All articles tagged with #bernie madoff
Originally Published 7 months ago — by Yahoo
Kevin Bacon and Kyra Sedgwick lost around $30 million in Bernie Madoff's scam but are rebuilding their wealth through strategic real estate investments, including a farm in Connecticut and a property in New York, which have appreciated significantly in value.
Originally Published 2 years ago — by Business Insider
During Donald Trump's New York fraud trial, the judge asked the attorney general's lawyers to compare Trump's alleged fraud to Bernie Madoff's Ponzi scheme. The lawyer stated that while the scale of the fraud was smaller, both cases demonstrated a sense of entitlement. The attorney general's office alleges that Trump inflated his net worth by billions of dollars, and is seeking $370 million in financial penalties along with a permanent ban on Trump running a business in New York. The judge hopes to render a verdict by the end of January.
Originally Published 2 years ago — by CBS News
The Department of Justice has announced that nearly 25,000 victims of Bernie Madoff's Ponzi scheme will receive an additional $158.9 million in restitution, bringing their total recoveries to 91% of their lost money. The Madoff Victim Fund has already distributed over $4.22 billion to 40,843 victims, compensating them for their losses. Madoff, the former chairman of NASDAQ, was arrested in 2008 for defrauding investors out of $64 billion and was sentenced to 150 years in prison. He died in 2021.
Originally Published 2 years ago — by New York Post
The compensation fund for victims of Bernie Madoff's $65 billion Ponzi scheme has paid out an additional $158 million, bringing the total amount distributed to $4.22 billion. The fund, established a decade ago, has made its ninth installment to nearly 25,000 victims worldwide, helping them recoup 91% of their losses. The fund aims to make a final payout by the end of 2024. Madoff, who pleaded guilty to 11 financial crimes in 2009, died in prison in 2021.
Originally Published 2 years ago — by CNBC
The Department of Justice has announced the ninth payout from the fund for victims of Bernie Madoff's Ponzi scheme, distributing approximately $159 million in government-seized funds to nearly 25,000 people worldwide. This brings the total amount paid out by the fund to over $4.2 billion, helping to recover over 90% of victim losses. The collapse of Madoff's $65 billion fraud scheme devastated thousands of lives, affecting major celebrities, financial institutions, charities, and pension funds. The funds were collected through civil forfeiture actions against Madoff, his co-conspirators, and other investors involved in the scheme.
Originally Published 2 years ago — by Reuters
Lawyers are still dealing with the aftermath of Bernie Madoff's massive Ponzi scheme, which was uncovered 15 years ago. Irving Picard, the court-appointed trustee overseeing the liquidation of Madoff's firm, has recovered over $14.6 billion for victims so far. Picard and his law firm, Baker & Hostetler, have been awarded more than $1.5 billion in fees, amounting to nearly 17% of the firm's revenues. The fees are paid by the Securities Investor Protection Corporation and not from the recoveries. Picard is still pursuing about 100 recovery lawsuits, aiming to maximize the recovery for Madoff's customers.
Originally Published 2 years ago — by Yahoo News
Lawyers are still dealing with the aftermath of Bernie Madoff's massive Ponzi scheme, 15 years after his arrest and two years after his death. Irving Picard, the court-appointed trustee overseeing the liquidation of Madoff's firm, has recovered over $14.6 billion for victims so far, with an estimated total cost of $17.5 billion. Picard and his law firm, Baker & Hostetler, have been awarded over $1.5 billion in fees, accounting for nearly 17% of the firm's revenues. The fees are paid by the Securities Investor Protection Corporation and not from recoveries. Picard is still pursuing about 100 recovery lawsuits.
Originally Published 2 years ago — by Yahoo Finance
Lawyers are still dealing with the aftermath of Bernie Madoff's massive Ponzi scheme, 15 years after his arrest and two years after his death. Irving Picard, the court-appointed trustee overseeing the liquidation of Madoff's firm, has recovered over $14.6 billion for victims so far, with an estimated total cost of $17.5 billion. Picard and his law firm, Baker & Hostetler, have been awarded over $1.5 billion in fees, accounting for nearly 17% of the firm's revenues. The fees are paid by the Securities Investor Protection Corporation and not from the recoveries. Picard is still pursuing about 100 recovery lawsuits, aiming to maximize the recovery for Madoff's customers.
Originally Published 2 years ago — by Yahoo Sports
Former baseball player Bobby Bonilla continues to receive an annual paycheck of $1.2 million from the New York Mets, despite not playing for over two decades. This arrangement was part of a contract negotiated by Bonilla's agent, Dennis Gilbert, and was made possible due to the Mets' owner, Fred Wilpon, falling victim to Bernie Madoff's Ponzi scheme. Instead of paying Bonilla outright, Wilpon deferred payments, which were then invested in Madoff's scheme. Bonilla will receive payments until 2035, totaling $29.8 million.