Results tagged “ponziscam”

With fraudulent investor Bernard Madoff sentenced to 150 years in prison, the feds are now going after his associates. The Associated Press reports, "A person familiar with the investigation into disgraced financier Bernard Madoff says at least 10 more people are likely to be charged by the time the probe is complete." The associates will apparently face charges over the next few months; "The person familiar with the probe wouldn't detail the likely charges against the others or say whether they would include Madoff's relatives or former employees."

The Post seems to be searching far and wide for those who have come up short in the Bernie Madoff Ponzi scam. Today they talk to David Resnick, once an associate director at the America-Israel Cultural Foundation until 'Mad' money dried up the organization and cost him his job. Resnick fully admits to the Post that upon learning he was laid off, he went into his office and wept. But it gets worse. 29-year-old Resnick may have to move out of his Morningside Heights apartment and head "somewhere further out, in Brooklyn or Queens." Of course if that's too much for him to swallow, he may move back into his parents' Upper West Side apartment. Resnick's no pushover though. He passes along word to the 70-year-old Madoff, "If he's complaining about being under house arrest, he needs a good slap in the face—or worse." As Jack Handey once said, "It takes a big man to cry, but it takes a bigger man to laugh at that man."

Federal prosecutors claim that Bernard Madoff had 100 checks in his desk—about $173 million worth, made out to friends, family, and employees— and that he would have sent them out, if not for the FBI arresting him. Madoff, who admitted that his investment empire was actually a Ponzi scheme of up to $50 billion, has been under house arrest (he put up $10 million in bail), but the U.S. Attorney's office wants him in jail, noting the many checks plus the packages of expensive jewelry he mailed to relatives are signs he's trying to hide assets.