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Discovering the Madoff Scheme by 1997-1998

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 losses...

A Digression for Bernie M.

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...

Judge Dismisses $20 Billion in Madoff Claims Against JP Morgan and UBS

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...

Madoff Trustee Files Amended Complaint Seeking $226 Million From Madoff Family Members

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 "Madoff Defendants"...

SEC Disciplines Eight Employees Over Failure to Detect Madoff Fraud

The Securities and Exchange Commission disclosed that it had disciplined 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...

NY Times Column Criticizing Madoff Trustee Flawed on Many Levels

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...

Investors Settle with Madoff Feeder Fund Fairfield Greenwich for Up To $80.25 Million

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...

Feeder Funds to Pay Nearly $220M to Settle Madoff Ponzi Scheme Fraud Claims

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 "recommending...

Valentine's Day Surprise for Madoff Victims as Trustee Seeks to Make Third Interim Distribution

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...

Bernie Madoff Investors' Lawsuit Against SEC Tossed By Federal Appeals 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...

Court: Madoff Victims Can't Get Interest or Inflation on Losses

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...

Madoff Victims That Invested $1 Million or Less Will Soon Be Even

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...