Former Madoff Deputy Testifies On 5th Anniversary Of Ponzi Schemer's Arrest
New York financier Bernard Madoff's former right-hand man summed up his boss' arrest exactly five years ago with two words: "Madoff Implodes.''
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New York financier Bernard Madoff's former right-hand man summed up his boss' arrest exactly five years ago with two words: "Madoff Implodes.''
Frank DiPascali described the tangled web of deceit woven by Madoff as he juggled investors' money and tried to keep investigators away.
Enrica Cotellessa-Pitz, who worked for Madoff for three decades, is testifying against five former colleagues in exchange for leniency.
Manhattan U.S. Attorney Preet Bharara said Monday that more than 10,000 people whose indirect investments with Bernard Madoff prevented them from eligibility for billions of dollars will get to make claims against a $2.35 billion fund.
The trial against five of Bernard Madoff's former employees continued Wednesday with testimony from consultants who investigated the firm following Madoff's arrest.
FBI Agent Theodore Cacioppi said he interviewed Bernard Madoff for about an hour before arresting him. The office was then placed under surveillance so evidence could be removed.
The trial follows the 2008 collapse of Madoff's private investment business, which cost clients nearly $20 billion. A court-appointed trustee has recovered much of the money by forcing those customers who received big payouts from Madoff to return the funds.
Prosecutor Matthew Schwartz introduced the government's case Wednesday, saying the defendants "helped perpetuate Madoff's elaborate fiction.'' The Manhattan federal court trial is expected to last five months.
Paul Konigsberg was charged with conspiracy to falsify records, conspiracy to commit fraud, falsifying records of a broker-dealer, falsifying record of an investment adviser and falsifying statements.
The government says that over the course of Madoff's multi-decade, multibillion-dollar fraud, a number of his employees and customers were dating or having affairs.
The home that belonged to Bernie Madoff's brother, Peter, is on the market after being seized by the U.S. Marshals Service.
The appeals court said the Securities and Exchange Commission's actions and "regrettable inaction'' are shielded by rules protecting government employees from lawsuits when they carry out a discretionary function or duty.
"What's next -- an Enron left-field pole?" Carton said. "Tyco right-field pole? Could you be stupider?"
The prison-bound brother of convicted Ponzi scheme operator Bernie Madoff attended his granddaughter's bat mitzvah in a space described as "posh" this weekend, after a judge delayed his lockup date for the occasion.
One month before beginning his 10-year presence sentence, Peter Madoff – the brother of convicted Ponzi scheme operator Bernie Madoff – has sold his posh Park Avenue home, according to a published report.
According to the New York Post, owners Fred Wilpon and Saul Katz have refinanced $450 million in loans that were borrowed against SportsNet New York, the cable network which airs the vast majority of Mets game throughout the season.
Peter Madoff maintained that he never knew his brother was orchestrating the largest Ponzi scheme in history, but victims speaking out in court Thursday – and even the judge herself -- don't believe him.
When Mets fans across the Tri-State Area awoke to the news that third baseman David Wright agreed a seven-year, $122 million extension, it must have felt like Christmas morning had come weeks early.
The son of Bernie Madoff's accountant committed suicide earlier this week in Ohio, according to published reports.
There's no mistaking Mets general manager Sandy Alderson's priority: signing "core players" David Wright and R.A. Dickey to contract extensions -- pronto.
The Mets have no money, but do they have no future?
If the Rocket really wants to come back, he should probably put in a call to Sandy Alderson. The Mets have nothing to lose at this point, including their franchise reputation.
It will finally be payback for clients of Ezra Merkin, a high-powered money manager who invested in Madoff's multi-million dollar Ponzi scheme.
Hundreds of Bronx residents say they're the victims of a multi-million dollar Ponzi scheme run by the man they trusted to prepare their taxes.
This Father's Day, CBSNewYork is taking a look at some of the worst fathers the Tri-State area has seen in recent years, from movie stars to murderers.
Prosecutors across New York City say they're fighting back against an increase in crimes involving cryptocurrency, but it appears they have their work cut out for them.
Riley Greene hit two of Detroit's four homers off Cam Schlittler as the Tigers beat the Yankees 9-3 on Tuesday night and sent New York to its season-worst sixth straight loss.
Nolan McLean and three relievers combined on a six-hitter, Francisco Alvarez and Luis Torrens both hit solo home runs and the Mets beat the Blue Jays 3-0 on Tuesday night.
Miss Subways was a citywide contest that highlighted everyday New York women doing amazing things. The competition no longer exists but former titleholders say the message still rings true.
Leonora Campbell was killed in a hit-and-run just after buying food for someone at around 2:30 p.m. Monday, her granddaughter said.
Prosecutors across New York City say they're fighting back against an increase in crimes involving cryptocurrency, but it appears they have their work cut out for them.
Miss Subways was a citywide contest that highlighted everyday New York women doing amazing things. The competition no longer exists but former titleholders say the message still rings true.
Leonora Campbell was killed in a hit-and-run just after buying food for someone at around 2:30 p.m. Monday, her granddaughter said.
A breakthrough treatment for debilitating tremors is changing lives. It can stop shaking caused by essential tremors and, in some patients, tremors caused by Parkinson's disease.
As many as 300,000 Haitians face removal from the United States, as the Trump administration moves to end their temporary protected status.
The New York, New Jersey area is preparing for extreme heat as cooling centers, pools, parks and other resources get ready to keep residents cool.
Dangerously hot weather arrives in the New York City area starting Wednesday.
Monday's severe weather has come and gone, but that doesn't mean the system is leaving the area.
After a tranquil, warm weekend, more turbulent weather lies ahead in the New York City area.
Weather is tranquil and pleasant in the New York City area for Father's Day weekend as summer officially begins.
The New York, New Jersey area is preparing for extreme heat as cooling centers, pools, parks and other resources get ready to keep residents cool.
Traffic will be impacted in Midtown Manhattan as the city initiates shuttle bus corridors and street closures to accommodate World Cup ticketholders.
The anticipated pain of a massive property tax increase in Jersey City has been alleviated somewhat.
Jersey City residents are fired up and frustrated, as city leaders reconsider a proposed property tax hike that could raise bills by about 20%.
Dangerously hot weather arrives in the New York City area starting Wednesday.
A breakthrough treatment for debilitating tremors is changing lives. It can stop shaking caused by essential tremors and, in some patients, tremors caused by Parkinson's disease. CBS News New York's Carolyn Gusoff reports.
A breakthrough treatment for debilitating tremors is changing lives. It can stop shaking caused by essential tremors and, in some patients, tremors caused by Parkinson's disease.
A coach bus slammed into a car, flipped over and hit two other cars on Monday night near the Greenpoint Avenue exit on the Long Island Expressway.
Prosecutors described how 36-year-old Olivia Bithorn's long history of alcohol abuse allegedly led to her 18-month-old son's death.
A Long Island school district official is accused of trashing ballots to rig an election.
As many as 300,000 Haitians face removal from the United States, as the Trump administration moves to end their temporary protected status.
The mother of a Loyola University freshman who was shot and killed in March delivered tearful testimony on Capitol Hill on Tuesday.
After lengthy and hard-fought negotiations, Mayor Zohran Mamdani and members of the City Council reached a budget deal Tuesday just hours before the deadline.
The Supreme Court on Tuesday struck down President Trump's executive order seeking to end birthright citizenship.
The Supreme Court upheld state laws from West Virginia and Idaho that restricted participation by transgender athletes in girls' and women's sports.
A federal judge has temporarily blocked the Justice Department from executing subpoenas in a criminal probe that sought transgender care records for patients treated at New York hospitals.
An off-duty EMT jumped into action at the Knicks parade Thursday when a man appeared to be suffering from an overdose.
New York broadcast giant Bill Ritter announced Friday he is stepping down from the WABC anchor desk after being diagnosed with early stage Alzheimer's.
For half a century, The Valerie Fund has been dedicated to providing care to children with cancer and blood disorders.
A New Jersey nonprofit called The Valerie Fund is celebrating 50 years of providing comprehensive care to children with cancer and blood disorders.
Taylor Swift has had a decadeslong history with Madison Square Garden, performing there as early as 2003 and even celebrating her 30th birthday at the venue.
Taylor Swift and Travis Kelce's wedding plans include a rehearsal dinner and a late-night celebration at Madison Square Garden in New York City, according to sources familiar with the security planning.
Legendary music executive Clive Davis was laid to rest Monday at a private funeral. Davis helped the careers of generations of artists.
The comic icon behind "Curb Your Enthusiasm" brings his own perspective to America's storied past in a new HBO sketch comedy series – finally making use of his history major from college.
Fans gathered at the Brooklyn Public Library on Thursday for limited-edition card marking 30 years of "Reasonable Doubt."
Riley Greene hit two of Detroit's four homers off Cam Schlittler as the Tigers beat the Yankees 9-3 on Tuesday night and sent New York to its season-worst sixth straight loss.
Nolan McLean and three relievers combined on a six-hitter, Francisco Alvarez and Luis Torrens both hit solo home runs and the Mets beat the Blue Jays 3-0 on Tuesday night.
Casey Mize matched a career high with 10 strikeouts over seven innings and the Tigers capitalized on shoddy defense by the slumping Yankees in a 7-3 victory Monday night.
George Springer capitalized on two miscues to circle the bases, Trey Yesavage pitched into the seventh inning and the Blue Jays beat the bumbling Mets 2-1 on Monday night.
Jarren Duran singled home the winning run to cap a three-run rally in the 10th inning, and the Red Sox finished a four-game sweep of the rival Yankees with a 5-4 victory Sunday night.
Miss Subways was a citywide contest that highlighted everyday New York women doing amazing things. The competition no longer exists but former titleholders say the message still rings true.
Fans gathered at the Brooklyn Public Library on Thursday for limited-edition card marking 30 years of "Reasonable Doubt."
After learning to swim in her 40s, one school leader is helping students gain life-saving skills.
Entrepreneurs in Brooklyn are reimagining laundry day as a social experience, turning neighborhood laundromats into gathering spaces.
Experts say the team's title run created a feeling of collective joy and connection, while some local businesses are also seeing a boost from the celebration.
People dressed in elaborate headgear and paraded up Fifth Avenue for New York City's Easter Sunday tradition.
The Halloween tradition strolled through Manhattan's East Village on Sunday, with furry friends dressed in colorful costumes.
A suspect was taken into custody after an attack on Pearl Street Mall in Boulder on June 1 in which there were 15 people and a dog who were victims. The suspect threw Molotov cocktails that burned some of the victims, who were part of a march for Israeli hostages.
The annual Easter Parade and Easter Bonnet Festival was held in Manhattan on April 20, 2025.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
As CBS News New York's Allen Devlin reports, the world's most famous arena has started to prepare.
CBS News New York's Lonnie Quinn is calling for temperatures approaching triple digits from Wednesday through the Fourth of July holiday on Saturday.
One wants to change state law, while another is asking for funding to launch a crypto crimes unit. But as CBS News New York's Tim McNicholas found out, they have their work cut out for them.
As CBS News New York's Adi Guajardo reports, some passengers were stuck on trains for two hours.
Mayor Zohran Mamdani is warning the dangerous heat will affect every part of the city and the city health commissioner says 500 New Yorkers die every year due to heat-related illness. CBS News New York's Lisa Rozner reports.
