The trustee seeking money for Bernard Madoff’s victims struck an agreement to take over legal claims against the founders of the hedge fund firm Fairfield Greenwich Group, the largest feeder of cash to the Ponzi scheme. Read Reuters article [...]
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Robert De Niro has played plenty of law-breakers in his illustrious career, but they all seem like petty thieves compared to the king of organized crime he may play next. Read Huffington Post article [...] A former Securities and Exchange Commission official who was faulted for blocking attempts to investigate jailed money manager R. Allen Stanford may be the target of federal criminal inquiry, SEC officials told lawmakers Friday. Read WSJ article [...] Victims of the Bayou Group Ponzi scheme will split another $13 million after the hedge fund’s estate defeated two hedge funds and four other Bayou investors in federal court. Read FinAlternatives article [...] Irving Picard and other advisers to the Bernard L. Madoff estate received $318.4 million in fees and expenses through March. Read Bloomberg report [...] If the government’s assertions are true, Allen Stanford presided over a Ponzi scheme second only to Bernard Madoff’s in U.S. history. Stanford also sought to cultivate influence in Washington. Most of his campaign contributions occurred in two periods when his interests in legislation peaked: 2001-2002 and 2005-2008. Read Washington Post report [...] While Allen Stanford was flying high, he and his colleagues spent more than $10 million on campaign contributions and lobbying payments to curry favor in Washington. But all that money was diverted from investors in what authorities have called an elaborate Ponzi scheme, second only to Bernard Madoff’s in U.S. history, according to court documents. Read more in the Washington Post here. Irving Picard, the trustee liquidating the estate of convicted Ponzi scheme mastermind Bernard L. Madoff, has received more than $1.1 billion from the Securities Investor Protection Corp. and used 31 percent of the amount for fees, rent and other expenses. Read Bloomberg report [...] Revolving Regulators: SEC Faces Ethics Challenges with Revolving Door POGO study based on SEC documents sheds light on the relationship between the regulators and the regulated. Click here for study [...] Regarding your editorial “Madoff and the Mets” (May 11): Trustee Irving Picard’s quest for Madoff assets has certainly led to abuses of power against not only the Wilpons, but many other Madoff victims. Read NIAP’s letter to the Wall Street Journal [...] |
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