Ponzi Victims Pitted Against Each Other: Madoff Trustee v. California Attorney General

"An under-appreciated evil of substantial frauds . . . is how they pit their victims against one another." United States v. Dreier , 682 F. Supp. 2d 417, 418 (S.D.N.Y. 2010). In the typical Ponzi case, some victims may employ strategies to seek advantage over other victims. These may...

NY Times Column Criticizing Madoff Trustee Flawed on Many Levels

A recent New York Times article by Andrew Ross Sorkin severely and unfairly criticizes Irving Picard, the trustee for the Bernard L. Madoff Ponzi scheme. It states, "Mr. Picard has had much more success collecting money for himself and a dozen law firms and consultants than any victim of Mr...

Madoff’s Brother Agrees to $90M Settlement in Trustee Lawsuit

NEW YORK - (Mealey's) The brother of convicted Ponzi scheme mastermind Bernard L. Madoff has agreed to pay more than $90 million to settle claims that he participated in his brother's massive Ponzi scheme but could escape any payment under a consent order filed Feb. 6 in a New York federal...