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Court Rejects DiPascali’s Renewed Bid for Bail in Madoff Case

A renewed effort by former Madoff employee Frank DiPascali Jr., as well as federal prosecutors, to allow DiPascali to go free on bail until his trial has again been rejected by U.S. Judge Richard J. Sullivan (SDNY). Prosecutors told the judge that bail would permit DiPascali to more easily assist their continuing investigation, but Judge Sullivan was not persuaded, the NY Times reports. Read Securities Docket report here.

 Sourced from: Madoff Help News & Assistance

SIPC, Trustee Picard To Provide Update On Status Of Madoff Liquidation Process

Major Milestones Will be Noted in Madoff Liquidation, SIPC History

The Securities Investor Protection Corporation (SIPC) and the court-appointed trustee for the liquidation of Bernard L. Madoff Investment Securities LLC(BLMIS) will hold a phone-based news conference at 11 a.m. on October 28, 2009 to report on the status of the Madoff proceeding, including recent developments and anticipated next steps.
Read Reuters article here.

 Sourced from: Madoff Help News & Assistance

Madoff Trustee Raises Cash Loss Estimate to $21 Billion

Irving Picard, trustee in the Madoff case, said today that cash losses from the scheme are now estimated to be $21.2 billion–up from $13 billion. The AmLaw Daily reports that at a news conference today, Picard stated that using a net equity formula (the difference between what customers put into Madoff’s firm and what they eventually took out), his team had identified 2,335 investor accounts that put more cash into Madoff’s firm than they withdrew, leading to the higher [...]

Madoff Trustee Advances $534 Million to Customers

The liquidator for Bernard Madoff’s firm approved initial repayments of $534.2 million to 1,558 victims who invested directly with the con man’s firm. Another 1,303 victims had their claims denied. Read Bloomberg report here.

 Sourced from: Madoff Help News & Assistance

SIPC, Trustee Picard To Provide Update On Status Of Madoff Liquidation Process

Major Milestones Will be Noted in Madoff Liquidation, SIPC History

The Securities Investor Protection Corporation (SIPC) and the court-appointed trustee for the liquidation of Bernard L. Madoff Investment Securities LLC(BLMIS) will hold a phone-based news conference at 11 a.m. on October 28, 2009 to report on the status of the Madoff proceeding, including recent developments and anticipated next steps.
Read Reuters article here.

 Sourced from: Madoff Help News & Assistance

Banco Santander Accused of Failing to Act on Madoff Concerns

Banco Santander SA, the Spanish bank that lost about $3.2 billion in Bernard Madoff’s fraud, failed to protect clients after discovering in 2002 that the con man deviated from industry standards by acting as custodian of his own funds, investors said in a revised U.S. lawsuit. Read Bloomberg report here.

 Sourced from: Madoff Help News & Assistance

Top Madoff Investor Found Dead in Florida Pool

The death of Jeffry Picower, accused of profiting more than $7 billion from the investment schemes of his longtime friend Bernard Madoff, will make it more difficult for suing investors to recoup their money, attorneys said.
Read Fox News report here.

 Sourced from: Madoff Help News & Assistance

Chais Argues SEC “Provided Credibility to Madoff”

First, Madoff victims seized on the SEC’s admitted failures in the Madoff case, which were further documented by the SEC Inspector General’s scathing report on the matter, as the basis for a lawsuit in federal court seeking millions in damages. Now, even a defendant in a Madoff-related SEC case is making an issue of the SEC’s botched investigations, arguing that the SEC’s lawsuit against him should be dismissed as a result. Read Securities Docket Report here.

 Sourced from: Madoff Help [...]

Lawsuit: Madoff’s workplace was rife with cocaine, sex

A new lawsuit alleges that convicted swindler Bernie Madoff financed a cocaine-fueled work environment and a “culture of sexual deviance,” and he diverted money to his London, England, office when he believed federal authorities were closing in at home. Read CNN report here.

 Sourced from: Madoff Help News & Assistance

Prosecutors Again Seek Bail for Man Who Helped Madoff

Federal prosecutors in Manhattan have gone back into court to seek a new bail package for Frank DiPascali Jr., a crucial figure in the Madoff scandal. Read NY Times article here.

 Sourced from: Madoff Help News & Assistance