Attorney Jerry Brown tomorrow plans to announce a lawsuit filing against "a Los Angeles based investment adviser who directed hundreds of millions of dollars in clients' investments to Bernard Madoff, while actively concealing the link between the two," according to an advisory. "For decades, this investment adviser claimed to use a proprietary strategy to generate 20 to 25 percent returns. In reality, the high returns were a product of Madoff's massive Ponzi scheme. For his so-called investment expertise, the adviser pocketed over $270 million in fees, charging investors 25 percent fees on profits." more ›

Finally, Ponzi schemer Bernard Madoff was sentenced to 150 year this morning, reports Gothamist: "In the courtroom, Madoff told [U.S. District Judge Denny] Chin, federal prosecutors and his victims that he thought he could "work his way out" of fraud and that he lives in a "tormented state." He added that he lied to his brother and sons and that his wife Ruth Madoff cries herself to sleep each night. However, Madoff did not turn around to address his victims." Still he did hear from some of his victims. Donald Ambrosino, a retired NYC corrections officer who lost his life savings thanks to Madoff: "How could someone do this to us? We worked honestly and so hard. This can't be real. We did nothing wrong." Another: "I have lost all of my life’s hard-earned savings. I have lost the home my husband and I had owned for 25 years because of this theft. I have lost the ability to care for myself in this old age." more ›