In Amended Complaint, Madoff Trustee Seek $226 M From Madoff Management

The court-appointed trustee overseeing the unraveling of Bernard Madoff's massive Ponzi scheme has filed an amended complaint in which he is seeking the return of $226.4 million from several Madoff family members including Madoff's brother, sons, and niece (the "Madoff Defendants")...

North Carolina Man Sentenced to Fifty Years in Prison for $40 Million Ponzi Scheme

A federal judge sentenced a North Carolina man to fifty years in prison for what prosecutors called "the worst financial crime in this district in memory." Keith Simmons, 47, received the sentence after being convicted of one count of securities fraud, one count of wire fraud and two counts...

Dallas Men Indicted for Alleged Participation in Oil and Gas Ponzi Scheme

Two Dallas men were indicted for their participation in a $485 million oil and gas Ponzi scheme. Brendan Coughlin, 46, and Henry Harrison, 47, both of Dallas, were charged with one count of conspiracy and ten counts of mail fraud in connection with the collapse of Provident Royalties LLC ("Provident"...

SEC Lawsuit Alleges Pennsylvania Man Engineered $100 Million Ponzi Scheme

The United States Securities and Exchange Commission ("SEC") initiated a civil enforcement action against a Pennsylvania man for his role in funneling at least $30 million in investor funds into a $100 million foreign currency Ponzi scheme. Emanuel L. Sarris, and his company, Sarris Financial...

Federal Judge Sanctions TD Bank, Greenberg Traurig for 'Simply Incredible' Discovery Errors

A Florida federal court judge imposed sanctions against TD Bank and its law firm, Greenberg Traurig, for "willfully" hindering and obfuscating the production of evidence that painted a much more culpable role of TD Bank in Scott Rothstein's $1.2 billion Ponzi scheme. The order by United...

Prominent Athletes Sue Financial Advisor, SunTrust Bank Alleging Ponzi Scheme Investments

Several prominent athletes, including a newly-minted gold medalist member of the U.S. Olympic Soccer Team, have sued their former financial advisor and his employer, SunTrust Bank ("SunTrust"), alleging that they were unwitting investors in several Ponzi schemes that ultimately resulted in...

Lawsuit: Antigua Acted As 'Blood Brother' In Assisting Massive Ponzi Scheme

"Stanford received land transfers with government assistance [in return], operated Antigua's airport, built the national library, sponsored the country's cricket tournament, and improperly 'loaned' the government tens of millions of dollars of the CD investors' money for innumerable...

Bernie Madoff Investors' Lawsuit Against SEC Tossed By Federal Appeals Court

Despite the 'regrettable inaction' by the Securities and Exchange Commission ("SEC") in failing to detect Bernard Madoff's historic $65 billion Ponzi scheme, a federal appeals court ruled that those victimized by Madoff's fraud could not hold the SEC accountable for negligence...