that he "knew it was wrong at the time." Yet, he didn't say a word about anyone other than Madoff.

Each of the charges carries a term of five to 20 years in prison, not to mention fines of up to $5 million. But his cooperation is expected to lessen the blow a bit, though we'll have to wait until at least May 2010 to find out what the outcome will be. We don't even know if DiPascali will be able to wait for sentencing from his own home -- nothing on bail has been determined. The prosecution has asked for a $2.5 million bond, secured by equity in DiPascali's sister's home and co-signed by "three financially responsible individuals," according to a Reuters report.

The May sentencing date suggests that prosecutors will be willing to deal, based on the information DiPascali provides in the interim. District Judge Richard Sullivan, as well, hopes that information will be forthcoming, which he expressed to one of the victims who spoke at the hearing.

Continue reading Madoff CFO pleads guilty, sentencing in May

Madoff CFO pleads guilty, sentencing in May originally appeared on BloggingStocks on Wed, 12 Aug 2009 08:00:00 EST. Please see our terms for use of feeds.

So, here's one for you -- according to Joseph Cotchett (a lawyer for some of Bernie Madoff's victims), Bernie Madoff is surprised that his Ponzi scheme lasted as long as it did. The revelation came during a 4.5 hour interview, wherein Madoff revealed how the scheme worked and how securities regulators didn't catch him. Madoff did apologize, repeatedly, for the harm he caused victims.

The most interesting part of the interview is when Madoff described meetings with the Securities and Exchange Commission (SEC) while he was committing the fraud and how the SEC was unable to catch him, which didn't surprise him. These comments lead Cotchett to theorize that "many people" were negligent, including the government watchdog agencies. Let's not forget that the SEC has seen no evidence of wrongdoing by its staff as far as the Madoff situation is concerned. Nevertheless, the SEC has undergone many changes in order to continue to protect investors and the market.

Continue reading Bernie Madoff expresses surprise at how long his scheme lasted

Bernie Madoff expresses surprise at how long his scheme lasted originally appeared on BloggingStocks on Wed, 29 Jul 2009 11:30:00 EST. Please see our terms for use of feeds.

Continue reading Madoff arrives in North Carolina to begin life in prison

Madoff arrives in North Carolina to begin life in prison originally appeared on BloggingStocks on Tue, 14 Jul 2009 18:30:00 EST. Please see our terms for use of feeds.

On 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

Federal authorities take possession of Madoff's home originally appeared on BloggingStocks on Thu, 02 Jul 2009 18:30:00 EST. Please see our terms for use of feeds.

Bernie Madoff, at 71 years old, may be staring down what would be effectively a life sentence. The prosecution and defense have vastly different views heading into court today, but the answer will come at 10 AM (EDT), when the hearing is scheduled to begin. Approximately 100 letters have been sent to the judge, and 10 people will relate their opinions directly.

Madoff's family members are not expected to be in the courtroom for the sentencing, as they haven't been to any of his appearances following his arrest last September.

Continue reading Madoff sentence to come today

Madoff sentence to come today originally appeared on BloggingStocks on Mon, 29 Jun 2009 08:30:00 EST. Please see our terms for use of feeds.

Hedge fund manager Michael Regan has pleaded guilty to running a Ponzi scheme. Manager of the Massachusetts-based River Stream Fund, he admitted to defrauding around 70 investors. The fund held just shy of $20 million in assets ... despite the relatively meager $101,600 sitting in its accounts. The fund purported to return 20 percent a year since 2001, paying out $9 million in "profits" and returned capital.

Continue reading Ponzi manager pleads guilty and settles civil charges

Ponzi manager pleads guilty and settles civil charges originally appeared on BloggingStocks on Fri, 26 Jun 2009 15:00:00 EST. Please see our terms for use of feeds.

Continue reading Madoff victims want a change in the way their losses are calculated

Madoff victims want a change in the way their losses are calculated originally appeared on BloggingStocks on Mon, 08 Jun 2009 19:00:00 EST. Please see our terms for use of feeds.