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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
  • Wells Fargo eclipses JPMorgan as most profitable U.S. bank

    Wells Fargo eclipses JPMorgan as most profitable U.S. bank
    NEW YORK — Massive legal payouts didn't just cost JPMorgan Chase & Co. billions last year. They also cost the Wall Street giant its title as America's most profitable bank. After weathering a barrage of legal and regulatory assaults in 2013, the...
  • Artful cons in 'Blue Jasmine,' 'Wolf of Wall Street,' 'American Hustle'

    Artful cons in 'Blue Jasmine,' 'Wolf of Wall Street,' 'American Hustle'
    American moviegoers love a good con man. Burt Lancaster won an Academy Award for playing one in 1960's "Elmer Gantry." Michael Douglas took home an Oscar in 1988 as master "Wall Street" manipulator Gordon Gekko. And Robert Redford got nominated for his...
  • Bill would boost disclosures in corporate settlements with U.S.

    Bill would boost disclosures in corporate settlements with U.S.
    WASHINGTON — Concerned that targets of federal investigations are getting off lightly, two senators proposed legislation requiring the government to disclose all the details about settlements that allow companies to duck trials on allegations of...
  • Letters: How to really punish bank executives

    Letters: How to really punish bank executives
    Re "U.S. gives bank's execs a free pass," Column, Jan. 8 Michael Hiltzik is right on the money. JPMorgan Chase was clearly in violation of laws regarding suspicious activity reporting, and the fact that it got its own money out of Bernard Madoff's Ponzi...
  • JPMorgan profit slips 7% in fourth quarter

    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....
  • JPMorgan agrees to pay $1.7 billion for role in Madoff scheme

    JPMorgan agrees to pay $1.7 billion for role in Madoff scheme
    JPMorgan Chase & Co. has agreed to pay $1.7 billion to resolve a Justice Department investigation into its role in Bernard Madoff's multibillion-dollar Ponzi scheme. The giant Wall Street firm, which served as Madoff's primary banker, acknowledged...
  • JPMorgan to pay $2.6 billion for failing to report Madoff concerns

    JPMorgan to pay $2.6 billion for failing to report Madoff concerns
    When Bernard L. Madoff's Ponzi scheme was revealed five years ago, the big question was whether he pulled off the jaw-dropping crime by himself. Madoff stubbornly claimed to have acted alone, but it became clear Tuesday that he got a significant...
  • 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's latest legal tab rises as bank hammers out Justice deal

    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...
  • Suzanne Somers calls Obamacare 'Ponzi scheme' in error-ridden article

    Suzanne Somers calls Obamacare 'Ponzi scheme' in error-ridden article
    Now that Suzanne Somers has your attention with claims about all the sex she's having, the former "Three's Company" star-turned-longevity-expert has turned her attention to Obamacare. And she doesn't like what she sees. "Boomers are smart," Somers wrote...
  • Jesse Jackson Jr. starts prison term for looting his campaign fund

    Jesse Jackson Jr. starts prison term for looting his campaign fund
    Former U.S. .Rep. Jesse Jackson Jr., the scion of the prominent civil rights family and one-time rising political star in Chicago, reported to federal prison Tuesday to begin serving a 30-month sentence for looting his campaign fund. “He is in our...