Madoff To Stay Out of Jail For Now
Bernard Madoff Allowed to Stay in His Posh Manhattan. Bernard Madoff is going to be allowed to stay in his posh Manhattan while he awaits trial on charges of securities fraud. A Federal judge rejected a prosecution request to revoke the alleged Ponzi-schemer's $10 million bail today, but added more conditions to Madoff's … [Read more...] about Madoff To Stay Out of Jail For Now
Bernard Madoff Bail Decision to be Appealed
Madoff to remain in his luxury Manhattan penthouse. U.S. prosecutors have said they will appeal a judge's decision yesterday that allows accused Ponzi schemer Bernard Madoff to remain in his luxury Manhattan penthouse on $10 million bail. The refusal by U.S. Magistrate Judge Ronald Ellis to revoke the former investment advisor's bail … [Read more...] about Bernard Madoff Bail Decision to be Appealed
Madoff Investors Face Long Road to Recovery
They seek to recover any of their squandered funds. Victims of Bernard Madoff's alleged investment fraud will face a herculean task if they seek to recover any of their squandered funds. In order to have any chance of recovery, investors will have to pursue a variety of avenues, including lawsuits against investment funds that placed … [Read more...] about Madoff Investors Face Long Road to Recovery
Madoff Middlemen Face Questions
' Middleman Who Convinced Investors. The investigation into the Bernard Madoff investment fraud is turning to "middlemen" who convinced investors to sink their money into Madoff's alleged Ponzi scheme. According to The Wall Street Journal, many of those at the center of the Madoff probe claim to be victims themselves, but … [Read more...] about Madoff Middlemen Face Questions
SEC Faces $1.7 Million Claim over Madoff Oversight Failures
Madoff Oversight Failures Investment Business. A Bernard Madoff investor has filed a claim against the Securities and Exchange Commission (SEC) for failing in its oversight of Madoff's investment business. According to Newsday, the administrative claim is seeking $1.7 million in damages from the SEC for allowing Madoff's alleged … [Read more...] about SEC Faces $1.7 Million Claim over Madoff Oversight Failures
Hedge Funds Face Lawsuit over Madoff Investment Fraud
Bernard Madoff Investment Fraud. Fairfield Greenwich Group, a hedge fund firm that reportedly invested more than $7 billion with Bernard Madoff, has been sued by angry investors. The lawsuit alleges that the firm failed to protect investors' funds. The 70-year-old Madoff was arrested on one count of securities fraud earlier this … [Read more...] about Hedge Funds Face Lawsuit over Madoff Investment Fraud
Losses from Madoff Fraud May Affect Those Who Withdrew Funds
A result of the alleged investment fraud. Even investors who pulled their money out early could sustain substantial losses as a result of the alleged investment fraud committed by Bernard Madoff. According to a report on Reuters.com, those investors could ultimately be forced to turn over any profits they made from their Madoff … [Read more...] about Losses from Madoff Fraud May Affect Those Who Withdrew Funds
Bernard Madoff Mailed Cartier, Tiffany Watches, Other Expensive Jewelry to Family & Friends
To Have Bernard Madoff’s Bail Revoked. Prosecutors seeking to have Bernard Madoff's bail revoked have filed court papers detailing items he attempted to mail to his sons and others. Prosecutors contend that the alleged Ponzi schemer violated a court order not to dispose of any assets by mailing the valuables. If Madoff's bail is … [Read more...] about Bernard Madoff Mailed Cartier, Tiffany Watches, Other Expensive Jewelry to Family & Friends
Madoff Asset List to Be Filed Today
The Information Would Be Filed Today. Bernard Madoff will comply with a court order to furnish the Securities and Exchange Commission (SEC) with a list of his assets. According to Reuters, the accused Ponzi schemer's lawyer said the information would be filed today, in time for a Wednesday deadline. The 70-year-old Madoff was … [Read more...] about Madoff Asset List to Be Filed Today
JPMorgan Exited Madoff-Linked Funds without Warning Clients
Jpmorgan Chase Got Out of Two Hedge Funds. JPMorgan Chase got out of two hedge funds linked to accused Ponzi schemer Bernard Madoff in the nick of time, and now says its losses related to any Madoff investments are "pretty close to zero". But the New York Times is reporting that some of the bank's European clients who … [Read more...] about JPMorgan Exited Madoff-Linked Funds without Warning Clients
Banco Santander Painted a Rosy Madoff Picture Just Weeks Before His Arrest
Madoff Ponzi Scheme Collapsed. Investors in Banco Santander's lost more than $3.1 million. Just weeks before Bernard Madoff's alleged Ponzi scheme collapsed, managers at Banco Santander's Optimal hedge fund investment arm were praising Madoff's supposedly "impeccable" market timing, according to a report on FT.com. Once Madoff was … [Read more...] about Banco Santander Painted a Rosy Madoff Picture Just Weeks Before His Arrest
Banco Santander Optimal Fund Clients Hit Hard by Madoff Fraud
Caught Up in the Bernard Madoff Ponzi Scheme Scandal. Banco Santander SA, one of the largest banks in Spain, has been caught up in the Bernard Madoff Ponzi scheme scandal. And now, Spanish authorities want to know what officials at Banco Santander knew about Madoff's alleged fraud, and when they knew it. Numerous individuals, … [Read more...] about Banco Santander Optimal Fund Clients Hit Hard by Madoff Fraud
Madoff Sent Fake Statements to Investors for Over a Decade
Bernard Madoff Did Not Purchased Any Securities for His Customers. There is no evidence that Bernard Madoff purchased any securities for his customers in the past 13 years, according to a court appointed trustee who is overseeing the liquidation of the accused Ponzi schemer's assets. According to an Associated Press report, for more … [Read more...] about Madoff Sent Fake Statements to Investors for Over a Decade
Bernard Madoff Will Have to Face Investors on Thursday
He Pleads Guilty to Fraud Charges. Some of Bernard Madoff's investors want to be heard when he pleads guilty to fraud charges on Thursday. According to USA Today, federal prosecutors have heard from at least 25 investors who want a chance to tell Madoff how his alleged Ponzi scheme has forever altered their lives. Madoff - once a … [Read more...] about Bernard Madoff Will Have to Face Investors on Thursday
Madoff Indictment Deadline Approaching
An Indictment Decision. Former chairman of the Nasdaq stock exchange and accused Ponzi scammer Bernard Madoff is pending an indictment decision, reported Newsday. Madoff, who is awaiting a decision on indictment or plea bargain, has to tough it out until his next court date, scheduled for March 13, the newest deadline in which … [Read more...] about Madoff Indictment Deadline Approaching
FINRA Overwhelmed by Securities Fraud Claims
To Settle Their Claims Against Brokers. Thanks to the likes of Bernard Madoff, Arthur Nadel and other financial scammers, a record number of people have been victims of securities fraud in the past year. Many of these wronged investors have looked to the Financial Industry Regulatory Authority (FINRA) to settle their claims against … [Read more...] about FINRA Overwhelmed by Securities Fraud Claims
Investor Denied Recovery of Funds Transferred Before Ponzi Scheme Collapse
The claims of a Bernard Madoff investor. The claims of a Bernard Madoff investor who put money with the accused Ponzi schemer just days before his arrest will not take precedence over the claims of other Madoff clients, a court has ruled. According to The Wall Street Journal, a federal bankruptcy judge in Manhattan has dismissed a … [Read more...] about Investor Denied Recovery of Funds Transferred Before Ponzi Scheme Collapse
Ruth Madoff Uses Homestead Act to Protect Palm Beach Mansion
To Retain Their Ill-gotten Wealth. In yet another move to retain their ill-gotten wealth and protect themselves from creditors, Bernard Madoff's wife, Ruth, has declared her $9.4 million Palm Beach, Florida mansion her primary residence, says Bloomberg News. Ruth Madoff, wife of the criminal mastermind behind the massive and … [Read more...] about Ruth Madoff Uses Homestead Act to Protect Palm Beach Mansion
Possible UK Charges for Madoff
Serious International Implications. The investigation into Bernard Madoff’s historic Ponzi scheme has revealed serious international implications. Madoff’s so-called investment business had operations in London, which, say United Kingdom prosecutors, played “a significant role” in the multi-billion dollar fraud perpetrated by Madoff, … [Read more...] about Possible UK Charges for Madoff
Judge Agrees to Freeze Peter Madoff’s Assets
Judge Disclose All Peter Madoff’s Assets. Assets belonging to Bernard Madoff's brother, Peter, have been frozen. According to Bloomberg.com, Peter Madoff served as the chief compliance officer of Bernard L. Madoff Investment Securities LLC. Madoff pleaded guilty to 11 fraud counts earlier this month. Madoff - once a chairman of … [Read more...] about Judge Agrees to Freeze Peter Madoff’s Assets
Madoff Trustee Granted Power of Attorney over UK Unit
The Trustee Charged With Liquidating Bernard Madoff’s Assets. A judge has granted the trustee charged with liquidating Bernard Madoff's assets power of attorney over a unit of his business in the United Kingdom. According to Bloomberg.com, the attorney for the trustee said that such authority over London-based Madoff Securities … [Read more...] about Madoff Trustee Granted Power of Attorney over UK Unit
Madoff Trustee Sues Fund for Return of Money
Irving Picard, the Madoff Trustee. Irving Picard, the trustee brought in to liquidate Bernard L. Madoff’s Investment Securities LLC has sued Kingate Management Ltd. for $255 million transferred to the firm just prior to the alleged Ponzi scheme fell apart, reports Bloomberg News. Reuters reported that the transactions occurred last … [Read more...] about Madoff Trustee Sues Fund for Return of Money
Two More Madoff Lawsuits
Ponzi Scheme Debacle Has Spawned Two More Lawsuits. The Bernard Madoff Ponzi scheme debacle has spawned two more lawsuits. The Wall Street Journal reported that two funds and their fund managers have been separately sued over allegations that the managers breached “their fiduciary duties in entrusting client money” with … [Read more...] about Two More Madoff Lawsuits
Blockage of Madoff Bankruptcy Proceedings
Federal Judge Just Blocked the Assets of Bernard Madoff. A federal judge just blocked the assets of Bernard Madoff from being moved into bankruptcy, reports CNN. It seems the court found probable cause that the “assets should be forfeited to the government,” said CNN. Earlier this month, investors petitioned a federal judge to … [Read more...] about Blockage of Madoff Bankruptcy Proceedings
Madoff Associate Says He Would Help Prosecutors
A Willingness to Cooperate With Investigators. In response to a recent lawsuit filed in connection with the ongoing and massive Bernard Madoff Ponzi Scheme scandal, philanthropist and investment advisor Stanley Chais has indicated a willingness to cooperate with investigators. Bloomberg.com reported that Chais's lawyer said he would … [Read more...] about Madoff Associate Says He Would Help Prosecutors
Madoff Prosecutors Taking A Look at Some of His Investors
Madoff Prosecutors Set Their Sites on Investors. U.S. prosecutors on the Bernard Madoff Ponzi scheme case have reportedly set their sites on some of his investors. According to The Wall Street Journal, eight such investors are among Madoff's friends, family and associates now being scrutinized by a criminal investigation. ‘Madoff’ … [Read more...] about Madoff Prosecutors Taking A Look at Some of His Investors
Madoff Ponzi Scheme Prompts Calls to Regulate Financial Planners
Stricter Oversight of Money Managers. In the wake of the Bernard Madoff Ponzi scheme debacle, a group of financial planning organizations is calling for stricter oversight of money managers. The coalition, made up of the National Association of Personal Financial Advisors, the Financial Planning Association and the Certified … [Read more...] about Madoff Ponzi Scheme Prompts Calls to Regulate Financial Planners
Almost $7M More Found in Madoff Funds
$7 Million in Six Madoff Accounts. Irving Picard, the special trustee investigating Bernard Madoff’s bogus financial schemes has found close to $7 million in six Madoff accounts at Bank of New York Mellon Corporation, reports Newsday, citing bankruptcy court papers. According to the article, the accounts range in size from 5,372 to … [Read more...] about Almost $7M More Found in Madoff Funds
NJ Bill Introduced to Ease Tax Burden on Madoff, Other Scam Victims
Scam Bill Provide Some Relief to the Victims. A bill has been introduced in the New Jersey Senate that could provide some relief to the victims of Bernard Madoff's Ponzi scheme and similar scams. According to a report on NJ.com, the proposed law would enable the victims of such swindlers to get back the taxes they paid on … [Read more...] about NJ Bill Introduced to Ease Tax Burden on Madoff, Other Scam Victims
Madoff Trustee Strikes Deal with Banco Santander
Madoff Trustee Deal With Spain’s Largest Bank. The Bernard Madoff trustee has reached a deal with Spain's largest bank regarding investments two of its hedge funds made with the admitted Ponzi schemer. According to a Bloomberg.com, Banco Santander will pay $235 million to trustee Irving Picard to avoid a lawsuit. Picard has recently … [Read more...] about Madoff Trustee Strikes Deal with Banco Santander
Consolidation of Madoff Bankruptcies
Increase the Chances That Stolen Assets Will Be Recovered. Bankruptcy cases involving Bernard Madoff will be consolidated in an attempt to save money and increase the chances that stolen assets will be recovered, Bloomberg.com is reporting. The decision means that one trustee will oversee Madoff's personal bankruptcy, as well as … [Read more...] about Consolidation of Madoff Bankruptcies
Bernard Madoff Ponzi Scheme Linked to SEC Official’s Departure
Madoff Scandal May Have Played a Role. The Bernard Madoff scandal may have played a role in the coming departure of a key Securities and Exchange Commission (SEC) official. According to Bloomberg.com, Lori Richards, director of the SEC's Office of Compliance Inspections and Examinations, was widely criticized for missing warning … [Read more...] about Bernard Madoff Ponzi Scheme Linked to SEC Official’s Departure
Madoff’s Friend Profits Draw Attention
Liquidating Bernard Madoff’s Assets. Based on court papers, Irving Picard, the court-appointed trustee liquidating Bernard Madoff’s assets, is focusing on the 96-year-old Carl Shapiro, reports Newsday. Shapiro a philanthropist known for founding Kay Windsor, a women’s apparel firm, in 1939, is said to be almost blind in one eye, … [Read more...] about Madoff’s Friend Profits Draw Attention
