Banking and Finance

Recent Posts

Jury Holds Ernst & Young Liable for Madoff Losses
Posted on 16 Nov 2015 by Jordan D. Maglich

A Washington jury has found accounting firm Ernst & Young ("E&Y") liable for at least $10 million of losses suffered by a Washington investment company that invested in Bernard Madoff's infamous Ponzi scheme through a "feeder... Read More

Supreme Court Rejects Time-Based Damages for Madoff Victims
Posted on 8 Oct 2015 by Jordan D. Maglich

The U.S. Supreme Court refused to hear an appeal over whether victims of Bernard Madoff's historic Ponzi scheme were entitled to an inflation-based upward adjustment of their losses, freeing approximately $1 billion for future distributions to victims... Read More

Madoff Victims That Invested $1 Million or Less Will Soon Be Even
Posted on 21 Apr 2015 by Doug Esten

The court-appointed bankruptcy trustee overseeing the recovery of assets in Bernard Madoff's massive Ponzi scheme is seeking approval to distribute more than $1.25 billion to the notorious con man's victims - an effort that, if approved, will... Read More

If You Invested Less Than $925,000 With Bernard Madoff, You're Now Even
Posted on 31 Mar 2014 by Jordan D. Maglich

In an announcement from the court-appointed trustee overseeing recovery for victims of Bernard Madoff's massive Ponzi scheme, a proposed fourth distribution of approximately $350 million will resolve all claims from victims with an allowed claim of... Read More

Jury Holds Ernst & Young Liable for Madoff Losses
Posted on 16 Nov 2015 by Jordan D. Maglich

A Washington jury has found accounting firm Ernst & Young ("E&Y") liable for at least $10 million of losses suffered by a Washington investment company that invested in Bernard Madoff's infamous Ponzi scheme through a "feeder... Read More

Final Madoff Defendant Sentenced to Prison
Posted on 12 Aug 2015 by Jordan D. Maglich

Nearly 8 years after Bernard Madoff confessed to an FBI agent in his Manhattan apartment that he was running a giant Ponzi scheme, a New York federal judge sentenced the 15th and last remaining defendant to be charged for their role in Madoff's scheme... Read More

Supreme Court Deals $4 Billion Blow to Madoff Recovery Efforts
Posted on 25 Jun 2015 by Jordan D. Maglich

The Supreme Court refused to consider an appeal brought by the court-appointed bankruptcy responsible for recovering assets for Bernard Madoff's massive Ponzi scheme, instead leaving intact an appellate decision that prevents the recovery of "false... Read More

Madoff's Right-Hand Man: Scheme Was Obvious To Everyone
Posted on 4 Dec 2013 by Jordan D. Maglich

As the trial of five of Bernard Madoff's closest employees entered the seventh week, jurors heard testimony from the government's star witness, Madoff's former right-hand man, that Madoff's scheme was an obvious scam and that "it... Read More

Feeder Funds to Pay Nearly $500M to Madoff Liquidation Trustee
Posted on 18 Nov 2014 by Timothy Raub

NEW YORK — (Mealey’s) Two feeder funds of Bernard L. Madoff Investment Securities LLC (BLMIS) will pay nearly $500 million to settle all claims associated with their role in Madoff’s massive Ponzi scheme, according to court documents... Read More

Madoff Victims Who Lost $1.1 Million or Less Will Soon Be Fully Repaid
Posted on 21 Oct 2015 by Jordan D. Maglich

The court-appointed bankruptcy trustee for Bernard Madoff's massive Ponzi scheme is seeking to make a sixth distribution to Madoff's defrauded victims that, if approved, would fully repay victims with losses of $1.1 million or less. Trustee Irving... Read More

JPMorgan to Pay Record $1.7B to Settle Claims It Failed to Report Madoff Fraud
Posted on 7 Jan 2014 by Timothy Raub

NEW YORK — (Mealey’s) JPMorgan Chase Bank NA has agreed to a civil forfeiture of a record $1.7 billion to settle claims that it violated provisions of the Bank Secrecy Act during its time as the primary bank for Bernard L. Madoff’s massive... Read More

Madoff Recoveries Top $10 Billion After $497 Million Settlement
Posted on 19 Nov 2014 by Jordan D. Maglich

The court-appointed trustee tasked with recovering assets for victims of Bernard Madoff's massive Ponzi scheme announced a $497 million settlement with two Cayman Islands hedge funds that brings the total amount recovered to approximately $10.3 billion... Read More

Could JP Morgan Face Criminal Charges For Role in Madoff Ponzi Scheme?
Posted on 25 Oct 2013 by Jordan D. Maglich

In an unprecedented move, federal authorities are reportedly weighing the filing of criminal charges against financial behemoth JP Morgan for its role in Bernard Madoff's massive Ponzi scheme. According to the New York Times, both the Federal Bureau... Read More

Jury Convicts Former Madoff Employees Of All Charges
Posted on 25 Mar 2014 by Jordan D. Maglich

In the first trial to take place since Bernard Madoff's massive Ponzi scheme shocked the world more than five years ago, five former employees at Madoff's investment firm were convicted by a New York federal jury for their participation in Madoff's... Read More

Court: Madoff Victims Can't Get Interest or Inflation on Losses
Posted on 23 Feb 2015 by Jordan D. Maglich

A New York federal appeals court sided with the court-appointed bankruptcy trustee for Bernard Madoff's massive Ponzi scheme in ruling that Madoff's victims were not entitled to have their losses upwardly adjusted for interest or inflation. The... Read More