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
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...
In a severe blow to the quest to recover funds for the
benefit of victims of Bernard Madoff's $50 billion Ponzi scheme, a New York
federal judge threw out $20 billion of common law claims that the
court-appointed trustee had asserted against banking giants JP Morgan Chase
& Co. ("JP...
The court-appointed trustee overseeing the unraveling of
Bernard Madoff's massive Ponzi scheme has filed
an amended complaint in which he is seeking the return of $226.4 million from
several Madoff family members including Madoff's brother, sons, and niece (the
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...
A recent New York Times article by Andrew Ross Sorkin
severely and unfairly criticizes Irving Picard, the trustee for the Bernard L.
Madoff Ponzi scheme. It states, "Mr. Picard has had much more success
collecting money for himself and a dozen law firms and consultants than any
victim of Mr...
A class of Madoff investors has settled with Fairfield
Greenwich and its related entities for up to $80.25 million.
These entities were Madoff feeder funds that had invested
over $4.5 billion with Madoff. In their second amended complaint, the investors
asserted claims of common law fraud federal...
NEW YORK - Four Bernard L. Madoff Investment Securities
LLC feeder funds and several of their current and former owners and officers
have agreed to pay nearly $220 million to settle claims that they breached
their fiduciary duties under the Employee Retirement Income Security Act by
Just in time for Valentine's Day, the court-appointed
bankruptcy trustee overseeing the aftermath of Bernard Madoff's $65 billion
Ponzi scheme has sought court approval to make a third
distribution to victims. Irving Picard, the bankruptcy trustee,
indicated his intention in today's court...
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 negligence...
A New York federal appeals court sided with the court-appointed bankruptcy trustee for Bernard Madoff's massive Ponzi scheme in ruling that Madoff's victims were not entitled to have their losses upwardly adjusted for interest or inflation. The ruling by the Second Circuit Court of Appeals means...
The court-appointed bankruptcy trustee overseeing the recovery of assets in Bernard Madoff's massive Ponzi scheme is seeking approval to distribute more than $1.25 billion to the notorious con man's victims - an effort that, if approved, will result in the full repayment of losses suffered by...