October 22, 2009 | 8:55 am

Madoff + ponzi + fights + cocaine + sex = Tony Soprano?

Posted by Jay Firestone

CNN has recently reported that a new lawsuit alleges that Bernard Madoff used funds to finance “a cocaine-fueled work environment and a “culture of sexual deviance,” [while] he diverted money to his London, England, office when he believed federal authorities were closing in at home.”

Between $50 million in embezzlement, fights in prison, and now the alleged use of funds for drugs and sex, there’s really only one questions left to ask…

Is Madoff a Jewish Tony Soprano?

It’s not like waste management is that different from running a hedge fund.

From CNN.com:

A new lawsuit alleges that convicted swindler Bernie Madoff financed a cocaine-fueled work environment and a “culture of sexual deviance,” and he diverted money to his London, England, office when he believed federal authorities were closing in at home.

The lawsuit, filed Tuesday in New York’s State Supreme Court, was brought on behalf of former investors and seeks unspecified punitive damages and compensation.

Beyond that, it offers a look at what the plaintiffs’ attorneys say was once Madoff’s multimillion-dollar empire and what is now his world in a federal prison in North Carolina.

Among the allegations in the 264-page lawsuit are that during the mid-1970s, Madoff began sending employees to buy drugs for company use.

The complaint alleges that some employees and investors were aware of the drug purchases, and that BMIS [Bernard Madoff Investment Services] was known by insiders as the “North Pole” in reference to the excessive amount of cocaine use in the work place.

Read the full story at CNN.com.

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October 16, 2009 | 8:32 am

Madoff Son Goes AWOL

Posted by Rob Eshman

The New York Port reports today that Bernie Madoff’s son Mark went missing last night after a fight with his wife Stephanie.  After a worried Stephanie called police, they launched a search that ended when the son, who had been the charismatic front man for his dad’s firm, reappeared.

He citred stress as a cause… and he has reason to feel it: 

The incident comes two weeks after Mark, younger brother Andrew, their uncle, Peter Madoff, and cousin Shana were sued for nearly $200 million by Irving Picard, the federal bankruptcy trustee overseeing the breakup of Bernard Madoff’s firm, where they all worked.  Securities front man

 

Sources said Mark had a bitter argument with his wife, Stephanie, in their SoHo apartment Wednesday night.
At about 8 p.m., Mark stormed out of the Mercer Street apartment. He returned an hour later and resumed the verbal sparring, sources said.

But Mark again stomped out and stalked across the street to a parking garage, where he hopped on a Vespa scooter he keeps there and sped off, sources said.

Hours later, at about 1:30 a.m., a worried Stephanie called cops to report him missing.

When Mark reappeared at his SoHo residence yesterday morning, he told Stephanie he had spent the night at the nearby Soho Grand Hotel after checking in under a different name and paying cash, according to sources.

Madoff then called police and said that he was OK—but also that he has been under a significant amount of stress recently, sources said.

The Ponzi son then told cops he planned to visit his doctor at Weill Cornell Medical Center on the Upper East Side.

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October 13, 2009 | 8:48 am

Madoff gets in prison brawl

Posted by Jay Firestone

With all of his assets seized by the government, it appears Bernie Madoff has learned a valuable prison lesson about property.

Either own or be owned.

NYPost.com has the story.

Bernie “The Bruiser” Madoff got into a prison-yard tussle with a fellow inmate over—of all things—the stock market, eyewitnesses told The Post.

And, by inmates’ accounts, the 71-year-old Ponzi schemer came out the winner.

Madoff, serving 150 years at the Butner, NC, federal prison, was heard last week getting into a heated debate over the state of the market with another senior-citizen jailbird.

The shouting match got so heated that the inmate pushed Madoff, who shoved back harder with both hands, causing his attacker to stumble.

As the attacker tried to stand up straight, Madoff hovered over him red-faced and glaring, eyewitnesses said.

The stunned attacker went chicken and took off—allowing Madoff to collect some “cred” among his fellow prisoners.

Fortunately for Bernie, the brawl was nothing like this one…

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October 13, 2009 | 8:38 am

Bernie Bests Butner Bruiser

Posted by Rob Eshman

The New York Post headline today screamed, “Bernie’s Bruising Battle—Over Stocks!”

Seems convicted swindler Bernard Madoff got into a prison yard scrap when a fellow inmate and he got into an argument over the stock market.

The shouting match got so heated that the inmate pushed Madoff, who shoved back harder with both hands, causing his attacker to stumble.

As the attacker tried to stand up straight, Madoff hovered over him red-faced and glaring, eyewitnesses said.

The stunned attacker went chicken and took off—allowing Madoff to collect some “cred” among his fellow prisoners.

“I didn’t think Bernie had it in him. He got the best of him; he was really aggressive, and the other guy was in shock that he fought back,” an inmate said.

Any number of Madoff bios have remarked upon his pent up, passive aggressive temper—maybe prison is where the true Bernie can come out.

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August 12, 2009 | 3:24 pm

Hadassah Woman’s Affair with Madoff

Posted by Rob Eshman

Bloomberg reports that a Hadassah accountant who has publicly blamed Bernie Madoff for swindling her family of its money will reveal in a new book that she also had a long-running affair with the now-convicted con man.

As David Voreacos writes:

Sheryl Weinstein’s account, “Madoff’s Other Secret: Love, Money, Bernie, and Me,” will be published Aug. 25 by St. Martin’s Press. Amazon.com Inc. and Barnes & Noble Inc. are accepting advance orders through Web site listings that disclose no details about their relationship and say that the author is “to be announced.” The author is Weinstein, said John Murphy, spokesman for New York-based St. Martin’s.

Weinstein, 60, has denounced Madoff publicly at least four times this year, including at the June 29 court hearing where he was sentenced to 150 years in federal prison for masterminding the largest Ponzi scheme in history. Weinstein told the judge she met Madoff 21 years ago when she was chief financial officer at Hadassah, the Women’s Zionist Organization of America, Inc.

“I now view that day as perhaps the unluckiest day of my life because of the many events set into motion that would eventually have the most profound and devastating effect on me, my husband, my child, my parents, my in-laws and all of those who depended on us,” Weinstein said at the New York hearing.

In addition to details of the affair, the hardcover book will include photographs and some intimate descriptions of Madoff, Murphy said. He declined to provide an advance copy of the book, which he said was “a fast read’ that will run about 200 pages and was ghostwritten. The cover price is $23.99.

Best part of the story has to be Madoff’s lawyer’s response to the revelation:

“

She’s entitled to her free speech, I suppose,” said Ira Sorkin, a lawyer for Bernard Madoff. “Why one would go public with something like that, I don’t know. She’s entitled to say anything that might be deemed derogatory about herself.”

I know, it’s so morally reprehensible for her to admit sleeping with a man.  I mean, it’s almost like she bilked innocent people out of their life savings… oh, wait, no, that’s what your client did.

Madoff also stole the life savings of Weinstein’s son Eric, who worked with Madoff and often sought him out for financial advice.

“He is a beast that has stolen for his own needs the livelihoods, savings, lives, hopes and dreams and futures of others,” she said. “He has fed upon us to satisfy his own needs. No matter how much he takes and from whom he takes, he is never satisfied. He is an equal opportunity destroyer.”

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July 14, 2009 | 11:50 am

Bernie Madoff Goes to Butner

Posted by Rob Eshman

Welcome to Beautiful Butner!

Authorities transferred Bernard Madoff to the Federal prison in Butner, S.C. today. Curious about what his life inside will be like?  These descriptioons are culled from a prisoner’s web site.  No word yet on whether Madoff will be kept in Medium or Low Security, so here’s noth:

Medium Security:

Our loved one was one of the first 100 sent to Butner FCI Medium II, in September, 2006. He is older with many medical problems. He said a lot of folks coming in now have medical problems. The Butner Facility is broke down into 5 facilities, with 4278 inmates as of May 28, 2007: FMC the medical hospital, housing 991 inmates; Low FCI with 1,288; Medium I with 766; the Camp with 331; and Medium II FCI with 902, one being our guy.

It is practically a brand new facility as opposed to many others. It is pristine and well maintained. NO ROACHES or RATS. They have a woodworking shop that supplies all the shelving, cabinetry, benches, etc. for the complex. They have UNICOR which is going to be the 411 supplier for national information phone service.

They have 300 minutes/month for phones, with 15 minute calls [always go too quickly] and permitting 30 minutes between. In December/January they have 400 minutes for the holidays. You have to be on his list of those he can call and NO cell phones calls are permitted. Our guy uses some of his canteen money and transfers it over to his phone account {we found that was the cheapest way to go}. He is permitted canteen and that is sent by Money Orders to: FBOP, PO Box 474701, Des Moines, IA 50947-0001. I find going to the post office with the cash is the cheapest [.95 for the M.O.] I usually have an envelope reading to mail and just get the money order, fill it out and send it that day.

He said the food is pretty decent, they have a salad bar and hot meals most days, on the weekends it is more lax. He is in a 2-bunk cell, but since he is disabled, they do not have anyone presently with him. They have lockers. You can send him letters and cards and newspaper clippings. You cannot send books, complete newspapers or magazines from home. I have found that Amazon.com will send books to your loved one, just be sure to put his ID#, which will be 5 numbers and then 3 numbers [00000-000] on EVERYTHING you send. I buy the used books from Amazon.com for sometimes .01 and S&H!  You can also get him subscriptions from the actual magazine company, it just has to come from them. [Go figure?]

We had to fill out paper work to visit him and that took about 2 weeks as I recall. When you go into the facility you cannot take anything but your picture ID and $20 worth of change, NO CASH. You have to sign in and fill out a form stating you do not have any contraband on you; the year, make, color and model of your vehicle along with the license plate number. Do not take anything else in, they will make you take it back to your vehicle or put it in a locker they have there. They have vending machines with sodas, snacks and sandwiches you can microwave. The sodas are .75 and the sandwiches range from $2.50 - $4.00, I think. The change MUST be in a clear container. I went to the drug store and got a clear, see through, cosmetic bag with a zipper. If they cannot see through it, you cannot have it. The first time they will take your picture. They also do periodic drug testing, wiping a wand across your clothing. They did that our first time with my daughter, in a wheelchair. [I cried]. I was sure this place was picking on us, never having been in this situation before in our lives. If you remember to breathe, it does get better.  You then go through a metal detector and have to remove your shoes, just like going through airport security. They will stamp your hand with a ultraviolet dye and you will go through double doors, where you will put your hand under a wand that shows the guard you are ready to see your son. You are permitted to hug and kiss him at the beginning and end of the visit. {Make sure he is facing the guard at ALL times and he stays INSIDE the RED LINE, no one told us the first time and he almost lost his visiting privileges.}

When you visit the times are weekends 8:30-3:00, if you get there before 9:30 a half hour before count, they will usually let you back, but if not, then you wait until after count 10:00. I haven’t been there during the weekday, but we are going to see him on Friday and he said we could come after 4:00. I can let you know how that goes, if you like?

If you get online and type in BOP and then Butner, NC you can see their website and get more information. Really hope this helps! Oh by the way, we stay at the Holiday Inn Express in Creedmoor which is only 4-5 miles away. There is also a Ramada and Econo Lodge there. My daughter is in a wheelchair, so HIE is the only one with a handicapped shower. We pay about $75/night and it is right off I-85. Pretty easy to get around. Butner facilities are out in the country, so don’t worry if you start driving and think you have gone the wrong way! LOL Take care and good luck to you and your son! I understand your need for info. and a little morsel of peace.

LOW SECURITY:

I have a family member at low security. It isn’t too bad a place. I understand it was designed to be a women’s facility originally. One of the industries is the uniform factory. There are jobs in food service, too - probably other jobs that I don’t know about.

Some of the recreation includes crocheting, painting/drawing, ceramics (I think), and bead work. They have a walking track and exercise equipment. They transfer people there for medical treatment at the hospital nearby and some recuperate in low before being transferred back. The medical treatment is supposedly a model for the system. I’ve heard OK reports about treatment from general doctors (PA’s) and dentists, but I’m not sure about treatment for any medical conditions that are more serious.

Some residents are trained to assist the recovering patients. It seems like more & more disabled residents are being transferred there, however, it wasn’t really designed to be accessable, so that is a challenge for them.

The quarters are modules with 3 or 4 to a sleeping area. They have lockers - I can’t remember the dimensions. I can find out some more info about that if you want.

Our family has stayed overnight in Creedmore/Butner area as well as Greensboro when we’ve visited. I’ve flown into Raleigh/Durham airport once & other family has flown into Greensboro airport a couple times.

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July 14, 2009 | 9:01 am

Madoff Enters the Sentenced Land

Posted by JewishJournal.com

From NYTimes.com:

The convicted swindler Bernard L. Madoff arrived at a federal prison in Butner, N.C., on Tuesday to start serving a 150-year sentence.

A spokeswoman for Federal Bureau of Prisons, Linda Thomas, said Mr. Madoff arrived at the Butner Federal Correctional Complex on Tuesday morning, after a brief stay at an Atlanta prison while in transit from the Metropolitan Correctional Center in Lower Manhattan.  Read the full story at NYTimes.com.

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