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Dec 17, 2008 · Madoff was arrested Thursday and reportedly conceded that he had operated a Ponzi scheme, using money from newer investors to pay off early investors.
Dec 27, 2022 · Acclaimed screenwriter Eric Roth, known for Oscar-winning films like "The Curious Case of Benjamin Button," "A Star is Born" (2018), and "Forrest Gump," lost $250 million to Madoff.
- Steven Spielberg
- Kevin Bacon and Kyra Sedgewick
- Fred Wilpon
- Larry King
- Zsa Zsa Gabor
- Jeffrey Katzenberg
- Eric Roth
- John Malkovich
- Elie Wiesel
Steven Spielberg might be the biggest name out of Madoff’s estimated 40,000 victims. Spielberg invested on behalf of his charity the Wunderkinder Foundation, which primarily supports causes related to the arts — with an emphasis on theater and film — and other progressive causes, according to a comprehensive guide by Inside Philanthropy. It’s gener...
Kevin Bacon and Kyra Sedgewick are a Hollywood couple known to keep their personal lives generally private, but they were thrown into the spotlight when media reported the couple had lost nearly all of their money to Madoff’s scheme. The couple has spoken about the loss several times over the years, and Bacon recently talked about the ordeal on the...
Fred Wilpon, the owner of the Mets baseball team from 1987 until 2020, was also tied up in Madoff’s scheme. Wilpon and Madoff had been friends for years and Wilpon’s involvement in the fraud is still debated to this day. Some media reports that Wilpon lost upwards of $500 million after investing with Madoff, and others report that the former Mets o...
Noted talk show host Larry King was also among Madoff’s victims. King’s childhood friend Wilpon introduced him to Madoff when King and his wife were looking for a firm to invest in. When Madoff was arrested, it was reported that King had lost $700,000 in investments, but the talk show host revealedhe had gained the money back in just a few short ye...
Madoff also swindled famed actress and socialite, Zsa Zsa Gabor, to the tune of an estimated $10 million. Today reported Gabor’s husband Frédéric Prinz von Anhalt was the first to notice the missing funds in early 2009. Forensics accountants attributed the loss to a third-party investment the couple had made with Madoff. Gabor passed away in 2016 a...
Jeffrey Katzenberg is best known for co-founding DreamWorks Animation where he held the position of CEO until 2016. The Los Angeles Timesreported that Katzenberg had lost over $20 million in investments made with Madoff. To add insult to injury, Katzenberg had never heard of Madoff until the scandal broke since his funds were invested by his busine...
Eric Roth, a screenwriter known for his work on hit Hollywood films such as Forrest Gump and The Curious Case of Benjamin Button, was another of Madoff’s victims. Roth allegedly lost his entire retirement fund and filed a lawsuit against his investment advisor Stanley Chais, who died in 2010 before a proper investigation into his involvement with M...
Actor John Malkovich reportedly lost his life savings due to investments his business manager made with Madoff. Malkovich, who has appeared in over 70 films, was initially upset but said that he made up the loss by working tirelessly for years and changing his spending habits. In a 2020 interview with The Guardian, Malkovich told the publication, “...
Elie Wiesel lost a substantial amount due to Madoff. Wiesel and his wife, Marion Erster Rose, lost their joint savings as well as $15 million intended for their charity, the Elie Wiesel Foundation for Humanity, which was founded to fight inequality and intolerance. In 2009, CNN reported that Wiesel could not forgive Madoff for his crimes and called...
Participants in the Madoff investment scandal included employees of Bernard Madoff's investment firm with specific knowledge of the Ponzi scheme, a three-person accounting firm that assembled his reports, and a network of feeder funds that invested their clients' money with Madoff while collecting significant fees.
The recovery of funds from the Madoff investment scandal has been underway since the scandal broke in December 2008. That month, recovery trustee Irving Picard received funds from the Bank of New York account where Bernard Madoff held new investments into his Ponzi scheme. As it has been concluded that no legitimate investments were made on the ...
In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
Jun 23, 2024 · In 2009, at age 71, Madoff pleaded guilty to 11 federal felony counts, including securities fraud, wire fraud, mail fraud, perjury, and money laundering. His Ponzi scheme became a potent...
