Ponzi Scheme

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12 years for $96m Ponzi schemer

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Instead of putting investors’ money in a mix of mutual funds and hedge funds, the duo paid partial redemptions to previous owners and funneled it into Panoramic View, a 117-unit Montauk resort.

Friend of Madoff pays $277m to settle suit

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The estate of one of Bernard Madoff’s oldest friends agreed to pay the con man’s victims $277m to settle claims that the Beverly Hills money manager, who died in 2010, got rich from Madoff’s fraud at the expense of thousands of investors, including his own clients.

$2.5bn Madoff compensation goes unclaimed

Bernie Madoff

Ever since Bernie Madoff’s Ponzi scheme collapsed in 2008, it’s been much-rumored that investors included tax dodgers shielding money from the IRS, drug dealers who laundered proceeds through the con man and wealthy moguls hiding assets from ex-spouses.

Better news for Madoff victims

Bernie Madoff

Bernard Madoff’s victims will have a bit more to spend on holiday gifts this year as the trustee unwinding his fraud begins sending out a total of $1.2bn in recovered funds, with checks averaging $1.1m each.

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12 years for $96m Ponzi schemer

Instead of putting investors’ money in a mix of mutual funds and hedge funds, the duo paid partial redemptions to previous owners and funneled it into Panoramic View, a 117-unit Montauk resort.