Justice Department Distributes $568 Million To Bernie Madoff Ponzi Scheme Victims
Thirty-one thousand people lost money in Madoff's financial fraud, one of the biggest in history.
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Thirty-one thousand people lost money in Madoff's financial fraud, one of the biggest in history.
Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes.
Attorney Brandon Sample told Judge Denny Chin that Madoff, 81, and confined to a wheelchair, should be allowed to contest claims by prosecutors that he has failed to show remorse.
Madoff's lawyers want him freed under a program that permits the release of some inmates who have less than 18 months to live.
He was sentenced to 150 years in prison for using his investment firm to cheat clients out of billions of dollars.
The Department of Justice confirmed Madoff filed paperwork asking the president, who has final say on clemency, to commute his term.
Attorney Roland Riopelle says 70-year-old Annette Bongiorno will have served two thirds of her six-year prison term by March 19 and should be released then.
The money represents approximately 75% of the estimated $17.5 billion in principal lost by customers who filed claims.
Victims of the Bernard Madoff Ponzi scheme will split a repayment of about $342 million in January under a plan by a court trustee.
A judge sentenced the last defendant in the Bernard Madoff Ponzi scheme case on Wednesday to six months in prison.
A judge spared Paul Konigsberg prison time and agreed not to require post-sentence supervision.
A former accountant who certified fake financial records hiding Bernard Madoff's epic Ponzi scheme was sentenced on Thursday to one year of home confinement.
Annette Bongiorno she apologized to victims of the multi-decade, multi-billion dollar fraud and berated herself for failing to see past her boss's influence and the riches he bestowed on her.
The trustee recovering money for thousands of investors said Monday that a half-billion-dollar settlement has been reached with two financial funds that invested with Ponzi schemer Bernard Madoff.
In an interview with "60 Minutes" in 2011, Madoff insisted he had no idea what his father was up to.
A senior partner at a New York accounting firm has now pleaded guilty to his role in the multi-billion dollar Bernard Madoff Ponzi scheme.
Yeshiva University is reportedly $1 billion in the red, with $500 million in debts and another $500 million in losses with risky investments.
The verdicts came Monday in a Manhattan trial that lasted nearly six months. The federal court trial was the first to result from the multi-decade fraud that landed Madoff in prison for 150 years.
The jury has the monumental task of sorting through five months of testimony to determine whether the ex-Madoff employees knew that their jobs involved perpetuating a massive Ponzi scheme.
The prosecution wraps up closing statements in the trial against five former aides to Ponzi schemer Bernard Madoff. Madoff's former secretary, his former head of operations, an account manager and two computer programmers are on trial.
Convicted swindler Bernie Madoff's secretary took the stand nearly five years after her former boss went to prison.
The fund will distribute assets forfeited in the Madoff case. It's separate from a bankruptcy court proceeding that has recovered money to redistribute to burned Madoff clients.
Madoff was sentenced to 150 years in prison after pleading guilty in 2009 for bilking investors of $65 billion. He ran his operation out of an office in the Lipstick Building in Midtown Manhattan.
The bank will pay $1.7 billion to settle criminal charges and a $350 million civil penalty for what the Treasury Department called "critical and widespread deficiencies'' in its programs to prevent money laundering and other suspicious activity.
New York financier Bernard Madoff's former right-hand man summed up his boss' arrest exactly five years ago with two words: "Madoff Implodes.''
Inflation is proving stickier than expected, which could cause Fed to hit pause button on more interest rate cuts.
President Biden is addressing the nation from the Oval Office at 8 p.m.
The frigid weather continues today around NYC, with gusty winds and bitterly cold temperatures.
Pam Bondi served as Florida's attorney general and represented President-elect Donald Trump during his first impeachment proceedings.
Sen. Marco Rubio, President-elect Donald Trump's pick for secretary of state, is facing questions from his Senate colleagues on Wednesday morning.
The frigid weather continues today around NYC, with gusty winds and bitterly cold temperatures.
A woman claims Sean "Diddy" Combs drugged and raped her in New York City over 20 years ago, when she was 16 years old.
Wednesday marks three years since New York City businesswoman Michelle Go was killed after being pushed in front of an oncoming train in Times Square by a homeless man with schizophrenia.
Rat complaint calls to New York City's 311 were down by more than 25% in 2024 compared to the year before, officials say.
The appointment of Rockland County's poet laureate is being called a new chapter for the arts there.
The frigid weather continues today around NYC, with gusty winds and bitterly cold temperatures.
It's going to be another cold week around NYC, but the weather is looking slightly warmer today.
Tributes were held for former President Jimmy Carter on Thursday across the greater New York City area.
People in the Tri-State Area are asking how they can help those who have lost everything in the Los Angeles wildfires.
Hate groups are not only promoting that content on popular social media sites, but a CBS News New York investigation shows they're actively trying to recruit kids into their ideology.
The frigid weather continues today around NYC, with gusty winds and bitterly cold temperatures.
American families of Israeli hostages being held in Gaza have been in contact with negotiators as a draft deal for a ceasefire in Gaza and the release of hostages has been agreed to in principle, CBS News has learned.
Gov. Phil Murphy laid out his set of priorities before he leaves the New Jersey State House next year, including initiatives on housing and education.
A serious crash in Jersey City had all lanes closed on Route 1 & 9 for the morning commute.
Schools in Montclair, N.J. will reopen today, one day after the district was shut down because of a security threat.
Long Island is coming together for Los Angeles with donation drives focused on getting new items to the thousands impacted by the California fires.
MS-13 gang member Jairo Saenz pleaded guilty Tuesday to killing seven people in separate attacks on Long Island.
A Long Island man is home after serving a harrowing year-and-a-half ordeal behind bars in a Caribbean prison.
The retail giant Macy's is shutting down 10 stores in New York and New Jersey this year, calling it a turnaround strategy.
Congestion pricing is causing parking problems at Long Island Rail Road stations as commuters ditch driving into Manhattan.
President Biden is addressing the nation from the Oval Office at 8 p.m.
Pam Bondi served as Florida's attorney general and represented President-elect Donald Trump during his first impeachment proceedings.
Sen. Marco Rubio, President-elect Donald Trump's pick for secretary of state, is facing questions from his Senate colleagues on Wednesday morning.
Pete Hegseth, President-elect Donald Trump's pick to lead the Pentagon, faced some tough questions from Democrats on the Senate Armed Services Committee.
Gov. Phil Murphy laid out his set of priorities before he leaves the New Jersey State House next year, including initiatives on housing and education.
Officials have blamed a new strain for this winter's surge in norovirus cases.
More than 20 million egg-laying chickens in the U.S. died last quarter, federal data shows.
New York Blood Center's newest donation site just opened to the public Thursday in Midtown at a critical time for donations.
Lower immunity to the new GII.17 strain could be leading to more infections.
In New York City alone, there were nearly 1,300 cases in December. That's almost triple the number during same time in 2023.
A woman claims Sean "Diddy" Combs drugged and raped her in New York City over 20 years ago, when she was 16 years old.
Hozier, Olivia Rodrigo and Tyler, the Creator are among the headliners for this year's Governors Ball Music Festival in New York City.
"Inside Edition" correspondent Alison Hall opens up about her breast cancer battle and how Olivia Munn's own experience with early detection inspired her to take a life-saving risk assessment test.
New York City's Broadway Week is back, offering two tickets for the price of one to select Broadway shows in January and February.
Peter Yarrow was a singer-songwriter and a social activist, but he was best known as one-third of the folk-music group Peter, Paul and Mary.
Devon Toews scored 4:23 into overtime, and the Colorado Avalanche began a five-game homestand with a win over the New York Rangers.
Cam Johnson returned from a five-game absence and scored 24 points in the Brooklyn Nets' victory over the Portland Trail Blazers.
Leevi Merilainen made 24 saves for his second shutout in three games and the Senators beat the Islanders on Tuesday night.
Anton Lundell scored the shootout winner and Spencer Knight made 26 saves as the Panthers downed the Devils on Tuesday night.
Cade Cunningham scored 36 points and the surging Pistons beat the Knicks 124-119 on Monday night.
Senior citizens in Brighton Beach say they're fed up after paying thousands of dollars a year for parking spots that are often taken by unauthorized drivers.
Two eighth graders in Queens are being hailed as heroes after their quick thinking helped a woman who had taken a bad fall near their school.
Neighbors were left baffled and heartbroken after an unknown perpetrator left slash marks across two street trees in Ridgewood, Queens.
Musicians and student groups marched through the snowy streets of East Harlem on Monday to celebrate Three Kings Day.
New Yorkers can now be fined $50 if they fail to secure their trash bins properly, but some Brooklyn residents say the city is failing to maintain the same standards.
Dogs got decked out for the annual Tompkins Square Halloween Dog Parade in New York City's East Village on Saturday.
Cosplayers flooded New York City's Javits Center in October 2024 for the annual New York Comic Con convention.
Tens of thousands of people flooded Manhattan streets on June 2, 2024 for the 60th annual Israel Day on Fifth Parade.
The Francis Scott Key Bridge in Baltimore collapsed early Tuesday, March 26 after a column was struck by a container ship that reportedly lost power, sending vehicles and people into the Patapsco River.
The 50th Annual Village Halloween Parade drew massive crowds, celebrating the theme "Upside/Down:Inside/OUT."
An overturned tractor-trailer on the BQE has all eastbound lanes closed at Roosevelt Avenue.
The alleged stowaway accused of sneaking onto a flight in New York City is scheduled to appear in a Brooklyn court Wednesday.
The Alexander brothers, prominent real estate brokers charged in a sex crimes investigation, are scheduled to appear in a Manhattan federal court Wednesday.
Gov. Kathy Hochul is vowing to put police officers on every subway train overnight. CBS News New York's Elijah Westbrook has the details.
President-elect Donald Trump's cabinet picks are taking turns on the hotseat before the Senate. CBS News New York's Derick Waller has the details.
