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JPMorgan Chase Says It Had No Duty to Mitigate Madoff Fraud

Bernard Madoff, the disgraced investment executive responsible for the biggest ponzi scheme in U.S. history, kept his client’s capital at the financial intermediary JPMorgan Chase.

A recently filed lawsuit by appointed trustee Irving Picard aimed at JPMorgan is seeking $6.4-billion in damages from the New York City-based investment bank, citing internal e-mails, among other communications, that allegedly proves JPMorgan knew something was off with Madoff’s account.

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Madoff sentenced to 150 years prison

Bernard Madoff has just been given the maximum sentence allowed under law, 150 years in prison, as sought by the prosecution.

Just prior to today’s verdict, Madoff turned around to victims in the courtroom telling them “I left a legacy of shame…I cannot offer you an excuse for my behavior…I’m sorry.” His speech ran for about 6 minutes.

Judge Denny Chin of the U.S. District Court in NY handed down the sentence about 10 minutes ago.

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Appeals Court Rules Madoff to Stay in Jail Pending Sentencing


Bernard Madoff was remanded in jail on March 11 after pleading guilty to 11 criminal charges until sentencing scheduled for June 16, 2009. He appealed the decision, only to be turned down by the 2nd U.S. Circuit Court of Appeals today.

Judge Denny Chin said because of Madoff faces life in prison and because of his age, he might try to flee. Judge Chin went on to say, “Moreover, the district court’s finding that the defendant has the means – and therefore the ability [to flee]… [Madoff has] ample opportunity over a long period of time to secret substantial resources outside the country.” to flee.

The legal team representing Madoff says they are disappointed and respectfully disagree with the ruling.

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Madoff Accountant David Friehling Turns Himself In, Faces 105 Years in Prison


Bernard’s Madoff’s accountant David Friehling has just turned himself in to authorities today for securities fraud charges that allege he falsified financial statements.

Acting U.S. Attorney Lev Dassin said today, “Although Mr. Friehling is not charged with knowledge of the Madoff Ponzi scheme, he is charged with deceiving investors by falsely certifying that he audited the financial statements of Mr. Madoff’s business,”

Prosecutors allege Madoff’s firm paid Friehling $12,000-$14,500 per month between 2004-2007 for his services. Prosecutors also allege he invested with Madoff’s security firm and had a joint account with his wife totaling more than $500,000.

Friehling now faces up to 105 years in prison if convicted.

Madoff pleaded guilty to 11 criminal charges on March 11, 2009 and is currently awaiting sentencing on June 16, 2009 in jail. His legal team is appealing the decision to get him out of jail pending sentencing.

Madoff, 70, faces up to 150 years in prison for stealing $65 billion in the biggest ponzi scheme in history.

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Court Papers Show Bernard Madoff Worth $826M

New documents obtained from court filings show that Bernard Madoff is currently worth at least $826 million. The documents are from appeals requesting Madoff be released from prison until sentencing, which is scheduled for June 16, 2009. According to the documents, Madoff’s Investment Securities firm is valued at $700 million (currently being liquidated), along with $22 million worth in real estate (including his $7 million New York City apartment), a $7 million French yacht, jewelry worth in excess of $2 million, among other assets. Bernard Madoff was remanded in jail after pleading guilty to 11 criminal offences relating to a Ponzi scheme where Madoff allegedly defrauded $65 billion from investors.

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Madoff Pleads Guilty, Remanded in Jail


Bernard Madoff, the man behind the biggest Ponzi scheme ever who stole more than $65 billion, has just pleaded guilty today to 11 criminal crimes. U.S. District Court Judge Denny Chin ordered Madoff, now 70, to jail because of his guilty plea, when asked to explain his crime, Madoff said “I operated a Ponzi scheme,” Madoff later said “I always knew this day would come,” and explained he thought the scheme would actually end, but it “provided impossible,” Sentencing is scheduled for June 16, 2009. Madoff faces up to 150-years in prison.

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Former Nasdaq Chair Bernard Madoff Arrested in Ponzi Scheme

bernard-madoffBernard Madoff, who served as the Nasdaq chairman for 3 years in the early 90s, has just been arrested by the FBI for allegedly running a huge Ponzi scheme. He reported his firm that he founded in 1960, Bernard L. Madoff Investment Securities LLC NY, had $17 billion in assets available in 2008 while the company in fact had almost nothing. According to the SEC, Bernard planned to distribute $100 million to friends and family. He was arrested yesterday at his penthouse after being turned in by his sons. He told authorities that he had no explanation and that he expected to go to jail. He faces a maximum of 20 years in jail. He is now free on a $10 million bond.

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