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January 6, 2014

Fallout from Bernie Madoff costing JPMorgan Chase a pretty penny

  • $2B the amount of the settlement JPMorgan Chase is expected to reach with the federal government over the Bernie Madoff saga, due to the company reportedly ignoring clear signs of Madoff’s ponzi scheme. In the past year, the company has had to pay out $20 billion to settle government investigations. source
0:45 // 3 months ago
June 14, 2012

Convicted ponzi schemer R. Allen Stanford sentenced in $7 billion scheme

  • 41 months the amount of time the attorneys for convicted ponzi schemer R. Allen Stanford’s wanted him to be sentenced to prison
  • 110
    years
    the amount of time Stanford, who built a $7 billion scheme over 20 years, was actually sentenced; he could’ve gotten 230 years source

» For comparison’s sake, Bernie Madoff got 150 years. Stanford, who was convicted of 13 of 14 fraud counts in March, lived a lavish life, and was at one point personally worth $2 billion. (His scheme, half the size of Madoff’s, was nonetheless massive.) But his assets were frozen and he was so broke that he had to rely on court-appointed lawyers. Said lawyers have no sense of gravity, apparently — they seriously thought he’d get jailed for less than four years? Perhaps, though, it was Stanford himself who screwed up his chances, telling the judge this on Thursday: “I’m not here to ask for sympathy or forgiveness or to throw myself at your mercy. I did not run a Ponzi scheme. I didn’t defraud anybody.” He spoke for 40 minutes. He claimed the U.S. used  “gestapo tactics” on him. In return, he got a huge sentence.

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22:29 // 1 year ago
October 27, 2011
For our interview, I was permitted only to bring in pen and pad. I was also allowed to bring in $20 in quarters since there were vending machines near our meeting room, which prisoners and guests are permitted to use during the visit. As it turns out, Madoff didn’t want anything, but I did mention it during the meeting in case we were hungry.
Barbara Walters • Delivering a first-hand account of her jailhouse interview with convicted Ponzi schemer Bernie Madoff. The interview, which airs on ABC during ‘World News’ and ‘Nightline,’ comes several days after a short segment was released from an upcoming episode of ‘60 Minutes’ in which Madoff’s wife Ruth admitted the pair had attempted suicide. source (viafollow)
19:40 // 2 years ago
February 4, 2011

Bernie Madoff trustee: The NY Mets knowingly took ill-gotten cash

  • $300
    million
    the estimated amount in profits the New York Mets allegedly earned from Bernie Madoff’s ponzi scheme
  • $90
    million
    the estimated amount that the team reportedly took from Bernie Madoff-related bank accounts source

» And now they’re being pressured to give it up: Irving Picard, the trustee in charge of the insanely massive Bernie Madoff account, claims in a lawsuit that the Mets organization, represented by Sterling Equities, turned a blind eye to Madoff’s scheme and had plenty of opportunities to see red flags pop up. ”The Sterling partners were simply in too deep – having substantially supported their businesses with Madoff money – to do anything but ignore the gathering clouds,” says the complaint first made public on Friday. Officials for the team call the claims ”an outrageous strong-arm effort” at getting money out of them, and deny any wrongdoing.

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17:34 // 3 years ago
December 18, 2010

Current score: Who’s still getting screwed by Bernie Madoff?

  • 16k number of people claim to have been affected by the breakdown of Madoff’s ponzi scheme, which left many of the victims destitute
  • 60% of victims may never see any of the money because they put their money into Madoff’s care indirectly, though feeder funds
  • 400 investors were sued for taking more than they were worth from Madoff’s ponzi scheme (though some of them are broke, too) source

» Not every victim is getting helped: Only around $5.9 billion in losses has been recognized by the trustee so far, which much of the rest of the money owed indirectly by hedge funds that need to pay back the money they withdrew first.

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11:14 // 3 years ago
December 17, 2010

Madoff trustee scores big settlement for victims in Ponzi scheme

  • $20B the amount investors lost because of Bernie Madoff’s massive ponzi scheme over the years
  • $2.3B the amount that had previously been gained back through auctions and other means
  • $7.2B the amount earned in a settlement with the estate of Jeffry Picower, a Madoff investor source
12:16 // 3 years ago