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04 Feb 2011 17:34

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Biz: 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.
Posted by Ernie Smith • 0 Comments • Permalink

18 Dec 2010 11:14

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Biz: 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.
Posted by Ernie Smith • 0 Comments • Permalink

17 Dec 2010 12:16

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Biz: 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
Posted by Ernie Smith • 0 Comments • Permalink

11 Dec 2010 10:27

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Biz: Bernie Madoff’s son, under investigation himself, commits suicide

  • 12/11/08 Mark Madoff, after learning his dad was running an immense Ponzi scheme that was falling apart, turns him into authorities
  • 12/11/10 Mark Madoff, who was under investigation in the case, commits suicide in his Manhattan apartment; this is very sad source
Posted by Ernie Smith • 0 Comments • Permalink

14 Nov 2010 01:18

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Biz: Auction of Bernard Madoff’s personal effects = $2 million

  • Three words: Bernard Madoff’s undies, last in the public eye when he crapped his pants after finally getting caught about two years ago. source
Posted by Ernie Smith • 0 Comments • Permalink

17 Nov 2009 10:45

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U.S.: A reported ponzi scheme swindled the elderly by going “green”

  • $30
    million     size of the reported ponzi scheme, which preyed on elderly investors
  • 300 victims number of people who reportedly fell for the scheme, the lawsuit says source
Posted by Ernie Smith • 0 Comments • Permalink

24 Aug 2009 21:21

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Biz: Cricket legend R. Allen Stanford has to stay in jail, guys

Oh, beyond playing cricket in Antigua, he supposedly defrauded investors out of billions in a fraudulent ponzi scheme. That’s why he’s in jail. source
Posted by Ernie Smith • 0 Comments • Permalink
 

14 Jul 2009 13:12

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Biz, U.S.: Here’s how Bernard Madoff shall henceforth be known

  • 61727-054 his prisoner number source
Posted by Ernie Smith • 0 Comments • Permalink

26 Jun 2009 20:57

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Biz, U.S.: The U.S. wants Bernard Madoff to stay in prison for a long while

  • 150 years they want of weekends at Bernie’s prison cell source
Posted by Ernie Smith • 0 Comments • Permalink

19 Jun 2009 16:21

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Biz, U.S.: Let’s stare at a photo of smug (indicted) bastard R. Allen Stanford

The feds found something to pin on the ponzi schemer in the form of a bribe to an Antiguian official. Stare hard. Let his smugness stain your retinas. source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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