Jewish Journal

Tag: Ponzi Scheme

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  • After serving time for investment scheme, Namvar fighting civil charges

    By Ryan Torok

    September 21, 2016 | 3:21 pm

    Ezri Namvar, who was accused of creating a Ponzi scheme and sentenced to seven years in federal prison in 2011 for stealing $21 million from four clients, is now involved in a civil trial.

    “The story is that I gave him $1 million in order to buy real estate, secure the property...

  • Bernie Madoff to be questioned over ‘profit withdrawal’ records

    April 5, 2016 | 11:18 am

    Bernie Madoff will be questioned by lawyers of some former clients of the convicted Ponzi schemer who lost money in his multibillion-dollar scam.

    A filing Monday requested a formal order on the decision to authorize the deposition of Madoff made last month by a federal bankruptcy...

  • Madoff disappointed family doesn’t visit in prison

    February 2, 2016 | 2:36 pm

    Bernard Madoff, the Ponzi schemer whose story is the subject of a TV miniseries airing this week, is “doing as well as can be expected,” according to his lawyer.

    Ira Sorkin, who represented Madoff when he pleaded guilty in 2009 to defrauding investors of tens of billions of...

  • Growing up Madoff: Raising a family with a notorious name

    February 1, 2016 | 10:30 am

    True story: Back in 2008, one of my son’s favorite games was one we called “Bernie Madoff.” It was basically cops and robbers — I played a police officer and Elie, 3, was Bernie. The object of the game was that I chased him until I caught him.

    It was silly fun — but it was also a...

  • ‘Madoff’: Dreyfuss takes on the man behind the Ponzi scheme

    By Gerri Miller

    January 27, 2016 | 1:20 pm

    Of all the shocking scandals that emanated from the 2008 financial market crash, the most notorious is that of Bernie Madoff, the investment adviser who infamously defrauded clients out of billions of dollars in the largest Ponzi scheme in American history.

    The story of Madoff’s...

  • Sheldon Silver’s son-in-law sentenced to 2 years for Ponzi scheme

    December 17, 2015 | 1:43 pm

    A son-in-law of the recently convicted former New York state Assembly Speaker Sheldon Silver has been sentenced to two years in prison for running a multimillion-dollar Ponzi scheme.

    Marcello Trebitsch, 37, was sentenced in federal court in Manhattan Wednesday and ordered to pay...

  • Madoff trustee sues leading Israeli universities, hospitals for $95 million

    December 11, 2015 | 9:14 am

    Irving Picard, the trustee appointed to liquidate the assets of convicted Ponzi schemer Bernard Madoff and return money to his victims, has filed a $95 million lawsuit against some of Israel’s largest educational and medical institutions.

    Among the defendants in the suit filed...

  • Ex-NY Assembly speaker Sheldon Silver’s son-in-law admits to defrauding investors

    July 13, 2015 | 3:32 pm

    A son-in-law of indicted former New York Assembly Speaker Sheldon Silver pleaded guilty on Monday to operating a Ponzi scheme that defrauded investors out of nearly $6 million over seven years.

    Marcello Trebitsch, 37, pleaded guilty in Manhattan federal court to securities fraud,...

  • 2 ex-Madoff employees avoid jail time

    May 20, 2015 | 1:06 pm

    Two former employees of Bernard Madoff who helped him carry out his $17 billion Ponzi scheme have avoided prison sentences.

    Eric Lipkin, a payroll clerk and assistant to Madoff’s chief financial officer, was sentenced Wednesday in U.S. District Court in Manhattan to two years of...

  • Ex-N.Y. Assembly speaker’s son-in-law arrested for allegedly running Ponzi scheme

    April 14, 2015 | 10:17 am

    The son-in-law of former New York Assembly Speaker Sheldon Silver was arrested for allegedly running a $7 million Ponzi scheme.

    Marcello Trebitsch, 37, was arrested on Monday by federal agents and indicted in Manhattan federal court on charges of wire fraud and securities fraud....

  • Madoff victims receive new payout totaling $355.8 million

    February 10, 2015 | 10:16 am

    Victims of Bernard Madoff’s Ponzi scheme will receive another $355.8 million, bringing the total recovered to over $10.5 billion, with more than $7.2 billion paid out.

    On Monday, trustee Irving Picard said the payout which began last week, the fifth such payout, means that...

  • Foundation headed by widow of Madoff’s largest beneficiary grants $104 million

    September 15, 2014 | 10:30 am

    Barbara Picower, the widow of Jeffry Picower, the largest beneficiary of Bernard Madoff’s Ponzi scheme, has awarded $104 million in grants over two years through a new foundation.
    The grants from the JPB Foundation have centered on medical research, poverty and the environment,...

  • Bernard Madoff’s son Andrew dies after long battle with cancer

    September 3, 2014 | 9:51 am

    Andrew Madoff, the son of convicted fraudster Bernard Madoff, died on Wednesday from cancer, his lawyer said. He was 48.

    "Andrew Madoff has lost his courageous battle against mantle cell lymphoma," lawyer Martin Flumenbaum said in a statement. "He died peacefully at Memorial...

  • Employer-managed retirement funds ruled ineligible for Madoff restitution

    August 26, 2014 | 12:54 pm

    Individuals who lost money from employer-managed retirement funds invested with Bernard Madoff are not eligible to receive money from the liquidation of the Ponzi schemer’s firm.

    U.S. Bankruptcy Court Judge Stuart Bernstein ruled Friday that only direct customers of Madoff are...

  • 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...

  • 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...

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