It was a rough year for Ponzi schemes. In 2009, the recession unraveled nearly four times as many of the investment scams as fell apart in 2008, with “Ponzi” becoming a buzzword again thanks to the collapse of Bernard Madoff’s $50 billion plot. Read AP article here.
FALLOUT: Prosecutors haven’t ruled out charges against his family and longtime associates.
Read Press Enterprise story here.
You have probably seen the Television ad. A young girl is given a bicycle set in a white painted rectangle that’s, say, 8 by 4 feet. Delighted the young girl happily sits on the bicycle and starts to ride. Barely getting started she is stopped at the white line. “That’s as far as you can ride” scolds an austere gentleman who we are given to understand is a banker. Stunned the young girl gazes at him, befuddled and sad. “Didn’t [...]
Hundreds of investors object to reimbursement method.
The trustee winding down Bernard Madoff’s company vowed on Thursday to redo every claim by thousands of customers defrauded in the multibillion dollar swindle if a court decides that the method he is using to determine reimbursements is wrong. Read Reuters article here.
For a summary of issues Senator Charles Schumer’s legislative bill will address, click here. Courtesy of Andrew Lerman, CPA
The company accused of being Bernard Madoff Securities’ “in-house marketing arm” and three of its former officials lost their bid in Manhattan Federal Court to have a lawsuit moved out of bankruptcy court and consolidated with an SEC case. U.S. District Judge Louis L. Stanton rejected Cohmad Securities’ motion urging him to dismiss the suit or withdraw the reference to bankruptcy court.
Read full Courthouse News article here.
U.S. Representative John Hall (D-NY19) joins list of co-sponsors for H.R. 1389.
Click here for more information on the pending legislative bill.
Senator Schumer Continues Leadership on Tax Benefits for Madoff and other direct and indirect ponzi victims.
Tremendous thanks go to Andrew Lerman, CPA who worked tirelessly with Senator Schumer’s office, Ron Stein of Madoff-Help.Com and the Network for Investor Action & Protection and attorney Helen Davis Chaitman representing her clients and the Madoff Coalition for Investor Protection. Many others, including the Ponzi Victims Coalition of Indirects have played an important part in this outstanding achievement as well. Theft loss deductions for IRAs and pension plans, extended carrybacks, and a waiver of IRA early withdrawal penalties for fraud victims, are just a few of the proposed tax remedies included in the bill. Equally significant is that the bill will now put indirect investors on an equal tax footing with direct investors. This is a giant step forward and a huge accomplishment! Stay tuned for more information and details as to how we can help see them to fruition. Congratulations to EVERYONE! Senator Schumer’s release follows– From: Marsha, Ilene, Andy, Helen, [...]
To view testimony and video recording of the House Committe on Financial Services hearing held Wednesday, December 9th, 2009, click [...]
“Network for Investor Action and Protection – Post-Madoff Group”, Good Day NY – December 10, 2009.