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Madoff Trustee to Sue Sons, Other Relatives
Sep 29, 2009 | Parker Waichman Alonso LLP
It seems everyone has been awaiting word on when the court-appointed trustee—Irving Picard—in the historic Bernard Madoff Ponzi scheme would go after other members of Bernard’s family. Duped investors, investigators, and virtually anyone who has read about the massive financial swindle has long believed that Madoff’s family members were involved in the scam that stripped countless investors of their life savings.CNN is now reporting that Picard intends on suing four more...
Madoff Report May Stay Sealed
Sep 22, 2009 | Parker Waichman Alonso LLP
In addition to bilking countless investors out of their life savings, the massive Ponzi scheme, orchestrated by imprisoned, disgraced financier, Bernard Madoff, has also thrust some Securities and Exchange Commission (SEC) weaknesses into the spotlight.Madoff is now spending 150 years in prison for orchestrating a Ponzi scam that is estimated to have cost duped investors an incomprehensible $65 billion. And, recently, the SEC has come under fire for apparently missing warnings that something...
Madoff Compensation Fund Growing
May 28, 2009 | Parker Waichman Alonso LLP
It seems that over 200 investors in Bernard Madoff’s $65 billion Ponzi scheme are moving closer to recouping some of their lost funds, said ABC News, citing Irving Picard, the appointed bankruptcy trustee charged with liquidating Madoff’s assets.Picard was hired by the Securities Investor Protection Corporation (SIPC) to recover some of the $65 billion Madoff’s investors lost to his scam. So far, Picard has been able to collect $1.22 billion as a result of his efforts.Madoff...
KV Pharmaceutical to Recall Most of its Drugs
Jan 27, 2009 | Parker Waichman Alonso LLP
Amid lawsuits and ongoing recalls, KV Pharmaceutical is recalling most of its drugs, said the St. Louis Business Journal. Yesterday—with the exception of some of the products it distributes, but does not manufacture—KV suspended manufacturing and shipping of all of its products. KV is also conducting a voluntary recall of most of its products, said the St. Louis Business Journal. KV said it is likely these moves will have a significant and an adverse effect on its...
Bear Stearns Execs' Trial Slated for September
Dec 8, 2008 | Parker Waichman Alonso LLP
Two former Bear Stearns hedge fund executives are slated to go to trial in September over charges that they lied to investors about two of the funds they managed, Reuters is reporting. The former executives managed the Bear Stearns High Grade Structured Credit Strategies Master Fund and the Enhanced Master Fund, which collapsed last year. Both funds were invested in mortgaged backed securities, and were among the first casualties of the mortgage meltdown.Prosecutors allege that...
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