Congress may hand oversight of almost 12,000 investment advisers to Wall Street’s self-funded regulator as a cost-saving measure. The price could be paid by investors. Read Bloomberg report [...]
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The trustee for Bernard Madoff’s victims has a very clear message for JPMorgan Chase: Don’t mess with me. The big bank tried to brush off Irving Picard, seeking dismissal of his claim that it was embroiled in the Ponzi scheme. Instead of folding, Picard tripled his bet with a $19 billion suit. JPMorgan should know by now he isn’t going away. Read Thomson Reuters article [...] Irving Picard, the bankruptcy trustee charged with recouping funds for victims of Bernard Madoff’s vast fraud, began his mission just over two years ago with the potential to emerge as a hero. Read Fox Business report [...] The trustee seeking money for Bernard Madoff’s victims is now demanding $19 billion in damages from JPMorgan Chase & Co, more than tripling what he hopes to recover from what had been the main bank for the now-imprisoned Ponzi schemer. Read Reuters report [...] HSBC Holdings Plc (HSBA) asked a judge to dismiss a $9 billion lawsuit by the trustee liquidating Bernard Madoff’s firm, saying he isn’t allowed by law to bring such cases on behalf of the confidence man’s former customers. Read Bloomberg report [...] A federal judge in Dallas has ordered the Democratic and Republican parties and their congressional campaign committees to return some $1.75 million in contributions they received from accused Ponzi schemer Allen Stanford and his companies. Read more on CNBC [...] A Twin Cities money manager hopes to soften his sentence by helping federal investigation. Read more in the Star Tribune [...] Another former associate of convicted Ponzi schemer Scott Rothstein has pleaded guilty in South Florida federal court. Read more in the Miami Herald [...] UPDATE, PART 2: GRASSROOTS, OUTREACH, STRATEGIC COMMUNICATIONS & SOCIAL MEDIA Dear Friends – In our last update we discussed the activities taking place on the legislative and legal fronts and some of the great headway we’ve been making [link here]. In this part we’re updating people on our important grassroots and communications efforts. On Wednesday, June 22, the House Financial Services Committee is scheduled to mark up two bills that have the potential to weakenvital investor protections. Read AdvisorOne article [...] |
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Contact us by phone at (631) 425-0770, fax at (631) 421-5701 or by email at admin@investoraction.org
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