a March 12, 2010 order in a Madoff-related derivative suit, the New York
(Nassau County) Supreme Court, applying New York law, substantially denied
defendants' motion to dismiss, holding among other things that demand was
excused. As far as I am aware, this is the first Madoff-related derivative...
The saga of Ponzi scheme
king Bernard Madoff continues with the
filing of a new action by New York Attorney General Andrew Cuomo against an
investment adviser who is alleged to have had information of the fraud by
the late 1990s. The complaint suggests that millions of dollars in investor
Utah has had more than it's share of affinity
fraud cases over the years. Authorities say that in the past year alone, more than
4,000 Utahns have lost over $1.5 billion due to fraud. In many cases, the
fraudsters engage in what is known as "affinity fraud" which refers
to any type...
Convicted swindler Bernie Madoff has relevance to the
small and midcap worlds because this is where he lived mostly - in the penny
stock world of small cap stocks. He was Chairman of the Nasdaq in its early
years long before Microsoft was a household name. Apparently the narcissism
never stops as...
The New York magazine
interview with Bernie Madoff has finally been published. Steve
Fishman spoke with Madoff on the phone (collect calls from Madoff's prison) for
And so, sitting alone with his therapist, in the prison
khakis he irons himself, he seeks reassurance. "Everybody...
You can't really criticize Harry Markopolos. He was
right. He had spotted something wrong with Bernie Madoff years before the
biggest Ponzi scheme collapsed. Unlike many others, Markopolos contacted the
Securities and Exchange Commission about his suspicions. They ignored him.
The Securities and Exchange Commission disclosed that it
eight employees in connection with their failure to detect the massive Ponzi
scheme orchestrated by Bernard Madoff. The employees received various
forms of punishment over the past year that was made public by a Washington...
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...
Despite the 'regrettable inaction' by the Securities and
Exchange Commission ("SEC") in failing to detect Bernard Madoff's
historic $65 billion Ponzi scheme, a federal appeals court ruled
that those victimized by Madoff's fraud could not hold the SEC accountable for