Ponzi-schemer and former non-executive chairman of the NASDAQ stock exchange Bernard Madoff was handed a 150 year prison sentence by U.S. District Judge Denny Chin this morning. In the courtroom, Madoff explained to Judge Chin, prosecutors and his victims that he thought he could "work his way out" of fraud and that he lives in a "tormented state." Also, he said that he "lied to his brother and sons and that his wife Ruth Madoff cries herself to sleep each night." Bernard, if you recall, plead guilty in March 2009 to 11 federal crimes, including securities fraud, wire fraud, mail fraud, money laundering, perjury, and false filings with the SEC. Read more about this morning's ruling at Gothamist. more ›

Oh, this is terrible news. San Francisco restaurant Bacar, the contemporary American cuisine establishment in SOMA, is among the assets the Feds have their eye on. Why? Because it's associated with disgraced Ponzi schemer Bernie Madoff. It seems that Madoff and his wife hold partial interest in the place. Madoff's wife been able to keep some properties which were purchased using the stolen money, so SOMA greatest place to get cheap oysters and reasonably priced drinks might live on. Will Bacar be seized? Who knows. Stay tuned. more ›