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Tag: Ponzi Scheme

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  • Local Iranian-American convicted of defrauding former NBA, NFL exec in Ponzi scheme

    By Jared Sichel

    May 30, 2014 | 1:46 pm

    Shervin Neman, the Los Angeles man arrested last year after allegedly targeting Iranian Jews and other investors in a Ponzi scheme, was found guilty on May 16 of defrauding two people out of a total of $3 million — one of the victims being a former NBA and NFL executive, according...

  • Madoff says his scheme was not betrayal of the Jews

    March 20, 2014 | 10:48 am

    Ponzi schemer Bernie Madoff said in a prison interview that he does not feel he “betrayed the Jews.”

    The scheme — believed to be the largest of its kind in U.S. history — affected a disproportionate number of Jewish individuals and organizations.

    Madoff, 70, is serving a...

  • Creditors left with little in Namvar bankruptcy case

    By Karmel Melamed

    March 12, 2014 | 2:29 pm

    In late January, as the bankruptcy case of convicted Iranian-Jewish businessman Ezri Namvar was coming to a close, a federal court judge granted approximately $65 million in fees to the trustees handling the case. According to reports filed by those trustees with the court, the...

  • U.S. Judge approves JPMorgan criminal settlement in Madoff case

    January 8, 2014 | 2:26 pm

    A federal judge on Wednesday approved an agreement between JPMorgan Chase & Co and U.S. prosecutors to settle charges that the bank violated anti-money laundering laws by failing to alert authorities to warning signs its employees encountered in dealings with convicted Ponzi...

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  • More Ponzi in Iranian-Jewish community

    By Karmel Melamed

    April 29, 2013 | 7:52 pm

    Another member of the local Iranian community has been arrested for allegedly operating a Ponzi scheme.

    Shervin Neman, also known as Shervin Davatgarzadeh, a 31-year-old Iranian man, has been accused of defrauding nearly a dozen people — most of them local Iranian Jews — of more...

  • The one question Madoff’s victims forgot to ask

    By Mark Eshman

    April 24, 2013 | 10:30 am

    (3/29/12 – CBS Marketwatch) Bernie Madoff: “From my first interview to the media I have said that ‘the banks must have known,’ and were complicit and contributing to my crime.”

    He’s back.  In a pathetic effort to reduce his 150 year sentence while also offering his unsolicited...

  • Madoff’s younger brother sentenced to 10 years for role in Ponzi scheme

    December 20, 2012 | 5:26 pm

    The younger brother of Bernard Madoff will serve 10 years in prison for his role in his brother's Ponzi scheme that stole billions of dollars from investors, a U.S. judge said on Thursday.

    Peter Madoff, 67, pleaded guilty in June to criminal charges including conspiracy to commit...

  • Madoff investors gain back $2.48 billion

    September 20, 2012 | 1:51 pm

    More than $2.48 billion in additional funds recovered from the Bernard Madoff Ponzi scheme have been sent to individuals and organizations bilked out of their investments.

    Checks ranging from $1,784 to $526 million were mailed Wednesday to 1,230 former customers of Bernard L....

  • Peter Madoff taken into custody by FBI

    June 29, 2012 | 12:24 pm

    Peter Madoff, the younger brother of jailed Ponzi scheme operator Bernard Madoff, has been taken into custody by the FBI.

    Peter Madoff, 66, surrendered himself Friday morning at his lawyer’s office in midtown Manhattan ahead of an expected guilty plea to criminal charges related...

  • Madoff associate Merkin agrees to hand over $400 million

    June 25, 2012 | 10:53 am

    Former money manager J. Ezra Merkin has agreed to turn over hundreds of millions of dollars to duped investors in Bernard Madoff’s Ponzi scheme.

    In a settlement announced Monday by New York Attorney General Eric Schneiderman, Mirkin agreed to pay $405 million to compensate investors...

  • Obama returning money from alleged Ponzi schemer

    April 26, 2012 | 11:04 am

    The Obama campaign is returning the donation of a hedge fund manager who is accused of defrauding members of his Persian-Jewish community in Los Angeles.

    Shervin Neman, also known as Shervin Davatgarzadeh, gave the maximum $35,800 donation to the Obama campaign and another $30,800...

  • Mets’ owners settle lawsuit in Madoff Ponzi scheme

    March 19, 2012 | 10:31 am

    The owners of the New York Mets will pay up to $162 million to settle a “clawback” lawsuit filed in the Bernard Madoff Ponzi scheme.

    Fred Wilpon and his brother-in-law Saul Katz will not have to make payments for three years under the agreement.

    The lawsuit was settled Monday...

  • Iranian Jewish Businessman Farahi indicted for ponzi scheme

    By Karmel Melamed

    December 13, 2011 | 12:52 pm

    Los Angeles area Iranian Jewish radio talk show host and financial investment manager, John Farahi last week was charged in U.S. Federal District Court in downtown Los Angeles with allegedly defrauding more than 100 local Iranian American investors and various financial institutions...

  • Robert De Niro to play Bernie Madoff in adaptation of Andrew Madoff’s book

    By Danielle Berrin

    November 7, 2011 | 9:21 am

    Last week, after a series of revealing interviews, Andrew Madoff released his book, “Truth and Consequences: Life Inside the Madoff Family,” an inside-look at the private pain of the family in the aftermath of their patriarch’s fall from grace. Film rights to the book were...

  • Madoff says he is happier in prison than free

    October 28, 2011 | 1:24 pm

    Financial swindler Bernard Madoff said that he is happier in prison than he was on the outside because he no longer lives in fear of being arrested and knows he will die in prison, TV journalist Barbara Walters said on Thursday.

    Walters, who spent two hours at the prison with Madoff...

  • Madoff boasts he is “quite the celebrity” in prison

    October 21, 2011 | 2:17 pm

    Imprisoned financial scam artist Bernard Madoff boasted in a jailhouse letter that he is “quite the celebrity” and treated “like a Mafia don,” ABC News said on Thursday.

    ABC, which will feature an interview with Madoff’s daughter-in-law on news program “20/20” on Friday, released...

  • Madoff victims getting first payout

    October 5, 2011 | 1:46 pm

    Victims of Ponzi schemer Bernard Madoff are beginning to receive restitutions, according to The New York Times.

    Irving Picard, the trustee in charge of liquidating the Madoff estate, said that $312 million in payments were to be distributed Wednesday to “Madoff’s defrauded...

  • Q&A: Youssefyeh sheds light on Namvar criminal and bankruptcy cases

    By Karmel Melamed

    May 24, 2011 | 7:18 pm

    Los Angeles-based attorney A. David Youssefyeh has been insulted, had vicious rumors spread about him and even been verbally threatened by many in his Iranian Jewish community here in Southern California over the past three years for speaking in support of his client—many of whom are...

  • Iranian Jewish banker Ezri Namvar convicted on federal fraud charges

    By Karmel Melamed

    May 20, 2011 | 2:24 am

    Yesterday, Los Angeles Iranian Jewish banker and real estate investor Ezri Namvar, 59, was convicted on four counts of fraud in a downtown L.A. federal court. After only three hours of deliberation, the jury found that Namvar had failed to return $23 million given for safekeeping to...

  • Author Diana Henriques talks about her new Madoff book, “The Wizard of Lies”

    By JewishJournal.com

    April 27, 2011 | 10:21 am

    Interviewed on the Today Show earlier this week, New York Times financial reporter Diana Henriques, author of the Madoff tell-all, “The Wizard of Lies,” talks about her new book, the Madoff family and the investor’s fear of failure.

    Henriques discusses Madoff’s early history with...

  • From Prison, Madoff Says Banks ‘Had to Know’ of Fraud

    By JewishJournal.com

    February 16, 2011 | 9:19 am

    From NYTimes.com:

    Bernard L. Madoff said he never thought the collapse of his Ponzi scheme would cause the sort of destruction that has befallen his family.

    In his first interview for publication since his arrest in December 2008, Mr. Madoff — looking noticeably thinner and...

  • Mets’ owners slapped with Madoff ‘clawback’ lawsuit

    January 31, 2011 | 10:28 am

    The trustee for the Bernard Madoff estate has sued the owners of the New York Mets, claiming they should have known the money made with Madoff was done so nefariously. 

    Irving Picard, the trustee charged with recovering billions of dollars in assets stolen in Madoff’s Ponzi...

  • Judge approves $7.2-billion Madoff settlement

    By JewishJournal.com

    January 13, 2011 | 12:28 pm

    The largest settlement to date in the Bernard Madoff multi-billion dollar Ponzi scandal has been approved by a U.S. judge today, the Los Angeles Times reports.

    A U.S. judge approved a $7.2 billion settlement on Thursday to pay former customers of the Madoff firm, the largest yet in...

  • Iranian Jewish banker Namvar arraigned on federal fraud charges

    By Karmel Melamed

    September 27, 2010 | 4:08 pm

    Earlier today Brentwood Iranian Jewish banker and real estate investor Ezri Namvar was arrainged in U.S. District court in downtown L.A. after being indicted last week by a federal grand jury on five counts of fraud in failing to return $23 million in funds client’s of his Namco...