Alert: H.R.1982 – New Cosponsor

H.R. 1982: Restoring Main Street Investor Protection and Confidence Act – New Co-sponsor- Congressman Pete Olson [R-TX22] has signed on to co-sponsor H.R. 1982. The bill now has 49 cosponsors (39 Republicans, 10 [...]

More Money Coming to Madoff Victims

The new headline tonight about Bernie Madoff. The mathser mind of the largest Ponzi scheme in U.S. History. Wiping off the savings of thousands of victims. And many getting their money now back. Brian Ross on where they recovered so much of that money. Reporter: When Bernie Madoff’s massive Ponzi scheme was exposed almost seven years ago, his wiped-out investors held out little hope of getting any of their money back. You jerk, you know? How could you,
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Madoff Trustee: Allowable Claims Under $1.1 Million to Be All Paid

The trustee recovering money lost by investors with imprisoned financier Bernard Madoff has reported a new milestone, saying a new distribution will mean allowable claims of $1.1 million or less will have been fully reimbursed. Trustee Irving Picard made the announcement Tuesday as he asked a U.S. Bankruptcy Court judge to approve a $1.18 billion distribution to investors. More on NBC New York [...]

KRyS Global recovers $150m

One local firm takes credit for brokering a settlement in the largest ever Ponzi scheme in history. Some 6 years after Bernie Madoff’s multi billion dollar fraud went belly up, local firm KRyS Global says it’s making progress in recovering a fraction of what was stolen around the world. More on Cayman27 [...]

Investor Seeks to Hold Ernst & Young Liable for Madoff Losses

Ernst & Young failed to serve as a gatekeeper for a Washington investment firm that sank millions of dollars into Bernard Madoff’s investment firm…Read More in the Wall Street Journal [...]

JPMorgan again wins dismissal of whistleblower lawsuit in US

JPMorgan Chase on Friday won the dismissal of a U.S. whistleblower lawsuit filed by a former vice president who claimed the bank ignored red flags about a client’s potential fraud, even after authorities exposed the massive Ponzi scheme operated by longtime JPMorgan client Bernard Madoff. U.S. District Judge Robert Sweet in New York granted the bank’s motion to throw out the complaint, finding that Jennifer Sharkey had failed to demonstrate that her termination in August 2009 was in retaliation for speaking out. More on CNBC [...]

Ernst & Young in the crosshairs for fraudster Madoff’s scam

Nearly seven years after Jewish financier Bernie Madoff’s (Pictured) investment empire was revealed to be a US$17.5 billion fraud, the battle by investors to recover their losses ramps up in a case that goes to trial this week in the US. A Washington state investment company is seeking to pin about US$100 million of its losses from Madoff’s crimes on auditor Ernst & Young. More in The Standard [...]

Supreme Court: No inflation gains for Madoff victims

A Supreme Court decision on Monday could free up an additional $1.25 billion to be returned to victims of the epic Bernard Madoff Ponzi scheme. But it is bad news for the victims who brought the case claiming individual payouts should be adjusted higher for inflation. The high court let stand a lower court ruling rejecting that argument. More on CNBC [...]

Geneva wealth managers pay defrauded investors to settle Madoff case

Five former Geneva wealth managers have paid “substantial compensation” to settle criminal complaints brought by clients whose assets they had invested with U.S. fraudster Bernard Madoff, the Geneva prosecutor’s office said on Friday. The case was launched in 2009 against five directors of Aurelia Finance, a Geneva-based private bank that prosecutors said had lost up to $800 million of clients’ money by investing in Madoff’s “Ponzi” scheme, which used money from new investors to pay existing clients. More on Thanhnien News [...]

Don Trone Blasts DOL Fiduciary Plan: Still Wouldn’t Stop Madoff

Don Trone, often referred to as the “Father of Fiduciary,” testified at a Department of Labor hearing on Thursday that its proposed fiduciary rulemaking would have failed to stop famed Ponzi schemer Bernie Madoff, and that more fiduciaries than brokers have stolen money from investors. “I think research will show that over the last 15 to 20 years, fiduciaries have stolen more money from investors and retirement savers than brokers,” Trone, who has been steeped in fiduciary endeavors for the past 30 years via his founding of the Foundation for Fiduciary Studies, as principal founder of fi360, and now as head of 3ethos, told DOL executives. “Bernie Madoff was subject to a fiduciary standard, and, if he was here today, I think he would say that the department’s proposed rules would not have slowed him down.” More on Think Advisor [...]