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Tag: Bernie Madoff

Madoff and Wife Tried Committing Suicide

Ruth Madoff/ny post

By Allan Lengel
ticklethewire.com

Before long everyone knew Bernie Madoff’s son Mark killed himself last year by hangning himself by a dog leash.

But what few know is that Madoff himself and his wife tried committing suicide as well, according to an interview this Sunday on CBS’ 60 Minutes, the Associated Press reported.

“I don’t know whose idea it was, but we decided to kill ourselves because it was so horrendous what was happening,” said Ruth Madoff.

Ruth Madoff told 60 Minutes that she he and her husband had receiving hate mail and “terrible phone calls” after the scandal became public.

She told 60 Minutes the couple took “a bunch of pills” including the insomnia prescription medication Ambien.

However, it didn’t work. The next day they woke up.

AP also reported that Madoff has told Barbara Walters in an interview that he has terrible remorse and horrible nightmares, but feels happier in prison than he has been in 20 years.

He told Walters that he had thought about suicide before he went off to prison, but not anymore.

 

 

Possibility of Charging Madoff Relatives Fading

Mark Madoff committed suicide/facebook photo

By Allan Lengel
ticklethewire.com

Nearly three years after the feds began investigating world-class swindler Bernie Madoff, it appears less and less likely charges will be filed against his brother, son and niece, the Associated Press reports.

AP reported that “people with knowledge of the case” said potential evidence against brother Peter Madoff, son Andrew Madoff and niece Shana Madoff was turned over to prosecutors in the spring and that a decision was expected by summer’s end.

“The U.S. attorney’s office in Manhattan hasn’t taken any action, suggesting any potential criminal evidence gleaned from a massive paper trail and the testimony of cooperators isn’t strong enough to conclusively prove that the three knew that Madoff spent decades orchestrating the largest Ponzi scheme in history, said the people, who spoke on condition of anonymity because a final decision hasn’t been announced,” AP wrote. “All three family members have denied any wrongdoing.”

AP reported that prosecutors have decided not charge Madoff’s wife Ruth. His son Mark, a former executive with the company, committed suicide last year, AP reported.

 

Fed Judge Explains Why He Gave Bernie Madoff 150 Years

Bernie Madoff

 
 
By Allan Lengel
ticklethewire.com

A Manhattan federal  judge who sentenced swindler Bernie Madoff has told the New York Times that he weighed different factors before handing out a 150 year sentence.

Madoff’s lawyer  Ira Lee Sorkin had tried to convince U.S. District Judge Denny Chin,57, to give a far lesser sentence. He cited, according to the Times, Madoff’s move to tell his sons, knowing he’d be turned in. And he argued that Madoff, who was then 71, would live about 13 years. So he asked for 12 “just short of an effective life sentence.” The Times reported that Sorkin also proposed 15 to 20 years.

“It’s a fair argument that you want to give someone some possibility of seeing the light of day,” the judge told the Times, “so that they have some hope, and something to live for.”

He said he immediately rejected a 12 year sentence, but struggled with the idea of dishing out 20 to 25  years before ultimately concluding:

“In the end, I just thought he didn’t deserve it,” he told the Times. “The benefits of giving him hope were far outweighed by all of the other considerations.”

The Times also interviewed Madoff, who commented on the sentence.

“Explain to me who else has received a sentence like that,” Madoff said in a phone interview with the Times from prison in  North Carolina. “I mean, serial killers get a death sentence, but that’s virtually what he gave me.”

“I’m surprised Chin didn’t suggest stoning in the public square,” he added.

OTHER STORIES OF INTEREST

Madoff’s Family Was Unaware of Fraud, Book Concludes

By Allan Lengel
ticklethewire.com

A new book penned by New York Times senior financial writer Diana B. Henriques concludes that swindler Bernie Madoff’s immediate family was unaware of the fraud he was perpetrating.

A review in the New York Times on the book “Wizard of Lies” says of Madoff’s crimes:

“In some ways it was highly sophisticated (software that duplicated the screens of other financial software and created thousands of precisely faked statements); in other ways, it was extremely crude. (Some of his claims were often ludicrous to experts.) We also learn that Mr. Madoff was dishonest even as early as the 1960s.”

The review by Charles Ferguson calls the book “frequently compelling but ultimately disappointing.”

To read more click here.

FBI Profilers Looking at Folks Like Serial Killers and Bernie Madoff

Bernie Madoff

By Matthew Goldstein
Reuters

NEW YORK — Bernard Madoff — the architect of history’s biggest Ponzi scheme — and Gary Ridgway – the Green River killer — would seem to have little in common aside from being branded as “monsters” in the tabloids.

But a team of FBI agents, the same ones who specialize in helping local police track down serial killers like Ridgway, are using their expertise in behavioral profiling to target white collar criminals like Madoff.

For about two years now, agents with the Federal Bureau of Investigation’s Behavioral Analysis Unit have been consulting with their colleagues in New York who specialize in securities fraud detective work. The BAU agents are going over the case files put together by the FBI for Madoff and other convicted scammers like Bayou Group’s Samuel Israel, whose $400 million hedge fund turned out to be Ponzi scheme, and former Democratic fundraiser Hassan Nemazee, who stole nearly $300 million from Citigroup and two other big banks.

The hope is the BAU agents, whose work in profiling serial killers has been popularized in books, movies and on TV, can get into the minds’ of fraudsters and see what makes them tick.

To read more click here.

 

Jones motion

Cleaning Up Madoff Mess Costing Millions of $$$$$$$$$$

Bernie Madoff

By Allan Lengel
ticklethewire.com

WASHINGTON — Like many wild parties, once they’re over, the clean up can be a bear.  Well, the party has long been over for Madoff and the very expensive clean up is underway. And it ain’t close to being  over.

The Washington Post’s David Hilzenrath reports that the clean up  has “unleashed a gusher of cash” for lawyers, accountants and consultants.

The Post reports that the clean up costs last year came to $288 million, and it is likely to grow by $1.1 billion in the coming years.

The Post reports that the money comes from a small, government-sponsored nonprofit organization called the Securities Investor Protection Corp. (SIPC), “which manages the liquidation of failed brokerage firms in much the same way the Federal Deposit Insurance Corp. backstops failed banks.”

To read more click here.

Bernie Madoff Won’t Attend Son’s Funeral

Mark Madoff/facebook photo

By Allan Lengel
ticklethewire.com

Convicted swindler Bernie Madoff won’t be attending the funeral of his son Mark, who committed suicide in his  Manhattan home over the weekend, the Wall Street Journal reported.

“Mr. Madoff will not be attending the funeral out of consideration” for his family, attorney Ira Sorkin told the Journal.  Madoff will have his own private ceremony at his North Carolina prison.

Details of the funeral were still unclear and Mark Madoff’s  body remained in the New York City morgue on Monday, the Journal reported. In the Jewish faith, a body is buried as quickly as possible.

NBC’s Today Show reported that the son had not talked to the parents in a long time and that Ruth Madoff, Bernie’s wife, was angry at her husband over the suicide, saying he had blood on his hands.

Mark Madoff and his brother denied ever knowing that their father ran a sham operation, though some are skeptical of those claims.

OTHER STORIES OF INTEREST

Madoff Investor Agrees to Surrender $625 Million

By Allan Lengel
ticklethewire.com

While world-class Ponzi swindler Bernie Madoff sits in prison, the feds are still trying to figure out ways to get back some of the funds for investors.

The latest came this week when federal  authorities announced they had struck a deal with Carl Shapiro, 97, a Boston area businessman and philanthropist, to surrender $625 million he made from his investments with Madoff. He was one of the earlier investors, beginning in the 1960s.

“For almost 40 years, Carl Shapiro invested hundreds of millions of dollars with Bernie Madoff but withdrew far more,” said U.S. Attorney Preet Bharara. “By requiring him to forfeit this money—more than he is currently worth—the government and the SIPA Trustee have sent an important message: those who profited as a result of Bernard Madoff’s fraud should disgorge those profits, which are rightfully other people’s money.”

“As we approach the two-year anniversary of the Bernard Madoff arrest, this settlement represents a significant step in the restitution of retirements, pensions, and university endowments that were robbed with blatant disregard for the law,” added FBI Assistant Director-in-Charge Janice Fedarcyk in New York. “It takes a special depravity to victimize so many people so severely.”

Meanwhile, the Associated Press reported that a court trustee, seeking more Madoff funds,  is negotiating to recover money from the owner of the New York Mets.

 

Pugh affidavit