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
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
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
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
Madoff’s Legitimate Business to be Sold
The Remains of White-collar Criminal. The remains of white-collar criminal mastermind Bernard Madoff’s legitimate business is scheduled to be approved for sale on April 28. Newsday reported that a federal bankruptcy judge ordered the move, which was implemented to ensure that a competitor does not come forward against the … [Read more...] about Madoff’s Legitimate Business to be Sold
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
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
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
More SEC Charges in Arthur Nadel Ponzi Scheme
More Civil Chargers For Arthur Nadel Ponzi Scheme. The Securities and Exchange Commission has filed more civil chargers in the Arthur Nadel Ponzi scheme. This time, the Commission is targeting the father-son investment team of Neil and Christopher Moody. The SEC complaint alleges that the two disseminated misleading … [Read more...] about More SEC Charges in Arthur Nadel Ponzi Scheme
