fraud

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Death Hoax Pilot Captured After Apparent Suicide Try

Accused swindler found in Florida campground with wrist slit

(Newser) - A businessman believed to have faked his own death by jumping out of a plane has been captured in Florida, the Northwest Florida Daily News reports. Law enforcement sources say Marcus Schrenker was found at a campground, alive but with his wrists slit. The fugitive had emailed a friend Monday...

Broker Tried to Fake Plane Death: Cops

Pilot facing fraud charges abandoned plane in mid-air

(Newser) - An Indiana businessman being investigated for fraud apparently tried to fake his death in a plane crash, the Indianapolis Star reports. Authorities believe businessman Mark Schrenker, an accomplished stunt pilot, faked a distress call from the small plane he was piloting saying that the windshield had imploded and he was...

Madoff Stays Free on Bail
 Madoff Stays Free on Bail 
Jan 12, 2009 11:37 AM CST

Madoff Stays Free on Bail

Judge doesn't revoke bail

(Newser) - A New York judge ruled today that Bernard Madoff may remain free on bail, rejecting a bid by prosecutors to send the disgraced investor to jail. Madoff mailed more than $1 million in jewelry and heirlooms to family and friends over the holidays. Prosecutors said the gifts were grounds to...

Court Reinstates Corruption Case Against Zuma

Ahead of vote, would-be S. African prez faces 16 counts of fraud

(Newser) - Jacob Zuma, the leader of the African National Congress and the likely next president of South Africa, once again faces corruption charges after the country's top appeals court reinstated 16 counts of fraud, money laundering, and tax evasion today. The court reversed a bombshell ruling from last September that threw...

Madoff Whistleblower Shrinks From Spotlight

Tenacious accountant stands to make book, film money, but just wants to move on

(Newser) - Harry Markopolos, the accountant who began warning the feds years ago about Bernard Madoff’s Ponzi scheme, wasn’t looking for the limelight, the Boston Globe reports. Not only is he testifying before Congress—he’s also been deluged by book and movie offers. His is “a remarkably compelling...

Madoff Mails $1M in Bling; Feds Pounce

(Newser) - Prosecutors are fuming after Bernard Madoff mailed more than $1 million in jewelry to his sons on Christmas Eve, the New York Post reports. The Ponzi schemer was dragged into court today but left under house arrest pending written arguments. Madoff's bail agreement allows such a gift, but an SEC...

Madoff Ruse Exploited Palm Beach's Clubby Ways
Madoff Ruse Exploited
Palm Beach's Clubby Ways
ANALYSIS
Jan 3, 2009 3:08 PM CST

Madoff Ruse Exploited Palm Beach's Clubby Ways

Swindler exploited ritzy Palm Beach culture to bilk investors

(Newser) - You have to give it to Bernie Madoff: The Ponzi pirate wasn’t your average fraudster, Daniel Gross observes in Slate. Look no further than Palm Beach, which was "ground zero" of his scheme. Madoff got where he did by “fiendishly exploiting the unique, clubby culture" of the...

Madoff Got $10M Investment Days Before Arrest: Suit

Funds were businessman's first Madoff deal

(Newser) - A New York businessman is suing to recover $10 million he handed over to Bernard Madoff 6 days before the alleged Ponzi schemer was arrested, the Wall Street Journal reports. Martin Rosenman wired the funds to a JP Morgan Chase account controlled by Madoff, who told the first-time investor that...

Any Madoff Money Will Be a Long Time Coming

(Newser) - If past fraud cases are a guide, investors rooked by Bernard Madoff will have to wait quite a while to see even a fraction of their initial investments returned, Reuters reports. Court action is notoriously slow, but that’s only half the problem: Recovering money is possible only if it’...

Six Degrees of Kevin Bacon Lead to Madoff

Actor, wife Kyra Sedgwick lost money in Ponzi scheme

(Newser) - It turns out Kevin Bacon didn’t put enough degrees between himself and Bernie Madoff. Bacon and wife Kyra Sedgwick join Steven Spielberg and Jeffrey Katzenberg on the list of Hollywood denizens duped by the Ponzi schemer, Bacon’s rep confirmed to New York magazine. Rumor has it the couple...

Tables Turn: Madoff Gets Ripped Off

Thieves rip-off investment fraudster

(Newser) - In a bit of poetic justice, a thief stole an expensive statue from the Palm Beach estate of Bernard Madoff last week, the New York Post reports. Burglars took a $10,000 copper statue depicting two lifeguards from the fraudster accused of losing $50 billion of investors’ money in a...

5 Men Who Fueled Madoff's Ponzi Scheme

(Newser) - Government investigators are turning their eye to the middlemen who led clients into Bernard Madoff's long-running Ponzi scheme. The Wall Street Journal profiles five of them:
  • Robert Jaffe: A dashing Florida philanthropist, he funneled tony clients to ex-boss Madoff. Jaffe says he is a "victim of these tragic events.
...

Bush Pardons 19 More, But Not Libby (Yet)

President's tally still pales in comparison to Clinton, Reagan

(Newser) - Another round of presidential pardons today might not be the last, the Washington Post reports. “The president has maintained his authority to do that until his last day,” a spokesman said. No big names, such as Scooter Libby, were announced, but President Bush did issue a rare posthumous...

Aiming to Right History, Group Sniffs Out Fake POWs

Pretending to be war prisoner is legal, but vets say it dishonors the true heroes

(Newser) - When Richard Cayton told a Texas newspaper about his harrowing escape from captors in Vietnam, former Navy SEAL Steve Robinson thought something smelled fishy. He ran some quick checks, and told the newspaper that it had been lied to—Cayton had never been a prisoner of war. Sniffing out such...

Shoplifting Grows as Economy Doesn't

Desperation, holiday shopping drive thieves

(Newser) - The tough economic climate is driving up shoplifting arrests, and the holiday season is making the situation worse, the New York Times reports. The timing is poor for stores that have had to shrink security staff amid financial woes. “More people are desperate economically, retailers are operating with leaner...

Conn. Firm Collected $500M From Madoff's Marks

Fairfield Greenwich didn't deliver promised oversight to clients

(Newser) - With its clients having lost $7.3 billion in Bernard Madoff’s Ponzi scheme, a Connecticut hedge-fund advising firm wants the public’s sympathy—but in fact, the Fairfield Greenwich Group took almost $500 million in fees alone from the money Madoff shepherded. And, the New York Times reports, it’...

As Losses Mount, Madoff Son Goes Shopping

Investment scam doesn't appear to hinder family's holiday spending

(Newser) - Watching investors lose their shirts on Bernard Madoff’s investments didn’t deter his son and daughter-in-law from a holiday shopping spree yesterday, the New York Post reports. Andrew Madoff, who worked for Dad’s failed financial firm, and wife Deborah power-shopped SoHo, snapping up items from J.Crew, Kidrobot,...

Outsider Madoff Cultivated Steady Image

Accused scamster made exclusivity his scheme's selling point

(Newser) - Bernard Madoff rose to fame and fortune as one of America's top financial insiders but he never stopped acting like an outsider, associates tell the Wall Street Journal. Despite his reputation as outgoing "Uncle Bernie," the disgraced financier was often ill at ease socially and could be brusque...

Connecticut Firm Helped Madoff Go Global

Fairfield Greenwich says it didn't know about improper dealings, had $7.5B invested

(Newser) - As Bernard Madoff’s financial network comes under scrutiny, one investment fund is emerging as an especially close partner, the Wall Street Journal reports. Fairfield Greenwich had $7.5 billion invested with Madoff, more than half the group’s total assets as of Nov. 1. There’s no evidence Fairfield...

Madoff Crony Harangued at Tony Fla. Club

Jaffe nearly fights with furious bilked investor at black-tie bash

(Newser) - Bob Jaffe, who recruited many of the marks for Bernard Madoff’s $50 billion fraud operation, got an earful after showing up last weekend at a Palm Beach party brimming with Madoff’s victims, a source tells the New York Post. When one saw Jaffe, “it nearly came to...

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