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 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...
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,
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...
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...
"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...
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...