New Co-sponsor for H.R. 1635

Representative Fortney Stark [D-CA13] joins the list of co-sponsors for H.R. 1635: Ponzi Scheme Victims’ Tax Relief Act of [...]

Madoff trustee set back in lawsuits vs banks

* Picard lacks standing to pursue common law claims
* HSBC, UniCredit win dismissal of these claims
* Trustee earlier announced $1 bln Tremont accord
Read Reuters report [...]

Actions of Madoff Victims’ Trustee Will Be Reviewed

The General Accounting Office, the investigative arm of Congress, will evaluate the actions of the trustee for the victims of Bernard L. Madoff’s fraud; the Securities Investor Protection Corporation, which appointed the trustee; and the Securities and Exchange Commission, in the liquidation of Madoff’s firm. Read NY Times article [...]

Madoff Trustee Barred From Pursuing Some Claims Against HSBC

The liquidator for Bernard Madoff’s firm was barred by a federal judge from pursuing some claims in his lawsuit against HSBC Holdings Plc seeking to recover money for Madoff customers. Read more in Bloomberg Businessweek [...]

Madoff Trustee Makes $1 Billion Settlement with Tremont After Ponzi Scheme

The liquidator of Bernard Madoff’s firm, Irving Picard, reached a settlement with more than a dozen funds associated with hedge-fund firm Tremont Group Holdings Inc. by accepting a cash payment of more than $1 billion. Click here for Bloomberg [...]

Feds to investigate Irving Picard's 'clawback' suits to see if Madoff Ponzi scheme victims are hurt

A federal watchdog agency has agreed to investigate allegations that Irving Picard, the trustee charged with liquidating Bernie Madoff’s estate, is punishing the Ponzi scheme scammer’s victims by filing “clawback” lawsuits, Rep. Scott Garrett (R-N.J.) announced Wednesday. Read NY Daily News article [...]

UBS wins Madoff case transfer, GAO probes trustee

* UBS may defend in district court, in defeat for Picard
* Trustee challenged over standing to pursue fraud cases
* Trustee’s lawsuits vs UBS, others seek $2.6 billion
* GAO opens evaluation of trustee, SEC, SIPC
Read Reuters report here.
More on Bloomberg [...]

Madoff Trustee’s Actions to Be Probed by GAO, Representative Garrett Says

The actions of the trustee overseeing the liquidation of Bernard Madoff’s firm will be investigated by the U.S. Government Accountability Office, said U.S. Representative Scott Garrett, who requested the probe. Read full Bloomberg report here. [...]

GAO Accepts Garrett Request to Probe Madoff Trustee, SEC

Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, today announced that the Government Accountability Office (GAO) has accepted his request to conduct a comprehensive evaluation of the actions of the Securities Investor Protection Corporation (SIPC), the trustee in the liquidation of Bernard L. Madoff Investment Securities LLLC (BLMIS), and the Securities and Exchange Commission’s (SEC) involvement and oversight of this major liquidation. Click here for Congressman Garrett’s Press [...]

Exclusive: SEC builds new tips machine to catch the next Madoff

For more than three years, U.S. securities regulators investigated allegations of accounting fraud at a small telecom firm called China Voice Holding Corp, but could not make a case. Read more on Reuters [...]