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Ackerman Introduces H.R. 1987

Representative Gary Ackerman introduces H.R. 1987 to amend SIPA to provide insurance coverage for certain indirect investors of Ponzi schemes and other purposes – full text of the bill is not yet available, stay tuned here for [...]

S.E.C. Adopts Its Revised Rules for Whistle-Blowers

A divided Securities and Exchange Commission narrowly approved rules on Wednesday to create a $300 million whistle-blower program. Read more in NY Times Dealbook [...]

Becker Poliakoff File Objection

To sixth application of Trustee and Baker & Hostetler LLP for allowance of interim compensation for services rendered and reimbursement of expenses incurred from October 1, 2010 through January 31, 2011. Click here for objection [...]

H.R. 1635 Gets 3 New Co-sponsors

Representatives Miller [D-NC13], Crowley [D-NY7] and Welch [D-VT] sign on to H.R. 1635 – Ponzi Scheme Victims’ Tax Relief Act of 2011. Click here for the full list of current [...]

Irving Picard will ‘wind up being richer than’ Bernie Madoff, says attorney for defrauded investors

Irving Picard, the trustee charged with unwinding the Bernie Madoff fraud – and the lawyer who filed a lawsuit seeking $1 billion from the Mets’ owners – has been a very busy man over the last 30 months. Read more in the NY Daily News [...]

JPMorgan Ignored Madoff Fraud? That’s Not For A Bankruptcy Court To Decide

Bankruptcy court is the wrong place for Bernard Madoff investors to go after JPMorgan Chase for fraud allegations and $6.4 billion, a judge said yesterday. Read more on Forbes Blog [...]

Picard vs JPMorgan

McMahon rules on defendents’ motion to withdraw the reference from the Bankruptcy court. Click here for Picard vs JPMorgan Court Documents. [...]

Madoff investor cannot stop $7.21 bln Picower pact

An investor in Bernard Madoff’s defunct investment firm on Monday lost a court challenge to a $7.21 billion settlement with the estate of one of the Ponzi schemer’s biggest customers. Read Reuters report [...]

Madoff’s Curveball

Will Fred Wilpon be forced to sell the Mets? Read more in The New Yorker [...]

Just how risky should it have been to invest with Bernard Madoff?

Suppose you put $10,000 into an account with an investment advisor who promises to double your money every year. Two years later your account statement says you’ve got $33,000, so you happily withdraw $5,000. It seems too good to be true, and that’s what it turns out to be. When you try to withdraw $10,000 more, your advisor sends you a check that bounces. The next thing you know, he’s being led off in handcuffs by the feds for running a Ponzi scheme. Read more in the L.A. Times [...]