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Madoff Brother, Convicted and Jailed, Now is Disbarred

Peter Madoff – Bernard Madoff’s brother – has been disbarred. Just about five years to the day after Bernard Madoff’s Ponzi scheme came to light, just about one year to the day after Peter Madoff was sentenced to consecutive five year terms of imprisonment for each of his admitted...

Still Relevant Five Years Later, He Is #6 in Financial Fraud Law for the Year

We know what you are thinking. Still? Five years later, he still makes the year’s Top 10 in Financial Fraud Law? How could that be? Here’s how: He orchestrated the largest Ponzi scheme in history, reverberating to this day. Criminal trials involving people from his firm continue. Some...

Final Four in Financial Fraud Law’s Top 10 of the Year Is Coming Next Week!

The Financial Fraud Law Blog Top 10 countdown is nearing conclusion. You already have seen our picks for #10 down through #5, which we summarize below. Stay tuned for the final four picks, coming right after the New Year! We wish all of the readers of the Financial Fraud Law Blog , the subscribers...

The Rise of the States: #4 in Financial Fraud Law’s Top 10

When it comes to financial fraud law, a great deal of interest typically is focused on what the federal government does. But the Financial Fraud Law Blog and the authors of articles in the Financial Fraud Law Report also recognize the importance of state prosecutors and regulators in this area. Indeed...

#1 in Financial Fraud Law: US Attorney Preet Bharara

When we here at the Financial Fraud Law Blog think about financial fraud law, it does not take long before we think about the U.S. Attorney for the Southern District of New York, Preet Bharara. In a little over four years as U.S. Attorney – following his unanimous confirmation by the Senate –...

4 Keys to JPMorgan’s Expected Madoff Deal

Here are the four key elements of JPMorgan Chase’s likely settlement with federal prosecutors over charges against the bank relating to the Bernard Madoff Ponzi scheme: The bank will pay $2 billion to settle civil charges and criminal charges under the Bank Secrecy Act; A portion –...

JPMorgan Admits Violation of the Bank Secrecy Act for Failed Madoff Oversight

J.P.Morgan Chase Bank, N.A., has admitted that it willfully violated the Bank Secrecy Act (BSA) by failing to report suspicious transactions arising out of Bernard Madoff’s decades-long, multi-billion dollar fraudulent Ponzi scheme. The bank now has been fined $461 million by the Financial Crimes...

JPMorgan’s $1.7 Billion Payment to Go to Madoff Victims

One of the very interesting aspects of the $2.05 billion settlement reached by J.P.Morgan Chase with federal prosecutors over the bank’s violation of the Bank Secrecy Act for failing to exercise proper oversight of Bernard Madoff’s business is what the government is planning to do with the...

A Pretty Good Couple of Days for Madoff Victims, Courtesy of JPMorgan

It has been a pretty good couple of days for Madoff victims. J.P.Morgan Chase reached a $2.05 billion settlement with federal prosecutors over its failure to properly exercise oversight of Bernard Madoff and his operations; $1.7 billion of that is expected to go directly to Madoff victims. And...

Do We Need a ‘Truth in Settlements Act’? Two Senators Say Yes

On the heels of J.P.Morgan Chase’s $2.05 billion settlement with federal prosecutors over its oversight of Bernard Madoff’s operations , U.S. Senators Elizabeth Warren (D-MA) and Tom Coburn (R-OK) have introduced bipartisan legislation, the “Truth in Settlements Act,” that they...

Madoff Victims Get More Time to File Claims with Fed’s Madoff Victim Fund

The deadline for filing claims with the federal Madoff Victim Fund (the “MVF”) has been extended to April 30, 2014. This extension was recommended by Special Master Richard C. Breeden, who is administering the MVF on behalf of the Department of Justice. To date, the MVF has received approximately...

Whistleblower to Receive $63.9 Million in JPMorgan Mortgage Loan Case

As readers of the Financial Fraud Law Report and the Financial Fraud Law Blog certainly recall, JPMorgan Chase settled a couple of big, big Madoff-related cases some weeks ago, reaching a $2.05 billion settlement with federal prosecutors over its failure to properly exercise oversight of Bernard Madoff...

Bernard Madoff Guilty Plea: 5 Years Ago Today

Five years ago today, on March 12, 2009, Bernard Madoff pleaded guilty to orchestrating the largest Ponzi scheme in history. That day, Madoff told the court, “I knew what I was doing was wrong, indeed criminal.” He said that when he began the Ponzi scheme, “I believed it would end...

Madoff Employees’ Fate Now with the Jury

A jury of nine women and three men have begun to deliberate the fate of five former employees of Bernard Madoff’s company after receiving their instructions from U.S. District Court Judge Laura Taylor Swain in Manhattan. The trial involving a 31 count indictment against Jerome O’Hara,...

D&O Coverage: The Devil Is In the Details

A five-paragraph opinion by the New York Appellate Division suggests the potentially devastating consequences of ignoring the fine print of Directors & Officers Liability insurance policies. In Associated Community Bancorp., Inc., et al. v. St. Paul Mercury Ins. Co. , 2014 NY Slip Op 04697 (App....