Ponzi Scheme | featured news

Peter B. Madoff, who was arrested early Friday, pleaded guilty to criminal actions that enabled his brother, Bernard L. Madoff, to carry out the largest Ponzi scheme in history. While Peter Madoff, 66, acknowledged wrongdoing, he said in the hearing at the Federal District Court in Manhattan that he did not know of the fraud that wiped out about $65 billion in paper wealth.

Peter Madoff, the brother of imprisoned swindler Bernard Madoff, is expected to plead guilty to criminal charges on Friday, the first family member to do so since the Ponzi schemer's fraud was uncovered in December 2008.

Former jet-setting Texas tycoon R. Allen Stanford, whose financial empire once spanned the Americas, was sentenced Thursday to 110 years in prison for bilking investors out of more than $7 billion over 20 years in one of the largest Ponzi schemes in U.S. history.

Acting on a tip, U.S. marshals in Arizona put an end to an Illinois couple's life on the lam, a dozen years after they fled punishment for running a Ponzi scheme that targeted friends, the elderly, and even family members, authorities said.

Owners of the New York Mets baseball team have agreed to pay $162 million to settle a lawsuit by the trustee seeking money for victims of Bernard Madoff's fraud.

Investors taken in by Texas tycoon R. Allen Stanford expressed relief and a sense of vindication after a federal jury convicted the jet-setting financier of swindling them out of more than $7 billion. But they said the verdict will never replace the loss of their life savings....

Allen Stanford was found guilty of conspiracy and fraud charges by a federal jury on Tuesday for leading a $7 billion Ponzi scheme from his offshore bank in Antigua.

A judge ruled Monday that the New York Mets' owners owe up to $83 million to the trustee recovering money for Bernard Madoff investors, though he expressed doubt that the trustee will succeed in proving at a trial this month that he's entitled to as much as $300 million more....

Court records show Tobey Maguire has agreed to pay $80,000 to settle a lawsuit filed over money he won in high-stakes poker matches from a convicted Ponzi scheme operator....