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...

Dealing with Losses From the Madoff Fraud

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 more cash than you put in, you are on the hook. That...

‘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...

Winners and Losers in the Madoff Case

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 out of Madoff's funds than they put in. Apparently...

Fraud Professionals are the Real Winners in Madoff Case

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 professionals last year were almost $300 million...

The Ghost of Scandals Past Continues to Haunt the SEC

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 heading for trial. Again however the memory of...

Latest Guilty Plea in Madoff Case Suggests Prosecutors Focusing on Peter Madoff

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-making operation and employee benefits, pled guilty...

Supreme Court to Decide Whether to Hear Dispute Over Calculation of Madoff Victim Losses

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 court victories affirming his determination that...