Veteran reporter Diana B. Henriques has been on the front lines of the Bernie Madoff scandal from the day it began, capping her coverage with her exclusive, headline-making prison interview with Madoff in early 2011. With her colleagues at The New York Times, she worked on more than 100 articles about the world-circling Ponzi scheme. This sampler begins with the scandal’s opening thunderclap — the stunning arrest of a Wall Street statesman on December 11, 2008:
The largest category of victims in the vast Ponzi scheme run by Bernard L. Madoff — those who lost cash through accounts with various middleman funds — will be first in line for compensation from a $2.35 billion fund collected by the Justice Department.
“I made the tragic mistake of trying to change the way money was managed and was successful at the start, but lost my way after a while and refused to admit that I failed.”
— Bernard L. Madoff, in an e-mail on Oct. 11, 2011
A former trader at Bernard L. Madoff Investment Securities is expected to plead guilty to participating in an investment fraud beginning in the early 1970s, two decades earlier than Mr. Madoff claims to have started his Ponzi scheme.
The judge ruled that the trustee, Irving H. Picard, did not have the legal right to pursue $20 billion in combined damage claims against JPMorgan Chase & Company and UBS.
“Everything that I think about the victims — it’s hard to face, because there’s nothing I can do about any of it,” Ruth Madoff said in an interview.
Bernard Madoff’s wife said she and her husband tried to kill themselves just after his Ponzi scheme was exposed.
A federal appeals court has approved the method being used to calculate the losses incurred by the victims of Bernard L. Madoff’s global Ponzi scheme, saying the approach used by the trustee in the case is “legally sound in light of the circumstances of this case and the relevant statutory language.”
The ruling could pare billions of dollars from the sum that may ultimately be recovered for victims of Bernard L. Madoff’s Ponzi scheme.
A new federal bankruptcy court filing on Thursday showed that three current members of JPMorgan Chase’s executive committee had discussed, as early as June 2007, the possibility that Bernard L. Madoff was running a Ponzi scheme — as, indeed, he was — but took no action to protect investors or alert regulators.
Reflecting on his crimes, the con artist of the age wondered why his bankers didn’t catch him and shut him down.
In a case rich in superlatives, here was another one: the largest individual settlement in the history of American jurisprudence — a game-changer for Madoff victims.
On the second anniversary of his father’s life-shattering confession, a Madoff son finds the scandal, finally, was just too much to bear.
In a majestic courtroom that was tense with tears and rage, a federal judge imposed a symbolic sentence on an utterly friendless defendant.
The Madoff scandal exposed a gaping hole in the defenses that all Americans relied on to protect their retirement savings.
Nothing in this industry-financed organization’s 30-year history as a “safety net” for Wall Street retail investors had prepared it for the Madoff maelstrom.
As a veteran financial lawyer, Picard knew the federal bankruptcy code inside out, but his work as the trustee liquidating the Madoff estate would put him on a collision course with controversy.
Sorkin’s faith in the majesty of the law was tested by the vitriol he encountered after he took on the Madoff case. One email he received: “As one Jew to another, I deeply regret that the Sorkin family did not perish in the Nazi death camps.”
A week into the scandal, much about the Madoff scandal was still cloaked in mystery. But one thing was clear: it was history’s first truly global Ponzi scheme.
The nation’s top market regulator immediately looked into the massive Madoff scandal, and found a humiliating scandal closer to home.
They were hedge fund managers and retired teachers, philanthropists and small-scale professionals. But they had one thing in common: They had trusted Bernie Madoff with everything.
Two floors below the trading floor of the respected wholesale brokerage firm Madoff had nurtured for almost 50 years was the mysterious money-management business at the heart of his fraud.
The work day was almost over when the newswires reported that a former Nasdaq chairman was under arrest for a fraud whose price tag was almost beyond belief: Fifty billion dollars!