The United States Supreme Court will meet last week to decide whether to hear the dispute over the calculation of victim losses stemming from Bernard Madoff's $65 billion Ponzi scheme. The court-appointed trustee, Irving Picard, has notched several...
The fees paid to fraud professionals such as attorneys,
consultants and accountants to clean up the mess that Bernie Madoff's famous
Ponzi scheme left is projected to reach over $1 billion! According to the
Washington Post the fees paid to such...
How do you value fraud?
When the Madoff ponzi scheme collapsed the claim was that there was $65 billion in losses. That was the total dollar value on the account statements given to investors. Of course, that number was fictional because there were...
NEW YORK - (Mealey's) In what is being called the "largest single forfeiture in U.S. history," the U.S. attorney for the Southern District of New York and others announced Dec. 17 that they have reached a $7.2 billion settlement with the...
Irving Picard, the trustee in the Madoff case, was in
court last week as a panel of three judges heard arguments on whether net
winners in the Madoff case ought to be able to collect money from the
government. Net winners are those who took more cash...
One of the many repercussions of the Madoff fraud is how
to treat investors who had money in his Ponzi scheme.
T here has been plenty written about how the trustee is
treating the direct investors. He is only treating net cash. If you took out
A former employee of Bernard Madoff's now defunct brokerage has pled guilty to federal charges related to his obstruction of the criminal investigation following the scheme's collapse. Craig Kugel, who oversaw the budget for the firm's market...
The Madoff and Stanford debacles seems to never fade away
for the Commission. Madoff of course is in prison but the litigation goes on.
The failures of the Commission and others such as FINRA continue to linger. The
Stanford case appears to be finally...