Results tagged “bernardmadoff”

In a rare show of decency, the IRS will—get this—ever so kindly allow Madoff and other Ponzi victims to not pay taxes on money they didn't earn! The IRS is considering issuing refunds to people who paid taxes on money that Madoff claimed to have made for them, but which was really just holding in his giant temple of devastation. Say, can we get refunds on taxes we paid on investments that declined massively in value? Probably not! One can't expect too much from the IRS. [AP via Globe]

Authorities are now looking to seize the assets of Ruth Madoff, Bernard Madoff's wife. Investigators suspect that $69 million of "Ruth's" assets are not actually hers, but belong to investors that Bernie bilked. Did he do it with Ruth's help? The wife is not under suspicion at this time, but Bernie is not disclosing any accomplices he may have had in the endeavor. Bernard Madoff has appealed a decision to deny him bail, and is awaiting sentencing that may be for a term of up to 150 years.

LAist has been keeping a close watch on local legend Nadya Suleman, aka OctoMom, and has this hilarious video of her giving birth.

Image by light under a bushel

Given the headline "Fireman: Adviser looted $25m," you might think this Globe story is about firefighters getting ripped off by their investment advisers. Fortunately for firefighters, it's not so. But things are less fortunate for Paul Fireman, former CEO of Reebok, who reports that his former investment manager Arnold Mullen may have ran off with millions of dollars intended for investment in Fireman's company and charitable foundation. First it was Bernie, then Dane Cook's brother, and now this. Are there any reputable financial advisers out there anymore?

The New York Times reports that plausible complaints of fraud had been issued to the SEC against prominent (accused) Ponzi scheme perpetuator Bernard L. Madoff (who's now under house arrest) as many as nine years ago, but were never seriously investigated. Now that individuals and organizations (including the Robert I. Lappin Foundation, which has shut down completely) are out at least $20 and possibly as much as $50 billion, the Securities and Exchange Commission is starting to take things seriously. Chairman Christopher Cox said, “I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them." We're a little concerned, too, but more for the folks who lost their shirts. Fortunately, if they can find 40 extra bucks, they can buy new ones. (Wonder who the proceeds of those go to?)