Justice Department Distributes $568 Million To Bernie Madoff Ponzi Scheme Victims
Thirty-one thousand people lost money in Madoff's financial fraud, one of the biggest in history.
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Thirty-one thousand people lost money in Madoff's financial fraud, one of the biggest in history.
Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes.
Attorney Brandon Sample told Judge Denny Chin that Madoff, 81, and confined to a wheelchair, should be allowed to contest claims by prosecutors that he has failed to show remorse.
Madoff's lawyers want him freed under a program that permits the release of some inmates who have less than 18 months to live.
He was sentenced to 150 years in prison for using his investment firm to cheat clients out of billions of dollars.
The Department of Justice confirmed Madoff filed paperwork asking the president, who has final say on clemency, to commute his term.
Attorney Roland Riopelle says 70-year-old Annette Bongiorno will have served two thirds of her six-year prison term by March 19 and should be released then.
The money represents approximately 75% of the estimated $17.5 billion in principal lost by customers who filed claims.
Victims of the Bernard Madoff Ponzi scheme will split a repayment of about $342 million in January under a plan by a court trustee.
A judge sentenced the last defendant in the Bernard Madoff Ponzi scheme case on Wednesday to six months in prison.
A judge spared Paul Konigsberg prison time and agreed not to require post-sentence supervision.
A former accountant who certified fake financial records hiding Bernard Madoff's epic Ponzi scheme was sentenced on Thursday to one year of home confinement.
Annette Bongiorno she apologized to victims of the multi-decade, multi-billion dollar fraud and berated herself for failing to see past her boss's influence and the riches he bestowed on her.
The trustee recovering money for thousands of investors said Monday that a half-billion-dollar settlement has been reached with two financial funds that invested with Ponzi schemer Bernard Madoff.
In an interview with "60 Minutes" in 2011, Madoff insisted he had no idea what his father was up to.
A senior partner at a New York accounting firm has now pleaded guilty to his role in the multi-billion dollar Bernard Madoff Ponzi scheme.
Yeshiva University is reportedly $1 billion in the red, with $500 million in debts and another $500 million in losses with risky investments.
The verdicts came Monday in a Manhattan trial that lasted nearly six months. The federal court trial was the first to result from the multi-decade fraud that landed Madoff in prison for 150 years.
The jury has the monumental task of sorting through five months of testimony to determine whether the ex-Madoff employees knew that their jobs involved perpetuating a massive Ponzi scheme.
The prosecution wraps up closing statements in the trial against five former aides to Ponzi schemer Bernard Madoff. Madoff's former secretary, his former head of operations, an account manager and two computer programmers are on trial.
Convicted swindler Bernie Madoff's secretary took the stand nearly five years after her former boss went to prison.
The fund will distribute assets forfeited in the Madoff case. It's separate from a bankruptcy court proceeding that has recovered money to redistribute to burned Madoff clients.
Madoff was sentenced to 150 years in prison after pleading guilty in 2009 for bilking investors of $65 billion. He ran his operation out of an office in the Lipstick Building in Midtown Manhattan.
The bank will pay $1.7 billion to settle criminal charges and a $350 million civil penalty for what the Treasury Department called "critical and widespread deficiencies'' in its programs to prevent money laundering and other suspicious activity.
New York financier Bernard Madoff's former right-hand man summed up his boss' arrest exactly five years ago with two words: "Madoff Implodes.''
Nine people died in the crush of the crowd outside a celebrity basketball game at City College on Dec. 28. 1991.
With congestion pricing set to start on Jan. 5, the MTA now says it has the right to hike the prices even more on gridlock alert days.
A vigil was held Thursday in Brooklyn for the woman who was lit on fire and killed on the F train last weekend.
Crews are trying to repair a massive water main break that left thousands in Edison, New Jersey with little or no water pressure.
Bargain hunters are busy amid seasonal discounts and "going out of business" sales by at least two retailing chains.
Nine people died in the crush of the crowd outside a celebrity basketball game at City College on Dec. 28. 1991.
With congestion pricing set to start on Jan. 5, the MTA now says it has the right to hike the prices even more on gridlock alert days.
A vigil was held Thursday in Brooklyn for the woman who was lit on fire and killed on the F train last weekend.
Here's where to bring your Christmas trees for New York City Mulchfest this year.
A very similar setup to Wednesday will be underway, with highs in the mid to upper 30s under mostly sunny skies.
A very similar setup to Wednesday will be underway, with highs in the mid to upper 30s under mostly sunny skies.
The National Weather Service says snow depth in Central Park was 1 inch at 7 a.m. Christmas morning. That's the minimum amount of snow needed to make it officially a White Christmas.
Some light snow is moving through NYC and the surrounding New York and New Jersey area today, just in time for Christmas Eve.
New York City congestion pricing cleared late legal challenges in Manhattan and Rockland County, keeping it on track to start Jan. 5, 2025.
NYC is facing the coldest weather in a while, and New York and New Jersey could be in for a White Christmas with snow on the way.
With congestion pricing set to start on Jan. 5, the MTA now says it has the right to hike the prices even more on gridlock alert days.
Crews are trying to repair a massive water main break that left thousands in Edison, New Jersey with little or no water pressure.
A sinkhole on I-80 in Wharton, New Jersey is causing a traffic nightmare after shutting down the highway early Thursday morning.
A very similar setup to Wednesday will be underway, with highs in the mid to upper 30s under mostly sunny skies.
The National Weather Service says snow depth in Central Park was 1 inch at 7 a.m. Christmas morning. That's the minimum amount of snow needed to make it officially a White Christmas.
With congestion pricing set to start on Jan. 5, the MTA now says it has the right to hike the prices even more on gridlock alert days.
A very similar setup to Wednesday will be underway, with highs in the mid to upper 30s under mostly sunny skies.
A Long Island father and son are having a Christmas like no other. They've just moved from a homeless shelter into their own apartment, thanks to Catholic Charities.
The National Weather Service says snow depth in Central Park was 1 inch at 7 a.m. Christmas morning. That's the minimum amount of snow needed to make it officially a White Christmas.
A judge has ordered the bankrupt Harborside in Port Washington back to the negotiating table to address millions owed to residents.
With congestion pricing set to start on Jan. 5, the MTA now says it has the right to hike the prices even more on gridlock alert days.
Former President Bill Clinton remains in "good spirits," a spokesman said.
New York City congestion pricing cleared late legal challenges in Manhattan and Rockland County, keeping it on track to start Jan. 5, 2025.
President Biden is granting clemency to 37 of the 40 federal inmates facing death sentences. Their sentences will be commuted to life in prison without the possibility of parole.
A report by the House Ethics Committee found former Rep. Matt Gaetz paid multiple women, including a 17-year-old girl, for sex.
A new course at Albert Einstein College of Medicine in the Bronx aims to help medical students understand the community they serve.
A woman who lost her jaw after being caught in a crossfire in Ukraine can smile again thanks to transformative surgery in New York.
Some 13 oz. bags of Lay's Classic Potato Chips may contain an undeclared allergen, according to the snack company.
New York Congressman-elect George Latimer expects "major pushback" to Robert F. Kennedy Jr.'s potential vaccine policy if he heads Donald Trump's Health and Human Services Department.
A breakthrough treatment is making a huge difference for stroke survivors, improving hand and arm function, and their quality of life.
Just shy of his 70th birthday, Denzel Washington has a new line to add to an already impressive résumé.
Sean "Diddy" Combs was back in federal court in Lower Manhattan on Wednesday for a pretrial hearing.
A spokesperson for Foxx said that he had to get stitches after he was hit in the face by a glass thrown from someone else in the restaurant.
Sean "Diddy" Combs filed a motion Friday to dismiss his appeal for bail, meaning he will stay in jail until his trial on sex trafficking charges in May 2025.
Jamie Foxx opened up about why he was hospitalized for several weeks in April 2023.
Mikal Bridges scored a season-high 41 points, and the Knicks overcame 42 from Victor Wembanyama to edge the Spurs 117-114 on Wednesday.
Rasmus Dahlin had four assists and the Sabres stopped a 13-game slide by routing the Islanders 7-1 on Monday night.
Karl-Anthony Towns and OG Anunoby combined for 62 points in the Knicks' fourth straight win, 139-125 over the Raptors on Monday night.
Bam Adebayo scored 17 of his 23 points in the second half and the Heat snapped a three-game skid with a 110-95 win over the Nets on Monday night.
The Devils pounded the Rangers 5-0 on Monday, sending New York to its 13th loss in its last 17 games.
Nine people died in the crush of the crowd outside a celebrity basketball game at City College on Dec. 28. 1991.
Volunteers delivered 14,000 meals to older New Yorkers on Christmas Day.
People living in one Harlem apartment building say they are freezing as they await a new boiler system.
Local residents are at odds with the Forest Hills Stadium concert venue over what they say is excessive noise.
Clients of the Emma L. Bowen Center's Rainbow Clubhouse and substance abuse recovery programs participated in a photography project to share positive perspectives.
Dogs got decked out for the annual Tompkins Square Halloween Dog Parade in New York City's East Village on Saturday.
Cosplayers flooded New York City's Javits Center in October 2024 for the annual New York Comic Con convention.
Tens of thousands of people flooded Manhattan streets on June 2, 2024 for the 60th annual Israel Day on Fifth Parade.
The Francis Scott Key Bridge in Baltimore collapsed early Tuesday, March 26 after a column was struck by a container ship that reportedly lost power, sending vehicles and people into the Patapsco River.
The 50th Annual Village Halloween Parade drew massive crowds, celebrating the theme "Upside/Down:Inside/OUT."
CBS News New York's Allen Devlin takes us to some of New York City's performances for the African-American holiday.
As loved ones prepare an event in their memory, one of the victim's brothers spoke to CBS News New York's Jessi Mitchell about the justice he says never came.
However, Gov. Kathy Hochul says "under no circumstances" will she allow it to happen. The controversial tolling plan begins on Jan. 5. CBS News New York's Kristie Keleshian has the story.
As CBS News New York's Lori Bordonaro reports, they are calling what happened to the victim a systemic problem the city faces.
The Broadway revival of "Gypsy" was canceled again after reports of an illness sweeping through the cast.
