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Posts Tagged ‘Madoff Scandal’

A ‘sorry and ashamed’ Bernard Madoff pleads guilty

AP/Yahoo

By LARRY NEUMEISTER and TOM HAYS, Associated Press Writers

1 min ago

NEW YORK – Bernard Madoff pleaded guilty Thursday to charges that he carried out an epic fraud that robbed investors around the world of billions of dollars, admitting he began operating a giant Ponzi scheme in the early 1990s in response to a recession.

“I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed,” he told U.S. District Judge Denny Chin.

He said that he started the fraud but that he believed it would be short and he could extricate himself.

“As the years went by, I realized my risk, and this day would inevitably come,” he said in a steady voice. “I cannot adequately express how sorry I am for my crimes.”

The fraud turned a revered money man into an overnight global disgrace whose name became synonymous with the current economic meltdown.

Madoff described his crimes after he entered a guilty plea to all 11 counts he was charged with, including fraud, perjury, theft from an employee benefit plan, and two counts of international money laundering.

Prosecutors say the disgraced financier, who has spent three months under house arrest in his $7 million in Manhattan penthouse, could face a maximum sentence of 150 years in prison at sentencing.

The plea came three months after the FBI claimed Madoff admitted to his sons that his once-revered investment fund was all a big lie — a Ponzi scheme that was in the billions of dollars. Since his arrest in December, the scandal has turned the 70-year-old former Nasdaq chairman into a pariah who has worn a bulletproof vest to court.

The scheme evaporated life fortunes, wiped out charities and apparently pushed at least two investors to commit suicide. Victims big and small were swindled by Madoff, from elderly Florida retirees to actors Kevin Bacon and Kyra Sedgwick and Nobel Peace Prize winner Elie Wiesel.

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Madoff Victims List Released: See The Full List

Huffington Post |  Nicholas Sabloff   |   February 4, 2009 08:15 PM

A 162-page document containing the full list of people and companies that invested with Bernard Madoff’s firm was released Wednesday in a court filing. The list was compiled by AlixPartners of Dallas, Texas.

More specifics on the document’s contents from the New York Times’ Dealbook blog:

The list includes anyone who responded to advertisements placed by the trustee overseeing the bankruptcy of the firm. Not every name on the list is necessarily a victim of Mr. Madoff’s reputed $50 billion Ponzi scheme, but the list includes “everyone who might have an interest in the bankruptcy case,” according to a person briefed on the document.
The list includes trading partners and other customers that have accounts with the brokerage arm of Mr. Madoff’s firm and the investment management division.

SEE THE FULL LIST AND MORE HERE


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FBI steps up search for evidence in Bernard (Bernie) Madoff scandal


The FBI is understood to be monitoring key individuals connected to the $50 billion (£34 billion) Bernard Madoff investment scandal as the federal agency comes under increased pressure to construct a criminal case against the 70-year-old financier.

The agency is scrutinising bank withdrawals made by former employees of Mr Madoff and their personal activities, including where they travel and with whom they mix. The use of such methods came to light as it emerged that Frank Dipascali, Mr Madoff’s chief financial officer, has been interviewed by investigators over his role at Madoff Investment Securities. Marc Mukasey, Mr Dipascali’s lawyer, failed to return calls yesterday.

As regulators scour documents seized from Mr Madoff’s offices in Manhattan, the financier is under pressure to meet tomorrow’s deadline to provide details of all investments, assets, loans, lines of credit and accounts held by his company to the US Securities and Exchange Commission (SEC).

(more…)

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