Links

Columnists



Site Search


Entire (RSS)
Comments (RSS)

Archive Calendar

September 2021
S M T W T F S
 1234
567891011
12131415161718
19202122232425
2627282930  

Guides

How to Become a Bounty Hunter



Tag: Bernie Madoff

Madoff Investor Agrees to Surrender $625 Million

By Allan Lengel
ticklethewire.com

While world-class Ponzi swindler Bernie Madoff sits in prison, the feds are still trying to figure out ways to get back some of the funds for investors.

The latest came this week when federal  authorities announced they had struck a deal with Carl Shapiro, 97, a Boston area businessman and philanthropist, to surrender $625 million he made from his investments with Madoff. He was one of the earlier investors, beginning in the 1960s.

“For almost 40 years, Carl Shapiro invested hundreds of millions of dollars with Bernie Madoff but withdrew far more,” said U.S. Attorney Preet Bharara. “By requiring him to forfeit this money—more than he is currently worth—the government and the SIPA Trustee have sent an important message: those who profited as a result of Bernard Madoff’s fraud should disgorge those profits, which are rightfully other people’s money.”

“As we approach the two-year anniversary of the Bernard Madoff arrest, this settlement represents a significant step in the restitution of retirements, pensions, and university endowments that were robbed with blatant disregard for the law,” added FBI Assistant Director-in-Charge Janice Fedarcyk in New York. “It takes a special depravity to victimize so many people so severely.”

Meanwhile, the Associated Press reported that a court trustee, seeking more Madoff funds,  is negotiating to recover money from the owner of the New York Mets.

 

Pugh affidavit

Wall Street’s New Sheriff: NY U.S. Atty Preet Bharara — A Bruce Springsteen Fan

U.S. Atty. Preet Bharara/doj photo

By Shira Ovide
Wall Street Journal

Hey, hedgies, better brush up on Preet Bharara’s CV and predilections. The U.S. Attorney for Manhattan is looking like the new Sheriff of Wall Street–-and he’s a Springsteen fan, to boot.

Bharara’s office, along with the FBI and the SEC, are closing in on an insider-trading case that could ensnare a wide swath of bankers, investor consultants, hedge funds and mutual-fund traders, The Wall Street Journal reported over the weekend.

Investigators in part are looking into the role played by the cottage industry of industry consultants and analysts who give hedge funds and mutual funds an in-depth look into industries.

The wide-ranging probe stemmed from Bharara’s focus on insider trading. Bharara may not be a household name, but he made his bones taking on organized crime in New York, and more recently has tackled investigations into Bernie Madoff, the Galleon insider trading probe and the arms merchant known as the “Merchant of Death.” Wall Street isn’t so tough by comparison.

To read more click here.

FBI Arrests 2 Who Worked For Madoff for More than 25 Years

Bernie Madoff

By Allan Lengel
ticklethewire.com

The FBI Thursday morning arrested two people who worked for swindler Bernie Madoff.

Joann Crupi was arrested at her home in Westfield, NJ and Annette Bongiorno was arrested at her home in Boca Raton, Fla., said Richard Kolko, spokesman for the FBI in New York.

“Charges, in connection with the Madoff investment fraud, will be unsealed in the Southern District of New York later today,” Kolko said.

In June, U.S. Attorney Preet Bharara of Manhattan announced that his office had filed civil complaints against Bongiorno and Crupi to recoup $5 million in assets they had. Both worked for Madoff for more than 25 years and played a role in the gigantic fraud, federal prosecutors alleged.

Authorities said Bongiorno responsibilities included responding to clients’s questions about about their investments and overseeing the fabrication of account statements, trade confirmations, and other documents. Crupi’s responsiblities included handing the receipt of funds and transferring funds between Madoff’s business accounts.

According to a U.S. Attorney. the funds in question for  BONGIORNO include: Approximately $1.1 million currently or formerly held in accounts at Citibank, Morgan Stanley Smith Barney, and HSBC; a 2005 Bentley Continental, for which BONGIORNO paid approximately $182,605; a 2007 Mercedes Benz, for which BONGIORNO paid approximately $90,000; and approximately $1.3 million paid towards a luxury condominium.

And for  CRUPI: A house in Mantoloking, N.J., for which she paid $2,225,000 cash; and approximately $26,500 in rental income from the Mantoloking house, currently held at Commerce Bank.

Marshals Auction for Madoff’s Belongings Nets More than $2 Mil

Ruth Madoff's 10.5 carat diamond/u.s. marshals photo

By Allan Lengel
ticklethewire.com

Bidders came bidding Saturday in New York for the belongings of swindler Bernie Madoff, who seems to have the public appeal of a mobster.

The U.S. Marshals Service, using an auction house, netted more than $2 million for Madoff’s and his wife Ruth’s belongings, which included Ruth’s 10.5 carat diamond engagement ring, which sold for $550,000, according to the New York Daily News.

Proceeds will go to repay victims of Madoff’s long-standing Ponzi scheme, which involved ripping off some $65 billion.  Some of Madoff’s properties have already been auction off.

The Daily News reported that hundreds packed the Sheraton Hotel and Towers on Seventh Avenue in Manhattan for the auction. On top of that, more than 1,000 online bidders participated.

A grand piano went for $42,000. Slippers and unused underwear were also sold.

I bought these things because I admire him in a way,”  Mario Mazza, 67, of Monmouth Beach, N.J., who bought a bar set for $2,200 and a set of boxes, plates and vases for $625 told the Daily News.

“It’s interesting because he used to own this stuff and now it’s going to be mine. When I look at this stuff it will be a reminder of the good and the bad side of people.”

To read more click here.

httpv://www.youtube.com/watch?v=wf9_rPvo1FU

Some of Swindler Bernie Madoff’s Possessions Go Up for Auction Saturday

Bernie Madoff/facebook photo

By Allan Lengel
ticklethewire.com

The spoils of swindler Bernie Madoff and his wife go up for auction Saturday in New York.

His black velveteen slippers, an emerald cut 10.5-carat diamond ring, other jewelry and furniture are up for grabs, the New York Daily News reports.

Auctioneers at Gaston & Sheehan will handle the sale, which will be online and at the Sheraton Hotel & Towers on Seventh Avenue in Manhattan starting at 10 a.m.

Jennifer Crane of the U.S. Marshals Service asset forfeiture unit, who was inside Madoff’s upper East Side penthouse after his December 2008 arrest, told the Daily News:

“He was extremely meticulous. Everything was folded beautifully, every drawer you opened up was perfectly organized. It wasn’t what I expected.”

OTHER STORIES OF INTEREST

Accused Scammer Allen Stanford Takes Beating in Jail: Gets Transfer to Fed Prison


By Allan Lengel
ticklethewire.com

Texas financier R. Allen Stanford, whose alleged scamming is in a league with the king of scammers Bernard Madoff, was granted a transfer from a private Texas jail to a federal prison after getting a major beating from a fellow inmate, Bloomberg News reports.

Bloomberg reported that the transfer allows Stanford to be closer to his lawyer in downtown Houston. He is awaiting trial on charges of defrauding investors of some $7 billion.

On Thursday, Stanford got into a fight and suffered a concussion, two black eyes and a broken nose, his lawyer told Bloomberg.

The beating took place at the Joe Corley detention center in Conroe, north of Houston, Bloomberg reported. The judge, who approved the transfer, did not mention the beating and acknowledged the benefits of Stanford  being closer to his attorney because of the complexity of the case.

Feds Sell Off $67.8 Million in Madoff’s Belongings So Far

Bernie Madoff/facebook photo

Bernie Madoff/facebook photo

By Allan Lengel
For AOL News

While 72-year-old swindler Bernie Madoff serves a 150-year sentence behind bars, federal authorities are working to use his ill-gotten gains to repay his many victims.

On Wednesday, in the latest court filing in U.S. District Court in Manhattan, the U.S. Attorney’s Office said the government so far has recouped about $67.8 million through the sale of his belongings, though the figure obviously falls far short of the $50 billion or so Madoff swindled from investors.

The government tally so far, according to court documents, includes $7.3 million from the sale of his New York City co-op; about $59 million from the sale of his four-bedroom, 1.2-acre home in Montauk, N.Y.; $1.4 million for his Cap d’Antibes apartment in the French Riviera; and cars, boats, a securities account and personal property.

To read more click here.

OTHER STORIES OF INTEREST

U.S. Atty. Goes After $5 Mil In Assets from Bernie Madoff Employees

 cash-100-billsBy Allan Lengel
ticklethewire.com

The federal prosecutors aren’t done trying to recover more of the poisonous fruits from Bernie Madoff and his people.

U.S. Attorney Preet Bharara of Manhattan announced Tuesday that his office filed  civil complaints against former Madoff employees Annette Bongiorno and Joann Crupi  to recoup  $5 million in assets they had.  Both worked for Madoff for more than 25 years and played a  role in the gigantic fraud, federal prosecutors alleged.

Authorities said Bongiorno responsibilities included  responding to clients’s questions about about their investments and  overseeing the fabrication of account statements, trade confirmations, and other documents. Crupi’s responsiblities included handing the receipt of funds  and transferring funds between Madoff’s business accounts.

According to a U.S. Attorney press release, the funds in question for ANNETTE BONGIORNO include: Approximately $1.1 million currently or formerly held in accounts at Citibank, Morgan Stanley Smith Barney, and HSBC; a 2005 Bentley Continental, for which BONGIORNO paid approximately $182,605; a 2007 Mercedes Benz, for which BONGIORNO paid approximately $90,000; and approximately $1.3 million paid towards a luxury condominium.

And for JOANN CRUPI: A house in Mantoloking, N.J., for which she paid $2,225,000 cash; and approximately $26,500 in rental income from the Mantoloking house, currently held at Commerce Bank.

OTHER STORIES OF INTEREST