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Tag: Bernard Madoff

Number 2 at NY U.S. Atty. Office Leaving; Was Once Considered to Lead DEA

Boyd Johnson III/doj photo

 
By Allan Lengel
ticklethewire.com

Boyd M. Johnson III, the Manhattan U.S. Attorney’s number 2 person, whose name had surfaced in 2009 as a contender to fill DEA’s top spot, is leaving government to join a private law firm, Globe Newswire reported.

Johnson plans to join the firm of WilmerHale in New York as a partner.

The New York Times reports that he will be replaced by Richard B. Zabel, who has run the office’s criminal division over the past two years.

Johnson, who had served in the number two spot since U.S. Attorney Preet Bharara was appointed in 2009. He has overseen a number of major criminal prosecutions including the Bernie Madoff and Eliot Spitzer cases.

In 2009, his name was among of handful of candidates being mentioned for the director spot at DEA. The White House eventually went with Michele Leonhart, who had been the acting director for years.

 

Prison Coach Says Bernie Madoff Did not Fear Prison

Just in case you were wondering whether our favorite Ponzi scammer was fearful of prison.

Bernie Madoff

Bernie Madoff

By The Associated Press
NEW YORK — A prison coach who helped Bernard Madoff get ready for his 150-year sentence says the disgraced financier was not afraid before starting his term at a federal penitentiary in North Carolina.

Herb Hoelter (HOHL’-ter) told the CBS “Early Show” that Madoff was remorseful but composed when Hoelter met him four days before sentencing.

Hoelter said Madoff would not be in danger at the Butner prison, where he was transferred this week from a federal jail in New York.

For Full Story

Madoff May be Gone But Scammers Still Abound

handcuffedBernie Madoff may have had the most infamous Ponzi scheme of all time (short of Charles Ponzi), but there are still investors out there getting bilked of their retirement savings and other funds by scammers. First, we have Ponzi schemer Donald Manning sentenced to over 5 years in prison for taking $4.5 million in cash from retirees. Then we have Eric Hauser, former head securities trader and founder of the Lancer Group, manipulating stock values to the tune of $200 million in investor losses. Kudos to the prsoecutors  in these two – this is the last thing our economy needs right now.


By Mike Allen
San Diego Business Journal
Donald Manning, a former president of an investment firm that bilked some $4.5 million from retirees including members of Manning’s family, was sentenced April 15 to 63 months in federal prison by federal Judge Barry Ted Moskowitz, federal prosecutors said.

Manning, 71, pleaded guilty to conspiracy and fraud charges Jan. 16 in the case that involved two other defendants, Joseph Wayne McCool and Cameron Campbell.

For Full Story

South Florida Business Journal

A former head securities trader pleaded guilty on Tuesday (April 28)  in Miami to charges he participated in a scheme to manipulate trading of stocks owned by the Lancer Group hedge funds.

Investors are estimated to have lost $200 million.

Eric Hauser, 65, was founder and primary manager of the Lancer Group.

It was alleged that, between 1999 and 2003, Lauer and others manipulated the closing market price of thinly traded shell company securities to falsely inflate the value of the Lancer Group hedge funds.

For Full Story

Judge Rules That Bernie Rip-off Gets to Stay in the Penthouse

He may not be a danger to society, but he sure is getting more and more people angry. Maybe it’s all rather self fulfilling when your name includes the word “Mad”.

Bernie Madoff

Bernie Madoff

By THE ASSOCIATED PRESS
A judge allowed disgraced investor Bernard Madoff to remain free on bail Monday, rejecting an attempt by prosecutors to send him to jail for mailing more than $1 million in jewelry to family and friends over the holidays.
The decision is sure to furhter outrage investors who have been clamoring for Madoff to be sent to jail for allegedly carrying out the largest financial fraud in history. Prosecutors said the gifts were grounds to have his bail revoked because what’s left of Madoff’s assets will have to be returned to burned investors.
But the judge not swayed by the their arguments that Madoff represents an economic danger to the community because of the size of the fraud and his sending of the gifts. Judges in bail decisions normally consider two main factors: whether the defendant is a flight risk or a danger to the community.
For Full Story

Read Judge’s Ruling

New Sequel To Weekend At Bernie’s: Fed Judge Orders Bernie Madoff Confined to his $7 Million Penthouse

There are worse things than being confined to a $7 million penthouse in New York. Then again, these days there are better people to be than Bernie Madoff.

BY THOMAS ZAMBITO and CORKY SIEMASZKO
New York Daily News
NEW YORK — The most hated con man in New York will be trapped in a gilded cage until he goes to trial.
Fallen financier Bernard Madoff Friday was ordered confined to his $7 million upper East Side penthouse 24 hours a day by a Manhattan federal judge.
Madoff was already wearing an electronic ankle bracelet and required to be home from 7 p.m. to 9 a.m.
Magistrate Judge Theodore Katz agreed to tighten Madoff’s bail conditions after federal prosecutors – worried about death threats and determined that he stand trial for engineering a $50 billion Ponzi scheme – cited the need to prevent “harm or flight.”
For Full Story

A 2007 Chat With Bernie Madoff