Reuters | |

Bernard Madoff, who for decades masqueraded as a successful and trustworthy Wall Street kingpin before admitting to running the largest known Ponzi scheme in history, died on Wednesday in prison where he was serving a 150-year sentence. He was 82.

A spokeswoman for the Federal Bureau of Prisons said Madoff died at the Federal Medical Center in Butner, North Carolina, about 3:30 a.m. EDT.

Reuters | |

United Airlines agreed to pay $49.5 million to resolve criminal charges and civil claims relating to fraud on postal service contracts for transportation of international mail, the U.S. Justice Department said Friday.

Kimberly Redmond | |

A U.S. District judge in Manhattan dismissed most of a shareholder lawsuit accusing General Electric of concealing billions of dollars of insurance liabilities and misleading its investors with questionable accounting practices. 

On Friday, the judge dismissed fraud claims regarding the alleged misrepresentations of the company’s insurance portfolio and service agreements, Reuters reported. (

Reuters | |

Switzerland will return $150 million from blocked Swiss bank accounts by the end of the year to the United States to be given to victims of convicted Ponzi scheme con artist Robert Allen Stanford, the Federal Ministry of Justice said on Monday.

Stanford, a former Texas financier known primarily by his middle name, was convicted of fraud by a Houston jury in 2012 in what prosecutors called a $7.2 billion fraud that lasted two decades and which was eclipsed in size only by the Ponzi scheme run by Bernie Madoff.

About $50 million had previously been returned, the justice ministry said.