Latest news with #BernieMadoff
New York Post
12-08-2025
- Business
- New York Post
NYC's Lipstick Building to bring Soho restaurant MAMO to Midtown
New York City's famed Lipstick Building in Midtown has had its ups and downs over the decades — most notably as the headquarters of Ponzi king Bernie Madoff — but the revitalized tower's dining scene is getting a fresh makeover. Well-regarded Soho Italian restaurant MAMO will replace buttoned-down Wolfgang's steakhouse at the iconic property, Realty Check has learned. The new restaurant on Lipstick's East 53rd Street side is expected to open early next year, sources said. 3 The Lipstick Building at 885 Third Ave. The revitalized tower's dining scene is getting a fresh makeover. Lois Weiss 'MAMO belongs at the center of where design and distinction matter most — nestled in one of Manhattan's most architecturally bold addresses,' said CBRE's Spencer Levy, who repped the tenant. SL Green, which rescued the troubled, Philip Johnson- and John Burgee-designed tower at 885 Third Ave. five years ago, signed a 7,000 square-foot lease with the Italian Riviera-inspired eatery on West Broadway. MAMO's space includes 5,000 square feet on the ground floor and 2,000 square feet on the lower level. Wolfgang's, which has closed, was at the building for 15 years. 'It was critical for the ownership to curate a tenant that not only activated the space, but enhanced the overall experience of the building,' said Newmark's Adam Weinblatt, the tower's s retail leasing agent. The deal marks the latest surprising twist at the 34-story Lipstick, which opened in 1986 as a prime symbol of the Postmodernist trend in architecture that also included Johnson and Burgee's 'Chippendale'-topped 550 Madison Ave., originally the headquarters of AT&T. SL Green, the city's largest commercial landlord, took control of the Lipstick Building after a previous owner defaulted on a mortgage. 3 MAMO is expected to open early next year on Lipstick's East 53rd Street side. Stephen Yang The developer quickly bolstered the sagging Third Avenue scene, and electrified the investment-sale market, by selling about two-thirds of the 580,000 square-foot tower to Memorial Sloan-Kettering for $300 million three years ago. The medical institution's arrival marked a dramatic return to glory for the property, which had seen foreclosures, bankruptcy filings and a revolving door of previous owners. Madoff added another layer of infamy, leasing three floors at the building for years before his scheme finally unraveled in 2008. 3 SL Green, the city's largest commercial landlord, took control of the Lipstick Building after a previous owner defaulted on a mortgage. William Farrington SL Green recently spent $16 million to renovate, redesign and brighten the lobby, which is home to a Daniel Boulud coffee bar. Major office tenants include EuroConsult, Inc., and law firm Reitler Kailas & Rosenblatt. Previous owners of the Lipstick included Hines, the tower's developer, as well as Tishman Speyer, Royal Canadian Bank, Marciano Investment Group and Ceruzzi Properties.
Fox News
09-08-2025
- Business
- Fox News
Everyone Deserves A Lawyer, Even 'The Monster of Wall Street'
Liz revisits her conversation with notorious attorney, Ira Lee 'Ike' Sorkin, who shares the story of how he ended up representing 'The Monster of Wall Street,' Bernard 'Bernie' Madoff. In 2009, Bernie pleaded guilty to perpetrating the largest investor fraud ever committed by a single person, and Ike shares why he chose to work with him. Learn more about your ad choices. Visit
Wall Street Journal
05-08-2025
- Business
- Wall Street Journal
Madoff Feeder Fund's $6 Billion Clawback Attempt Shut Down in Appeals Court
An appeals court has blocked liquidators' yearslong effort to recover about $6 billion from investors who cashed out of a Bernie Madoff feeder fund before the Ponzi scheme collapsed. The U.S. Court of Appeals for the Second Circuit ruled Tuesday that the liquidators of Fairfield Sentry, a British Virgin Islands-based investment vehicle that funneled client money to Madoff Investment Securities, can't claw back redemption payments.
New York Post
14-07-2025
- Business
- New York Post
‘Bernie Madoff of cows' orchestrated $100M ‘ghost cattle' Ponzi scheme: lawsuit
Victims of an alleged $100 million Ponzi scheme orchestrated by a Kentucky rancher dubbed the 'Bernie Madoff of cows' have filed suit against lenders for allegedly failing to heed red flags, according to a report. Brian McClain, of Benton, Ky. — who died by suicide at age 52 on April 18, 2023, just days before the fraud was uncovered — is accused of orchestrating a yearslong 'ghost cattle' scheme that promised investors 30% returns while relying on borrowed money to pay off early participants. Last week, McClain's victims filed a class action lawsuit against Community Financial Services Bank, Rabo AgriFinance and Mechanics Bank – alleging that the lenders enabled the fraud and ignore 'clear signs of misconduct, causing devastating financial losses for dozens of Kentucky investors.' Advertisement 4 Brian McClain, 52, of Benton, Ken., has been dubbed the 'Bernie Madoff of cows.' Collier Funeral Home News of the lawsuit was reported by The Independent. 'CFSB strongly denies the allegations in question, and believe the claims against the bank to be entirely without merit,' the bank said in a statement to The Post. Advertisement 'The bank through counsel has filed a Motion to Dismiss in the suit brought by the bankruptcy trustee.' McClain's operation appeared to grow on paper — but in reality, the livestock didn't exist, according to Drovers Magazine, a trade publication covering the beef cattle industry. 4 While McClain claimed to have 88,000 head of cattle, only about 10,000 were found during an audit, exposing the bulk of the herd as 'ghost cattle,' according to a lawsuit. Luis – According to those familiar with the case, the business relied on a classic Ponzi scheme structure, where new investments were used to pay earlier backers. As his paper herd grew, the gap between reality and records ballooned. Advertisement The scheme collapsed in April when officials at Rabo AgriFinance, McClain's primary lender, discovered a massive discrepancy in inventory. While McClain claimed to have 88,000 head of cattle, only about 10,000 were found during an audit, exposing the bulk of the herd as 'ghost cattle,' according to a lawsuit cited by Drovers. The fallout has shaken the local agricultural community and left many investors grappling with financial losses and a sense of betrayal. Many of McClain's alleged victims were people from his own community — friends and neighbors who say they were blindsided by someone they trusted. His promises of unusually high returns lured in dozens of investors, some of whom initially received payouts that appeared legitimate. Advertisement 4 Last week, McClain's victims filed a class action lawsuit against Community Financial Services Bank. CFSB After McClain's death last year, representatives from Rabo AgriFinance seized the remaining cattle from McClain's operation and sold them through Blue Grass Stockyards. Three of McClain's companies — McClain Farms in Benton, Ky.; 7M Cattle Feeders in Hereford, Texas; and McClain Feed Yard in Friona, Texas — filed for bankruptcy on April 28, 2023 in US Bankruptcy Court for the Northern District of Texas. The US Department of Agriculture said unpaid livestock sellers may be protected under the Packers and Stockyards Act of 1921, which requires that all livestock purchased by a dealer in cash sales, along with any receivables or proceeds from those livestock, be held in trust for the benefit of unpaid sellers. 4 Bernie Madoff was a former Nasdaq chairman who ran the largest Ponzi scheme in history, defrauding thousands of investors Steven Hirsch Bernie Madoff was a former Nasdaq chairman who ran the largest Ponzi scheme in history, defrauding thousands of investors by using new money to pay fake returns to earlier clients. His scheme, which created the illusion of nearly $65 billion in profits, collapsed in 2008 during the financial crisis. Madoff pleaded guilty in 2009 and was sentenced to 150 years in prison, where he died in 2021 at age 82. The Post has sought comment from Rabo AgriFinance, Mechanics Bank, the USDA and trustees.
Entrepreneur
01-07-2025
- Business
- Entrepreneur
Bobby Bonilla Day: Mets Still Pay Ex-Player Over $1M a Year
Former Major League Baseball (MLB) player Bobby Bonilla played his last professional game in 2001 for the St. Louis Cardinals. But the six-time All-Star still gets paid from a different former team – the New York Mets — in the form of a $1.19 million check every year on July 1. "It's bigger than my birthday," Bonilla told USA TODAY Sports. "When that day comes, I get texts all day long, and couple of days after, and maybe a day or two before. Everybody just seems to love that day and have fun with it. It's become a pretty big thing." Related: 'We Got Back to Work': Kevin Bacon Opens Up About Losing 'Millions' in Bernie Madoff's Ponzi Scheme The Mets wanted to buy out the remaining $5.9 million on Bonilla's contract after the 1999 season, but instead deferred the payments to $1,193,248.20 annually, paid on July 1, starting in 2011 through 2035. Bonilla played his last game for the Mets in 1999. At the time, the contract deferment seemed like a good idea, ESPN notes, as the Mets were "invested" with Bernie Madoff and expected large returns, but took heavy losses in the scandal. The Madoff investments nearly "ruined" the team, the New York Times wrote. Bonilla, meanwhile, will be 72 when his payments stop. An 8% interest was negotiated, which means the former MLB player will get almost $30 million from the deal, ESPN notes.
