Sometimes the SEC is an aggressive market regulator and at other times it appears to be the gang that cannot shoot straight. In filing the Goldman case, discussed here , it not only brought the most significant enforcement action in years, but also responded...
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...
There were news reports this week that Ponzi king Bernard Madoff's brother, Peter, has agreed to plead guilty to criminal charges that will land him in jail for ten years. At the same time the NY AG settled a case against a the operator of Madoff...
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...
A New York federal bankruptcy judge approved a request by the trustee liquidating Bernard Madoff's now-defunct brokerage to make a second distribution to victims that could be as high as $2.4 billion. The ruling by United States District Judge Burton...
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...
Even after two years, the Madoff scandal continues to fascinate. Following close on the heels of last week's news of Mark Madoff's tragic suicide is the absolutely arresting news of Jeffry Picower's estate's $7.2 billion settlement with...
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...
The past week has led to two new stories related to
Bernie Madoff's massive Ponzi scheme. I'm going to provide a short blurb and a
link to an article in case you want to read more.
First, the NY Mets are being sued for about $1 billion...
The New York Mets have made the news recently but, unfortunately for them, it's not because their spring season is boding well for the rest of the season. Instead, the Mets are finding serious opposition is coming from the trustee in the Madoff case...
The Madoff scandal is one of the low points in the
history of the Securities and Exchange Commission. Every Congressional hearing
or SEC-basher inevitably uses the failure to catch Madoff as evidence of the
ineffectiveness of the SEC.
In a continuing...