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The Securities and Exchange Commission must tighten its process for deciding which investment advisers to inspect if it is to avoid colossal breakdowns like the one that allowed Bernard Madoff's multibillion-dollar fraud to go undetected for 16 years, the agency's inspector general says.
Disgraced financier Bernard Madoff's yacht "Bull", two smaller boats and a Mercedes-Benz convertible were sold at auction Tuesday for more than $1 million combined.
It was about fascination with big money — and the life of a couple at the center of the biggest financial fraud case in U.S. history.
Two former employees for Bernard Madoff programmed an old IBM computer to generate false records that concealed the crooked financier's massive Ponzi scheme and were given hush money when they threatened to stop lying, federal prosecutors said Friday.
A man who made billions of dollars off Bernard Madoff's Ponzi scheme signed a will leaving the bulk of his fortune to charity, but the gift's ultimate size may depend on legal wrangling over how much of the money rightfully belongs to cheated victims.
Of all the items set to go on the auction block this week at a midtown Manhattan hotel, there's one that would take some mettle to wear in public: A satin New York Mets baseball jacket emblazoned with the name "Madoff."
Tax relief for thousands of small, indirect investors in Bernard Madoff's swindle and other fraudulent schemes appears close to Senate adoption as part of a broader bill to extend unemployment benefits.
As Bernard Madoff sat in jail a few months after pleading guilty to fraud, he sounded faintly boastful.
Bernard Madoff's longtime auditor pleaded guilty to securities fraud charges Tuesday, saying he failed to do his job to verify the disgraced money manager's financial records but did not know Madoff was running history's biggest Ponzi scheme.
A judge in New York challenged the government to prove that jailed financier Bernard Madoff's former finance chief is a valuable cooperator Wednesday, implying he may only be pretending to help prosecutors in the hopes of garnering a lighter sentence.
Bernard Madoff's victims have so far received $530 million in compensation — a record for a securities industry group providing the money, but only a fraction of what they lost in the disgraced financier's epic swindle.
A man accused of making more than $7 billion off the investment schemes of jailed financial manager Bernard Madoff drowned after having a heart attack, authorities said Monday.
The trustee overseeing jailed financier Bernard Madoff's assets has labeled the New York Mets winners in the epic fraud. He says the baseball team made nearly $48 million in the Ponzi scheme.
Fallen financier Bernard Madoff has plunged from his Manhattan penthouse to the lower bunk of a cell he shares with a drug offender at a federal prison, where he eats pizza cooked by a child molester and hangs around with a mob boss and a convicted spy, according to legal papers filed Tuesday.
Federal marshals say Bernard Madoff's Long Island beach house has sold for $9.41 million.
Federal prosecutors have asked a judge to reconsider his decision to jail a top lieutenant to convicted Wall Street swindler Bernard Madoff.
Bernard Madoff's brother, sons and a niece used the family finance business like a "piggy bank," a court-appointed trustee says, and he is suing them to return almost $200 million that he says fueled their lavish lifestyle at the expense of investors.
The brokerage industry's self-policing body must make reforms to protect investors after its inspections failed to uncover the massive Ponzi scheme run by Bernard Madoff and the alleged fraud by R. Allen Stanford, according to a special review.
A trustee recovering Bernard Madoff's assets for jilted investors has labeled a Florida philanthropist as the biggest beneficiary of Madoff's multibillion-dollar fraud and demanded he return more than $7 billion in bogus profits, his lawyers say.
The watchdog of the Securities and Exchange Commission has recommended a new system for handling the thousands of tips and complaints the agency receives and other changes to prevent another breakdown like the one that allowed Bernard Madoff's massive fraud to go undetected for 16 years.
A Mideast version of the Bernie Madoff scandal is threatening to tarnish Hezbollah's reputation in Lebanon for being incorruptible, and the powerful Shiite militant movement faces calls to bail out small investors to keep its position from being undercut.
Federal prosecutors said Tuesday that a review of most accounts held by financier Bernard Madoff's customers when he was arrested shows that about half of the customers had not lost money because they withdrew more money than they originally invested.
The California attorney general on Tuesday sued a Beverly Hills money manager accused of funneling hundreds of millions of dollars in investments to con man Bernard Madoff.
It boasts ocean views, an infamous former owner — and now a buyer willing to pay more than $8.75 million.
Security has been tightened at Bernard Madoff's former beach home after the theft of a sculpture off the front porch.
Attorneys Fight Madoff Trustee - Support For The Madoff Coalition For Investor Protection GrowsIn the last 11 months since Bernard Madoff's arrest, former Madoff investors have been asking the SEC and the Securities Investor Protection Corp ("SIPC") why they are not fulfilling their Federally mandated responsibility to pay the investors the money they are legally entitled …
U.S. Arrests And Charges Two Madoff ProgrammersTwo of the programmers who worked for Ponzi-schemer Bernie Madoff, creating the reams of fake stock investment transactions, have been arrested. They were released on bail of $1 million each.
Madoff: I had 'too much credibility' with SECThe only problem with officials at the Securities and Exchange Commission's Washington headquarters, he said, is that he had "too much credibility with them and they dismissed" the idea that he was scheming people out of billions of dollars.
Madoff friend Jeffry Picower found dead"Based upon the trustee's investigation to date, Picower was the biggest beneficiary of Madoff's scheme, having withdrawn either directly or through the entities he controlled more than $7.2 billion of other investors' money."
Jeffry Picower's Lifeless Body Pulled From PoolPALM BEACH, Fla. -- Jeffry Picower, a prominent Palm Beach billionaire businessman and philanthropist with ties to Bernard Madoff, was found at the bottom of his pool at his residence on Sunday.
Back from the Brink; Victims of financial scams, bubbles make comebacksStock market swindles and greedy CEOs brought these folks close to financial ruin. First they got angry. Then they got busy. One was a secretary at Enron. One was swindled by Madoff. Another had his 401K in WorldCom.
SEC Botched Madoff Inquiries - That;s A Comfort-: NO QUARTERcame across this story in my daily paper Thursday, and was immediately taken by the title, first of all, but the sheer incompetence demonstrated by the SEC over a number of years, second of all. It is truly staggering.
SEC report shows repeated bungling of Madoff probeWASHINGTON (AP) — The official at the Securities and Exchange Commission who later would marry Bernard Madoff's niece told investigators this year that if he had carefully reviewed a complaint about the disgraced financier's business, he would have investigated more deeply, a n …
3 Hezbollah leaders lose big to 'Lebanese Madoff'Three senior Hezbollah operatives are among those who invested and lost funds with Lebanese businessman Salah Ezzadine, who has been nicknamed the 'Lebanese Madoff' after being accused of losing over a billion dollars of his clients' money.
The SEC was Incompetent, What about FINRA?The investigation into the Madoff Ponzi scheme took another turn with the release of a scathing report of incompetence by the SEC. But, FINRA's role in the Madoff fraud can't be ignored.
New report reveals the tricks Madoff used to evade authoritiesBernie Madoff could have written a scammers guide to ripping off investors.
Madoff fraud probes 'a failure'SEC Chairman Mary Schapiro said that an investigation "makes clear that the agency missed numerous opportunities to discover the fraud".
SEC investigation: We missed MadoffThe Securities and Exchange Commission overlooked "more than ample" evidence, including six complaints, that red-flagged the Bernard Madoff Ponzi scheme, an internal watchdog said Wednesday.
The idiocy at the SEC continues..........WASHINGTON - The watchdog of the Securities and Exchange Commission has found that the agency consistently mishandled its investigations of Bernard Madoff's business, despite ample warnings of the multibillion-dollar fraud.
'Lebanese Madoff' detainedFamous Shiite financier suspected of executing Ponzi scheme in which main loser was Hezbollah
Madoff dying of cancer, fellow inmates sayBernard Madoff, convicted of swindling $65 billion through the biggest-ever Ponzi scheme, has told fellow prison inmates that he is dying of cancer, the New York Post reported on Monday, citing unnamed prison sources.
Report: Bernie Tells Inmates, `I'm Dying` - CBSNewsSounds like Bernie may be up to his old tricks... more lies to the gullible? Is he on deaths door and nobody knew until now?
What's The Matter With The SEC?The SEC didn't listen to Markopolos over the years, but in February, 2009 the 111th Congress was all ears.
Bail-Out Bonuses at Banks that Got the Most $ from U.s. - $1 Million a Head...Hundreds and Hundreds of HeadsThousands of top traders and bankers on Wall Street were awarded huge bonuses and pay packages last year, even as their employers were battered by the financial crisis. More Articles
At Opednews: Mary Schapiro Answers The Question Madoff Victims Have Been Asking For 7 Months Former Madoff Investors have been waiting almost 8 months for the insurance money they are entitled to from the broker funded Securities Investor Protection Agency. So far only 600 out of 8000 claims have been handled. Victims found out why in a recent Congressional Hearing.
SEC Upsets Some as It Sharpens Teeth Under Obama Appointee Schapiro - washingtonpost.comThe Securities and Exchange Commission has begun moving far faster to stop financial scams and open investigations into potential wrongdoing than in the past, according to agency data, adopting an aggressive posture after it was sharply criticized about its oversight of Wall Stre …
Florida aided Allen Stanford, suspect in huge swindle - Florida - MiamiHerald.comThe role that regulators played on the state level in Florida giving unprecedented power to Stanford's private investment firm was a symptom of what was taking place on the national scene. It has led to massive fraud by ponzi schemers like Allen Stanford and Bernie Madoff.
Madoff Hires Consultant to Find Best Possible Jail"Bernard Madoff has hired a veteran prison consultant to help him to find the best possible jail..."
Madoff Scam Reveals Regulatory FailureNow that he has pleaded guilty, Bernard Madoff's story might be seen to have reached an end of sorts. But so vast was the scale of his crime that the legacy of his extraordinary fraud will take years, if not decades to reveal itself.
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