Bernard Madoff (born 1938) is an American businessman. He is the former chairman of the Nasdaq Stock Market and he is the founder of Bernard L. Madoff Investment Securities LLC. He was arrested Thursday, Dec. 11, 2008, and charged with...
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Bernard Madoff (born 1938) is an American businessman. He is the former chairman of the Nasdaq Stock Market and he is the founder of Bernard L. Madoff Investment Securities LLC. He was arrested Thursday, Dec. 11, 2008, and charged with securities fraud for his operation of Madoff Investment Securities.
ST. PAUL, Minnesota (Reuters) - A federal jury on Wednesday found Minnesota businessman Tom Petters guilty of orchestrating a $3.65 billion Ponzi scheme. The 52-year-old founder of Petters Group Worldwide Inc was convicted on counts including wire fraud, mail fraud and money laundering. Petters sat stone-faced, staring at the judge after the verdict by the jury of seven women and five men found was read. He could face up to life in prison. Prosecutors had accused Petters of using one of his... Read Full Story
LONDON (Reuters) - A British police probe into Bernard Madoff's ponzi scheme is shifting focus to the European firms that fed money to the New York-based fund, a person familiar with the investigation said on Tuesday. The change in emphasis comes as Britain's Serious Fraud Office (SFO) has found it difficult to find evidence of any wrongdoing at the British arm of Madoff Securities. The source said a series of investigations into the unit had not found sufficient evidence to justify further... Read Full Story
NEW YORK (Reuters Life!) - A 73-year-old New York cabaret singer and one of Bernard Madoff's jilted investors is finding catharsis -- and some pay-back -- in her one-woman show, "John Denver, Bernie Madoff & Me," which opened in New York on Monday. "I figured you've got to keep a sense of humor and the only thing that I could do was sing," Cynthia Crane told Reuters. She said the show's inspiration came when she learned singer John Denver's estate had also lost money in Madoff's admitted... Read Full Story
Did you miss the latest Ponzi scheme catch? Ever heard of Tom Petters? Here we go again. This clown ran a $3.65 billion dollar Ponzi scheme out of Minnesota that bilked thousands of people out of their money. One more in a long line up of Ponzi schemes. First--and biggest--was Bernie Madoff. Then there was R. Allen Stanford and now this guy. In the 2000's, it seems the government virtually shut down and didn't investigate anyone who was--or was supposed to be--taking money for investments... Read Full Story
Tom Petters Minnesota businessman and hedge fund manager Thomas Petters has been convicted of running a $3.65 billion Ponzi scheme.
A St. Paul, Minn., federal jury delivered its verdict yesterday after five days of deliberations. Petters was found guilty on all 20 counts of fraud and money laundering.
Petter’s fraud, which came to light just months before the much larger Ponzi scheme orchestrated by Bernard Madoff collapsed, involved selling bogus notes linked to consumer electronics... Read Full Story
NEW YORK (Reuters) - Bernard Madoff's bankruptcy trustee and the law firm employing him submitted a $22.1 million legal bill covering five months of work. Baker & Hostetler LLP is seeking $21.28 million of fees as counsel to court-appointed trustee Irving Picard for the five months ended September 30, 2009, according to a filing on Monday with the U.S. bankruptcy court in Manhattan. Picard, a partner at Baker & Hostetler, is separately seeking $835,605 for the same period as trustee for the... Read Full Story
ST. PAUL, Minn., Dec. 2 (UPI) --
A federal jury convicted Minnesota businessman Tom Petters Wednesday on all 20 counts in a $3.65 billion Ponzi scheme.
The 52-year-old chairman of Petters Group Worldwide, whose holdings included Sun Country Airlines, Polaroid Corp. and Fingerhut, could receive a life prison sentence for bilking investors, the Minneapolis Star Tribune reported.
The jury returned the verdict after deliberating 31 1/2 hours over five days.
Ralph Boelter, FBI special... Read Full Story
ST. PAUL, Minnesota (Reuters) - Accused Ponzi schemer Tom Petters will wait at least six more days to learn his fate after a federal jury adjourned deliberations without reaching a verdict over whether he orchestrated a $3.65 billion fraud. Prosecutors have accused the founder of Petters Group Worldwide Inc of using one of his companies, Petters Co, to bilk investors, who thought he was using their money to buy consumer electronics for resale to retailers such as Costco Wholesale Corp and BJ... Read Full Story
ST. PAUL, Minnesota (Reuters) - The government made a final effort to convince jurors on Monday that accused Ponzi schemer Tom Petters orchestrated a $3.65 billion fraud, and is not the victim he claims to be. In closing arguments after a more than three-week trial in St. Paul federal court, prosecutors urged the jury to reject the Minnesota businessman's argument that subordinates were in fact responsible for a fraud at the now-collapsed Petters Group Worldwide LLC. "Tom Petters is not a... Read Full Story
Veteran Manhattan cabaret songstress Cynthia Crane and her playwright husband, Ted Story, have been John Denver fans for decades, but it wasn’t until about a year ago that they realized they had more in common with Denver than just music. They, along with the late singer’s estate, were among the thousands scammed by Bernie Madoff.
Now, after the Cranes have been forced to sell their West Village townhouse and most of their personal belongings, the 73-year-old chanteuse is dealing with... Read Full Story
