UniCredit, HSBC Seek to Dismiss Madoff Investor Suit

UniCredit Bank Austria AG and other defendants asked a judge to dismiss a lawsuit by foreign investors in funds that put money with con man Bernard Madoff, saying they were being cast as “scapegoats for Madoff’s intentional criminal acts.” Read Bloomberg report [...]

Madoff Trustee Serves Summons on Citigroup Feeder Fund Kingate Global

A Citigroup Inc. (C) affiliate was served with a summons by the trustee liquidating Bernard Madoff’s firm as part of a lawsuit against so-called feeder fund Kingate Global Fund Ltd., according to a court filing yesterday. Read more on Bloomberg [...]

Prosecutors: Precious metals investments were $25 million Ponzi scheme

Federal prosecutors leveled fraud charges Tuesday against the former operator of several South Florida precious metal trading firms, with an estimated 1,400 investors losing more than $25 million.
Read Sun Sentinel article [...]

Utah named a top Ponzi state — again

As if Utah didn’t need more validation of this sort, a new study by a business intelligence firm has placed the state No. 5 nationally for generating fraudulent Ponzi schemes. Read more in the Salt Lake Tribune [...]

SEC secures $230 million in fraud investigation

Federal financial regulators have secured $230 million from an offshore bank account linked to a Connecticut-based financier who is accused of running a massive investment fraud, authorities said Tuesday. Read San Francisco Chronicle article [...]

Madoff Says Judge Made Him a ‘Human Piñata’

Having served two years of his 150-year sentence, Bernard L. Madoff remains upset that Judge Denny Chin did not give him a shorter term, which might have allowed him the chance someday to regain his freedom, even as a very old man. Read NY Times article [...]

SEC recovers millions in hedge fund Ponzi case

U.S. securities regulators said they have recovered $229.4 million from an offshore fund held by a Connecticut-based hedge fund whose manager pleaded guilty this year to running a Ponzi scheme.
Read more on Reuters [...]

Judge Explains 150-Year Sentence for Madoff

Judge Denny Chin, who sentenced Bernard L. Madoff to 150 years in prison, noted that 20 or 25 years would effectively be a life sentence, but he reasoned that the symbolism of the longer term was important, given the enormity of Mr. Madoff’s crimes. Read NY Times article [...]

Madoff Judge Approves Trustee’s $212 Million Settlement With Feeder Funds

A judge approved a $212 million settlement between the trustee liquidating Bernard Madoff’s firm and two bankrupt U.S. funds related to the Fairfield Greenwich Group, the biggest so-called feeder fund in Madoff’s Ponzi scheme. Read Bloomberg report [...]

The $90 bn question: Does Picard have standing in bank suits?

Ordinarily, the threshold question of whether a plaintiff has standing—the right to bring a suit—is pretty simple. If you’ve been harmed, you can sue. But the multibillion dollar cases that Irving Picard, the Bernard L. Madoff Investment Securities bankruptcy trustee, has brought against the banks that allegedly abetted Madoff’s Ponzi scheme are anything but simple. Read more on Thomson Reuters [...]