What happens when a Wall Street icon and former NASDAQ chairman engineers “steady” returns that never existed? How did the split‑strike conversion myth, fake DTC trade records, and a locked‑down back office (“House 17”) conceal the largest Ponzi scheme in history—until a 2008 liquidity panic forced a confession? In this episode, hosts Adrienne Barker and Joseph Lobosco—joined by guest host Mekey Gabriel—map the full Bernie Madoff timeline, the red flags the SEC missed, the collapse, the prosecutions, and the unprecedented victim‑recovery effort (SIPA & DOJ’s Madoff Victim Fund).

Tune in to hear:

• 1960–1990 – Rise & credibility: Madoff founds Bernard L. Madoff Investment Securities (1960), becomes a respected market maker and later NASDAQ chairman (1990)—status that opened doors to wealthy clients and institutions.
• “Strategy” vs. sham: He markets a split‑strike conversion approach (blue‑chip stocks hedged with options) to explain smooth gains, but staff fabricate blotters, DTC reports, and statements; an isolated system (“House 17”) churns out fake records.
• 2000–2008 – Red flags & regulator misses: Whistleblower Harry Markopolos shows the returns are mathematically impossible; SEC receives credible tips but never independently verifies trading or runs a true Ponzi exam.
• Dec 10–11, 2008 – Collapse & confession: Amid crisis‑era redemptions, Madoff tells his sons, “There is no innocent explanation… I have been running a massive Ponzi scheme,” and is arrested.
• Mar 12, 2009 – Guilty plea: Pleads to 11 federal felonies (securities fraud, investment‑adviser fraud, mail/wire fraud, money laundering, false statements, perjury, ERISA theft).
• Jun 29, 2009 – Sentencing: 150 years in prison; $170B forfeiture judgment. Statements showed about $65B in “balances,” but true principal losses ≈ $17.5B—the key yardstick for SIPA recoveries.
• 2010–2014 – Prosecutions & clawbacks: Trustee pursues net winners, feeder funds, and institutions; a $7.2B recovery from a major investor’s estate (2010). JPMorgan’s 2014 deferred‑prosecution sends $1.7B to victims (part of $2.6B) and triggers AML reforms. Five longtime BLMIS staffers are convicted; Peter Madoff receives 10 years.
• 2010s–2025 – SIPA recoveries: Trustee Irving Picard has recovered or reached agreements for ≈$14.8B and distributed ≈$14.58B to allowed claims; a 16th pro‑rata distribution ($76.8M) in Feb 2025. June 2025 settlement with two Luxembourg funds poised to add $498.3M (pending court approval).
• 2013–2025 – DOJ Madoff Victim Fund (MVF): By late 2024, $4.3B paid to 40,930 victims in 127 countries (≈93–94% of eligible losses). In April 2025, DOJ notes total compensation to Madoff victims across programs has surpassed $12B.
• Apr 14, 2021 – Madoff dies in federal custody at age 82. By Oct 2025, direct and indirect recoveries remain historically large—though not uniform—and some matters continue.

Debate & analysis — Who knew, who failed, and why it persisted:

• Family knowledge: The advisory arm was walled off (the infamous Floor 17), with even family reportedly blocked from access. We weigh ignorance vs. manipulation and strict role‑segregation inside BLMIS.
• Regulatory failure vs. super‑conman: The SEC’s missed chances vs. the reforms that followed. Was this purely a master con—or also a case study in deference to prestige?
• Liquidity killed the lie: 2008 redemptions exposed the scheme because “income” wasn’t coming from trading at all.
• Feeder funds & hidden exposure: Many victims didn’t know they had indirect Madoff exposure until the collapse.
• Psychology of exclusivity: The “you’re lucky to be in” scarcity pitch short‑circuited due diligence—even for sophisticated investors.

Disclaimer:

Debate The News: True Crime Edition is for...

What happens when Halloween’s most infamous mask crosses from the screen into real life? How do murders involving a Michael Myers mask — from a random stabbing to a double homicide, a drifter’s home invasion, and an unsolved suburban shooting — expose the dark psychology of disguise, opportunity, and fear on October 31?

In this episode, hosts Adrienne Barker and Joseph Lobosco dissect The "Halloween" Murders — four chilling cases in South Carolina, West Virginia, and Texas — and debate the "copycat" effect, mask curfews, and whether Halloween truly fuels violent crime. This true crime podcast breakdown explores how a fictional horror movie character became real‑world cover for murder, and what brought each killer (or suspect) to justice.

⚖️ Disclaimer: Debate the News: True Crime Edition is for informational and discussion purposes only. We are not attorneys, law enforcement officers, or forensic experts. While we research each case, the show is recorded live with little to no editing; any factual errors are unintentional. All individuals are presumed innocent until proven guilty in a court of law. Listener discretion is advised. Guest and audience views are their own and do not necessarily reflect those of the hosts.

Speakers:

→ Adrienne Barker — Host

→ Joseph Lobosco — Host

→ Jonathan Howard — Guest Contributor

→ Debbie Dowling-Wahba — Guest Contributor

Credits:

“Debate The News: True Crime”

Created by: Jonathan Bing, Adrienne Barker and Joseph R. Lobosco

Producers: Adrienne Barker, Joseph R. Lobosco, Danielle Paci, Jonathan Bing

Writers: Adrienne Barker & Joseph R. Lobosco

Editor: Joseph R. Lobosco

Cover Art: Joseph R. Lobosco

Special Thanks: Nelson, Lea, Nawzil, and the entire Chatter Social team

Theme Song: Alaina Cross — “Karma” [NCS Release]

Music provided by NoCopyrightSounds

Free Download/Stream: ncs.io/karma

Watch: ncs.lnk.to/karmaAT/youtube

🎧 A Debate the News: True Crime Production

📍 Recorded Live on Chatter Social

Download the Chatter Social app: (for iOS / for Android)

What happens when a global worship brand is built over a fault line of secrecy, abuse, and greed? How did Hillsong Church’s meteoric rise—from chart‑topping music to celebrity pews—collide with allegations of child sexual abuse concealment, volunteer exploitation, LGBTQ exclusion, and a leadership implosion that shook the megachurch world?

In this episode, hosts Adrienne Barker and Joseph Lobosco—with guest Host Heather Ford—unpack Scandals of Hillsong: from Brian & Frank Houston to Carl Lentz and Hillsong NYC/Dallas; from the 2014–2015 Royal Commission findings to 2023 parliamentary accusations about lavish spending; and the August 2023 courtroom verdict that capped a decades‑long saga. This is a hard‑hitting true crime podcast deep dive into a megachurch’s rise, reckoning, and fallout.

Tune in to hear:

1983 – Origins & brand power: Brian and Bobbie Houston found Hills Christian Life Centre in Sydney; worship music and a sleek brand fuel global growth—long before hidden scandals erupt.

Late 1999 – Confession, non‑reporting & hush money: Brian confronts father Frank Houston, who admits to historic child sexual abuse; leaders handle it internally, don’t go to police, and arrange a payout—Frank is quietly retired and later dies in 2004 without charges.

2014–2015 – Royal Commission findings: The inquiry concludes Brian failed to report Frank’s offenses and had a conflict of interest; investigators cite multiple victims across Australia and New Zealand, and police later bring concealment charges against Brian.

2015 – LGBTQ controversy: After two male choir members in Hillsong NYC get engaged, leadership states Hillsong “welcomes all people” but “does not affirm all lifestyles,” barring openly gay couples from leadership roles.

2010s – Volunteer exploitation claims: Former members describe grueling unpaid labor and leaders using volunteers for personal errands, stoking backlash over a “cool Christianity” brand built on free work.

Nov 4, 2020 – Carl Lentz fired: Hillsong announces Lentz’s dismissal for “leadership issues,” breaches of trust, and “moral failures”; he admits infidelity as an outside review probes broader misconduct in NYC.

Jan–Feb 2021 – Dallas implosion: Pastors Reed & Jess Bogard abruptly resign and Hillsong Dallas is shuttered amid serious allegations; a leaked report later details a rape accusation tied to earlier NYC years and wider culture concerns.

Feb 2021 → Apr 2022 – NYC report & leaks: An independent investigation delivered to Hillsong’s global board details inappropriate sexual relationships, nepotism, intimidation, wage violations, and explicit images circulating among leaders; a former nanny publicly alleges years of abuse by Lentz.

Jan–Mar 23, 2022 – Leadership crisis: While stepping aside to fight a concealment charge, Brian faces two internal misconduct complaints (inappropriate texts to a staffer; a drunken hotel‑room incident) that breach Hillsong’s code of conduct; he resigns on March 23, 2022.

Spring–Fall 2022 – Disaffiliations: In the wake of Brian’s exit, at least nine of Hillsong’s 16 U.S. campuses break away and rebrand; pastors and leaders worldwide resign as oversight and culture come...