LexisNexis® Legal Newsroom
‘Largest Single Forfeiture In U.S. History’ Announced In Madoff Lawsuit

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 estate of deceased investor Jeffrey M. Picower to...

The Amish Madoff

The Securities and Exchange Commission filed charges against Monroe L. Beachy , a 77-year-old Amish man from Sugarcreek, Ohio. They found the Bernie Madoff of the Amish. Beachy targeted his fellow Amish in his alleged fraud. He raised more than $33 million from as early as 1986. Beachy enticed...

Reverse Merger Could Help Madoff Victims

According to this month's Reverse Merger Report , a company that is owned 11% by Bernard L. Madoff Investment Securities completed a reverse merger last month. The company, AbTech Holdings, merged with a shell called Laurel Resources. AbTech makes products to remove pollution from water, according...

Former Madoff Employee Pleads Guilty, Agrees to Settle with SEC

The continuing saga of the Madoff Ponzi scheme has yielded another guilty plea and another Commission compliant. This time criminal and civil charges were brought against David Kugel, a longtime employee of Bernard L. Madoff Investment Securities LLC who is alleged to have participated in the fraud...

Duane Morris Alert: Narrow Interpretation of "Customer" Under SIPA Is Affirmed by the Second Circuit

The Second Circuit's affirmation of the narrow interpretation of customer under SIPA is likely to have a broad impact on the remaining Madoff cases before Judge Rakoff in the Southern District of New York, as well as the various SIPA cases currently working their way through courts across the...

Appeals Court Rules Madoff Trustee Can't Pursue Banks for $30 Billion in Claims

"No doubt, there are advantages to the course Picard wants to follow. But equity has its limits." A federal appeals court dealt a significant setback to the quest to recover funds for victims of Bernard Madoff's $65 billion Ponzi scheme, ruling that the court-appointed bankruptcy...

Trial Set to Begin Tuesday for Madoff Employees

Five of Bernard Madoff's closest employees are set to begin trial on Tuesday to face charges that they played key roles in assisting Madoff orchestrate the largest Ponzi scheme in history. Jury selection is set to begin Tuesday for the five, who consist of three of Madoff's most tenured employees...