John Farahi, a popular Iranian-Jewish radio talk-show host and investment adviser, was sentenced in U.S. District Court on March 18 in downtown Los Angeles to 10 years in federal prison for operating a multi-million-dollar Ponzi scheme against local Iranian-Americans. Farahi, 56, also was ordered by the court to pay more than $24 million in restitution to close to 60 victims.
A prominent Austrian banker who portrayed herself for two years as one of Bernard L. Madoff’s biggest victims was accused on Friday of conspiring for 23 years to funnel more than $9 billion into his immense global Ponzi scheme.
Mark Madoff, the older of Bernard L. Madoff’s two sons, was found dead in his Manhattan apartment on Saturday, the second anniversary of the day his father was arrested for running a gigantic Ponzi scheme that shattered thousands of lives around the world.
For Belle Faber, the sentencing of Bernard Madoff felt surreal.
Why is this fraud different from all other frauds?
Years from now, lawyers, journalists and historians are likely to still be debating the causes and consequences of Madoff's massive deception. Untangling the mess will not only be crucial in the bid to provide restitution to some victims, it will also become a case study of how not to repeat the same mistakes.
In the eyes of the American judicial system, said fraud investigators and asset hunters, some innocent victims of Madoff's massive Ponzi scheme are legitimate targets for government and civil actions seeking to compel them to disgorge any gains they derived.
The Ponzi scheme perpetrated by Bernard Madoff is the latest in a string of financial blows to Jewish aid programs in the former Soviet Union, wiping out a major foundation that was the primary funder of Jewish higher education in Russia
The paradox -- one man possessed of bountiful quantities of good and evil -- is confounding to many who knew Madoff and only now are discovering his dark side.