Word: madoff
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...Internal Revenue Service is bracing for a deluge of amended tax returns from tens of thousands of victims caught up in the recent wave of multibillion-dollar Ponzi schemes and other frauds, most notably the sensational swindle perpetrated by Bernie Madoff and R. Allen Stanford's $8 billion certificates-of-deposit scam...
Rough IRS numbers on Madoff's theft alone could total from $7 billion to $10 billion in refunds due to victims, according to accountant tallies. But don't feel too bad for the IRS. Over the past 20 or more years, it has been collecting taxes on income that never actually existed. Last year the IRS sent out 106 million refund checks totaling $254 billion, so Ponzi victims will hardly empty the refund cookie jar. (See pictures of Madoff's demise...
...causes and enterprises. A drag queen and a court jester from the Imperial Court of New York carried signs advertising a "Night of a Thousand Gowns." They went practically unnoticed as hundreds of reporters, both print and television, chased after anyone who could provide a sound bite on Bernie Madoff...
Watch the video of Madoff pleads guilty...
...photo-essay on "The Demise of Bernard Madoff...