Sign in to comment!

Menu
Home

Crime & Courts

Rare, legitimate Madoff investment, a biopharmaceutical company, goes public

Jailed Wall Street fraudster Bernie Madoff may have finally picked a legitimate winner.

A biopharmaceutical company partly owned by the Madoff family had an initial public offering Tuesday that sold $33 million worth of stock.

The New York Post reports that Madoff's initial $2.2 million investment in the company, Stemline Therapeutics, is now worth $5.5 million on paper.

But the scammer might not be able to keep the money.

The trustee overseeing efforts to untangle Madoff's Ponzi scheme says the family's shares rightfully belong to his defrauded clients.

He has filed a lawsuit seeking to seize those shares on behalf of fraud victims.

Madoff is expected to spend the rest of his life in prison.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.92% up 3.89%  
15 Y Fixed Graph 3.05% -- 3.05%  
30 Y Fixed Jumbo Graph 4.08% dw 4.23%  
5/1 ARM Graph 3.02% dw 3.12%  
5/1 Jumbo ARM Graph 3.25% dw 3.38%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.48% up 4.47%  
$50K HELOC Graph 4.05% dw 4.06%  
$30K Loan Graph 5.06% dw 5.07%  
$50K Loan Graph 4.55% up 4.54%  
$75K Loan Graph 4.55% up 4.54%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.89% up 2.69%  
36 M Used Graph 3.28% up 3.16%  
48 M New Graph 3.01% up 2.71%  
48 M Used Graph 2.87% up 2.65%  
60 M New Graph 3.07% up 3.01%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.37% up 0.36%  
1 yr Graph 0.62% up 0.61%  
5 yr Graph 1.43% dw 1.44%