LexisNexis® Legal Newsroom
Madoff Losses Down from $65 Billion to $20 Billion

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 not real assets behind those numbers. The trustee...

Fourteen Charged For Ignoring Red Flags Suggesting Fund Was A Fraud

The Commission brought an action naming fourteen individuals as defendants who sold interests in a massive Ponzi scheme. The complaint centers on claims that they ignored red flags indicating that the fund was a fraud. SEC v. Arias, CV 12-2937 (E.D.N.Y. Filed June 12, 2012). The action focuses on...

Ponzi Schemer Receives 27-Year Sentence for $12.3 Million Scheme

A Georgia federal judge handed down a 27-year sentence - the longest of its its kind in Atlanta for a fraudulent investment scheme - to a New York man convicted of operating a Ponzi scheme that duped investors out of more than $12 million. Andrew Mackey, 62, received the sentence from United States District...