Bernie Madoff Securities » scam

Carpenters Union Up Shit Creek: Carpenters to meet about Madoff scam

admin — Fri, 11 Dec 2009 19:32:00 +0000

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 …

Mail this post

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

Madoff The Ponzi Master – 4e Madoff appeals for bail and reveals wife’s huge fortune

admin — Sat, 05 Dec 2009 15:31:00 +0000

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.