Posted tagged ‘Bernie Madoff’

Bernard Madoff Dying of Cancer?

August 24, 2009

According to the New York Post, Bernard Madoff has told fellow prison inmates that he is dying of cancer.

Looks like pancreatic cancer. This is what killed my grandfather. Quite possibly a painful death ahead for Mr. Madoff. I’m sure some will be happy if this rumor proves to be true!

From the New York Post:

Bernie Madoff had little to lose by confessing to masterminding the world’s biggest Ponzi scheme — he’s dying of cancer, sources told The Post.

Madoff, who is serving 150 years at a North Carolina federal lockup after pleading guilty to swindling more than $65 billion, has been telling fellow inmates he does not have much longer to live.

“He’s been taking about 20 pills a day for his cancer,” said one inmate.

“He talks about it all the time. He’s not doing very well.”

There’s been much speculation as to why Madoff took the entire fall for the scheme — and rumors of his suffering from pancreatic cancer surfaced many months before he arrived at the Butner, NC, complex in June.

The prisoners did not confirm that’s the form of cancer he’s suffering.

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Investor in Madoff Scheme Commits Suicide

February 14, 2009

William Foxton, a former British soldier, killed himself after losing his life savings in an alleged $50 billion fraud run by Wall Street financier Bernard Madoff.

From Reuters:

William Foxton, 65, who had served in the British Army and more recently worked as a defense contractor in Afghanistan, died from a single bullet wound to the head in the southern English port city of Southampton on Tuesday, police said.

“A pistol was recovered at the scene. Police do not believe the death to be suspicious,” a police statement said.

His son Willard said his father had returned from Afghanistan and revealed his life savings had been lost. He did not say how much had gone, but news reports said it was close to 1 million pounds ($1.45 million).

“He came back and we were all very glad he was back and retiring and we were looking forward to him spending a long and happy retirement with us, but unfortunately very recently … I got in contact with him to ask him some ordinary family stuff and halfway through the conversation he said: ‘Look, I’m really sorry, I can’t concentrate, I’m afraid I’ve lost everything, I’ve lost all the money, I might have to declare myself bankrupt’,” Willard Foxton told Sky news.

“He invested in hedge funds (and) without going into the names of the specific hedge funds, essentially these two hedge funds had taken the money, and as far as I can understand from news reports and the class action lawsuits being filed against them, they had taken all the money that was invested with them and then sunk that into Bernie Madoff’s fund.”

Madoff Scheme Hits Charities Hard

December 18, 2008

The list of charities devastated by Bernard Madoff’s alleged fraud keeps growing and now includes celebrities such as Steven Spielberg.

From the AFP:

Steven Spielberg’s charitable foundation fell victim to the mammoth 50-billion-dollar fraud allegedly carried out by Wall Street heavyweight Bernard Madoff, reports said.

It is not known if the Oscar-winning film-maker had chunks of his personal fortune invested with Madoff but the director’s Wunderkinder Foundation has suffered losses, according to the Wall Street Journal.

The foundation could not be immediately contacted for comment.

The newspaper reported that about 70 percent of the dividend income and interest for the foundation had been handled by Madoff’s securities firm, which is now the subject of one of the biggest fraud investigations in history.

The Journal also cited people familiar with the case as saying that Spielberg’s partner at DreamWorks Animation SKG, chief executive Jeffrey Katzenberg, had sustained “millions in Madoff-connected losses.”

The report said both Katzenberg and Spielberg were the only two clients of legendary Hollywood financial adviser Jerry Breslauer, who had dealt with Madoff since 2004.

From Reuters:

The alleged $50 billion fraud by former Nasdaq Chairman Bernard Madoff has rippled deep into Boston’s wealthy elite, forcing a charitable foundation to close and triggering losses by prominent philanthropists.

The Robert I. Lappin Charitable Foundation, which financed trips for Jewish youth to Israel, said the money that supported its programs was invested with Madoff, a 70-year-old Wall Street trader arrested on Thursday.

“The money needed to fund the programs of the Lappin Foundation is gone,” the Salem, Massachusetts-based foundation said on its website, adding all staff had been let go.

“It is with a heavy heart that I make this announcement,” Robert I. Lappin, the foundation’s trustee, said in a statement.

The Boston Globe reported on Saturday that other clients of Madoff included philanthropists Carl and Ruth Shapiro, big donors to the Museum of Fine Arts, Brandeis University and the Beth Israel Deaconess Medical Center.

The Shapiro family foundation lost almost half its money, or about $145 million, to Madoff, the newspaper said.

Other clients included Avram and Carol Goldberg, a previous owner of the Stop&Shop supermarket chain, and Stephen Fine, president of privately held Biltrite Corp.

Federal agents arrested Madoff at his apartment on Thursday after prosecutors said he told senior employees that his money management operations were “all just one big lie” and “a giant Ponzi scheme.”

A Ponzi scheme is an illegal investment vehicle that pays off old investors with money from new ones and is dependent on a constant stream of new investment. Because the invested capital is not earning a sufficient return on its own, such schemes eventually collapse under their own weight.