Madoff Pleads Guilty to Ponzi Fraud

Saying he was "deeply sorry and ashamed," Bernard Madoff pleaded guilty Thursday to pulling off perhaps the biggest swindle in Wall Street history and was immediately led off to jail in handcuffs to the delight of his seething victims. Madoff, 70, could get up to 150 years in prison when he is sentenced in June.

In refusing to let the disgraced financier remain free on bail until then, U.S. District Judge Denny Chin noted that Madoff had the means to flee and an incentive to do so.

The plea did not satisfy many investors who had hoped Madoff would be forced to name any family members or others who helped him swindle them out of billions of dollars. He pleaded guilty to all 11 charges against him — with no deal with prosecutors — meaning he is under no obligation to disclose names and tell authorities where the money went. He is not believed to be cooperating with prosecutors.

Read more here.

Operator of Christian Non-Profit Indicted in Fraud

Edward Purvis, the man who promised churchgoing investors in Arizona and 12 other states he could make them wealthy while funding Christian causes, was indicted Friday on 43 counts of fraud and theft.

Authorities accuse the 40-year-old Chandler man of operating a multimillion Ponzi-scheme through Nakami Chi Group Ministries International.

"These are very serious charges," Arizona Attorney General Terry Goddard said Friday. "Several hundred years (of prison) are in the offing."

The indictment comes on the heels of an $11 million restitution order imposed last month on Purvis and his partner Gregg Wolfe and their wives by the Arizona Corporation Commission, which regulates the sale of securities in the state.

Read the rest at The Arizona Republic.

Hotline Clogged in Fraud Investigation

Investors who fear they were fleeced by Richard S. Piccoli of Amherst and his Gen-See Capital Corporation, accused of running a multimillion- dollar Ponzi scheme, clogged a hotline that federal investigators set up Friday.

Postal inspectors said they spent all day taking information from investors but admitted that many were unable to get through.

“It’s been overwhelming,” Postal Inspector Raymond Williams said of the calls.

Read more at The Buffalo News.