Upstate N.Y. Unions among Victims of Bernard Madoff Scandal …

The Carpenters wasn’t the only union in central upstate New York to get bamboozled. Plumbers and Steamfitters Local 267, which represents about 1300 active workers and retirees, may have lost as much as $48 million in Madoff-held health …

Madoff burned suburban N.Y. Carpenters Union too

I know that most of you are concerned with Madoff’s effect on the great battle against assimilation. Well I’m friends of contractors, and I’m told that Local 11 of the Carpenters Union, which is based in Westchester but represents …

Building Delusions at the Carpenters

They take ridiculous salaries: Patrick Morin (a trustee on funds that lost millions to the Bernie Madoff scheme) is taking home $321000 in compensation and $175000 in his pension each year after his recent $10000 raise at the Empire …

many syracuse construction unions ripped off by madoff…carpenters …

syracuse, ny — cnbc, quoting an unnamed source, today reported that a carpenters union in syracuse has lost the majority of its $100 million to $150 million it had in pension money because of investments with bernard l. madoff. …

carpenters union satisfied madoff “got nailed” ubc 747 retirees …

story and video courtesy of www.cnycentral.com (see here) ——————————————————————————————————- madoffs net worth exceeds $823 million (see story here) …

yet another union ripped off by madoff – albany, ny carpenters …

carpenters local 370 in albany continued to have its own pension fund, which had no money with madoff. but other welfare and benefit funds, including the annuity fund, were under the empire state regional council’s control. …

Ferry ‘my Son Was Wrongly Jailed’

October 26th, 2009 A former business associate of jailed conman BERNIE MADOFF has been found dead in his swimming pool. Jeffry Picower, who was accused of earning $7.2 billion from Madoff’s Ponzi scheme, drowned at his home in Palm … Martins Ferry Chief Barry Carpenter was suspended Tuesday, one day after Bridgeport Police Chief Chad Dojack was put on paid leave by his village council. Terrific Twosome: Shaquille O’Neal joins LeBron James in Cleveland to chase NBA title …

Central New York accounts exposed to Madoff investments | In Depth …

Empire State Carpenters Annuity, Hauppage, 16597, $29886050, $428230852, 7%. Upstate NY Carpenters Pension, North Syracusese, 2358, $7316684, $126658613, 6%. Electricians Local 43 & Electrical Contractors …

Technorati Tags: bernard madoff, carpenterns union, life savings, ponzi, retirement, scam

After barely 24 hours in prison, the Wall Street fraudster Bernard Madoff has launched an attempt to return to his Manhattan penthouse through an appeal for bail which discloses the true extent of his lavish lifestyle.

Documents filed by defence lawyers estimate that Madoff and his wife, Ruth, have assets worth between $823m and $826m (£589m to £591m) including four homes, four boats, a share in a private jet and a Steinway piano. To maintain their properties, they are burning through cash at a rate of $346,757 a month.

In a filing to the US appeals court, Madoff’s lawyer, Ira Sorkin, says his client was fully co-operative with the terms of his release before judge Denny Chin jailed him on Thursday.

Sorkin says the judge’s description of Madoff as a “flight risk” is “clearly erroneous”, pointing out that he made no attempt at escaping during three months under house arrest even though he was “always cognisant of the fact that he would die in prison”.

Sorkin says Madoff and his wife have told the US government that they are “willing to relinquish many of their assets”.

Details of the couple’s wealth are unlikely to please Madoff’s victims. The financier has in effect been living off the proceeds of crime for nearly two decades, having admitted in court that he began operating his investment firm as a Ponzi scheme as far back as the early 1990s.

The couple’s flat on Manhattan’s upper east side is valued at $4m, while a house in the millionaires’ playground of the Hamptons is worth $1.58m. A Palm Beach getaway has a price tag of $2.46m and a property in the French resort of Antibes is pegged at $900,000. They keep a $7m yacht named Bull on a $1.5m boatslip near their house on the Côte d’Azur. Another boat, Sitting Bull, is worth $320,000 while a vessel in Florida described as a “Rybovich fishing boat” is valued at $2.2m.

Read the rest of the story here.

Read more…

Have pity on Ruth Madoff – Personal Finance blog – Money …

Ruth Madoff has lost it all (or nearly… )? If George has some sense – either humanity or just simple logic, he may be better to use his effort to report on how some of the victims (who had truly LOST IT ALL) are trying to cope with this …

Put Yourself in Ruth Madoff’s Shoes — Daily Intel

The remains of the lives of Bernie and Ruth Madoff are being auctioned off this weekend at the Midtown Sheraton, and the U.S. Marshals office has made literally everything but the kitchen sink available: the wooden decoy ducks from the …

Ruth Madoff Must Make Do On $125000 Yearly – The Two-Way …

To most people, the $2.5 million the 68-year old Ruth Madoff gets to keep after agreeing to give up the rest of the billions of dollars in tainted assets she shared with convicted Ponzi scam artist husband Bernie, sounds like a lot of …

Should Ruth Madoff have her MacBook taken away? | Crave – CNET

A recent Vanity Fair article reveals that Ruth Madoff is an Apple MacBook user. Should she have to give it up if she hasn’t already? Read this blog post by David Carnoy on Crave.

Trustee Sues Ruth Madoff for $44.8 Million – DealBook Blog …

The trustee gathering assets for victims of Bernard L. Madoff’s massive Ponzi scheme filed suit against Ruth Madoff on Wednesday, seeking the return of $44.8 million she took out of her husband’s former company before he confessed to …

Mark Seal on Ruth Madoff | vanityfair.com

Ruth Madoff alone in her Manhattan duplex penthouse on June 26, the day she struck a deal with prosecutors to keep $2.5 million. Six days later, on July 2, six U.S. marshals arrived to take possession of the apartment and usher Ruth out …

PETA wants Ruth Madoff’s furs

NewYork’s homeless could be kept warm this winter in expensive furs owned by Ruth Madoff — if PETA has its way. The anti-fur campaigners have written to US Marshal Roland Ubaldo asking for the Madoff skins to be donated to the homeless …

Technorati Tags: bail, Bernie Madoff, court, furs, lawyer, legal, peta, ponzi, ruth madoff, scam

After barely 24 hours in prison, the Wall Street fraudster Bernard Madoff has launched an attempt to return to his Manhattan penthouse through an appeal for bail which discloses the true extent of his lavish lifestyle.

Documents filed by defence lawyers estimate that Madoff and his wife, Ruth, have assets worth between $823m and $826m (£589m to £591m) including four homes, four boats, a share in a private jet and a Steinway piano. To maintain their properties, they are burning through cash at a rate of $346,757 a month.

In a filing to the US appeals court, Madoff’s lawyer, Ira Sorkin, says his client was fully co-operative with the terms of his release before judge Denny Chin jailed him on Thursday.

Sorkin says the judge’s description of Madoff as a “flight risk” is “clearly erroneous”, pointing out that he made no attempt at escaping during three months under house arrest even though he was “always cognisant of the fact that he would die in prison”.

Sorkin says Madoff and his wife have told the US government that they are “willing to relinquish many of their assets”.

Details of the couple’s wealth are unlikely to please Madoff’s victims. The financier has in effect been living off the proceeds of crime for nearly two decades, having admitted in court that he began operating his investment firm as a Ponzi scheme as far back as the early 1990s.

The couple’s flat on Manhattan’s upper east side is valued at $4m, while a house in the millionaires’ playground of the Hamptons is worth $1.58m. A Palm Beach getaway has a price tag of $2.46m and a property in the French resort of Antibes is pegged at $900,000. They keep a $7m yacht named Bull on a $1.5m boatslip near their house on the Côte d’Azur. Another boat, Sitting Bull, is worth $320,000 while a vessel in Florida described as a “Rybovich fishing boat” is valued at $2.2m.

Read the rest of the story here.

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Read more…

Burned Madoff Investors Appeal Dismissal Of SIPC Suit – Law360

Three investors who lost their savings because of Bernard L. Madoff’s Ponzi scheme have asked a court to reopen a case that accuses trustee Irving Picard of foot-dragging on insurance payouts.

Investor Loses Appeal Of Bid To Recover $10M From Madoff

A US district judge Monday upheld a prior decision that an investor who entrusted $10 million to convicted Ponzi-scheme operator Bernard L. Madoff days before his arrest can’t jump ahead of other investors to access his money.

Technologos On SEC Institutional Incompetence: Madoff Ponzi …

Financier Madoff Appeal Defiance is a living prove of Global Financial Institutes and SEC Systemic Fallacy and a testament of FED’s systematic financial fraud with Lori Richards resignation as head of the Securities and Exchange …

Who Is The Federal Judge Who Rejected The Government’s Appeal To …

Wanted to know who the federal judge was who rejected the government’s appeal to send Bernard Madoff to jail when this dirt bag belongs. He is under house.

Technorati Tags: appeal, ponzi

New additions to a lawsuit against the jailed Ponzi schemer charge that he presided over an office so fueled by the drug that it was known as the “North Pole.”
The suit, filed Tuesday night in Manhattan Supreme Court, alleges that Madoff, as far back as 1975, used two street toughs on his payroll to set up a cocaine pipeline into the offices of Madoff Securities.

It portrays the firm’s headquarters as an animal house with “a culture of sexual deviance” that often hosted drug-fueled parties featuring topless waitresses who wore little more than G-strings.

The suit also points out that Madoff now spends his days in the company of other noted jailbirds, including former Colombo crime family boss Carmine Persico and Naval intelligence anaylyst-turned-spy Jonathan Pollard.

He’s also surrounded by plenty of lesser-known crooks, the suit notes.

It also casts Madoff as a frequent patron of

escort services and massage parlors who kept a list of his preferred female masseuses in his personal phone book.

“Madoff’s affinity for escorts, masseuses and attractive female employees was well known in the office culture,” the suit says.

A “significant” chunk of the money stolen from Madoff investors, the suit claims, bankrolled lavish indulgences that included hookers, drugs and strippers and covered expenses for his family, employees and favorite feeders.

It also reveals that Madoff shares a cell with a 21-year-old doing time for drug offenses and eats pizza prepared by a convicted child molester.

In addition to Madoff, the suit, which was originally filed in June, adds a host of new corporate defendants, including JPMorgan Chase, KPMG, the Bank of New York, Oppenheimer Holdings and Massachusetts Mutual Life Insurance.

Lawyer Joseph Cotchett, who filed the suit, met with Madoff last summer shortly after he arrived at a federal prison in North Carolina.

Read more: http://www.nydailynews.com/money/2009/10/20/2009-10-20_court_papers_give_glimpse_of_bernie_madoffs_life_behind_bars.html#ixzz0XjUQpIPn

Technorati Tags: bernard madoff, Bernie Madoff, ponzi