Citigroup Inc. (C), sued by the trustee liquidating Bernard Madoff’s firm to recover $430 million pulled from the Ponzi scheme before it collapsed, asked a bankruptcy judge to throw out the lawsuit. Read Bloomberg report [...]
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For six months, the competing claims have played out in court papers and public charges. Read NY Times article [...] UniCredit SpA asked a district judge to dismiss “hollow” racketeering claims brought by the liquidator of Bernard L. Madoff’s to demand $59 billion from the bank, or three times what investors lost in the Ponzi scheme. Read Bloomberg report [...] A prominent Philadelphia couple filed suit against Duane Morris and two attorneys after their money ended up in the hands of convicted Ponzi-schemer Bernard Maddoff, according to a story in The Legal Intelligencer. Read more in the AMLaw Daily [...] Dispute centers on meaning of ‘theft’ versus ‘fraud.’ SIPC to decide on next move by mid-September. Read report in AdvisorOne [...]
Dear Friend -
Welcome to our new NIAP Update format. Along with other helpful changes, look for regular bi-weekly updates as part of our efforts to streamline communications to our membership. We hope you appreciate the new look and value the [...] According to United States Attorney Zane David Memeger, Ira J. Pressman, age 64, of Bala Cynwyd, pleaded guilty today to three counts in connection with a Ponzi scheme that defrauded 20 investors out of more than $6 million. Since 2006, Pressman ran a company called PJI Distribution Corporation that purported to purchase and sell closeout and overstock merchandise. Pressman solicited individuals to invest in these closeout deals, promising investors no risk returns of up to 100 percent annually. Read more in the Westmoreland Times [...] Before Scott Rothstein, there was Joel Steinger. The Fort Lauderdale businessman directed a massive investment scam that rivaled lawyer Rothstein’s $1.2 billion Ponzi scheme, authorities say. Steinger’s now-defunct company, Mutual Benefits Corp., is accused of bilking 30,000 investors in a $1.25 billion rip-off. Read more in the Miami Herald [...] After the Michigan Democratic Party spent Thursday noting the connection between former U.S. Rep. Pete Hoekstra’s new employer and convicted Ponzi schemer Bernie Madoff, a national Republican group fired off a letter to the firm questioning its financial ties to Democrats. Read more in the Detroit News [...] The Securities Investor Protection Corp. opposed a bid by the owners of the New York Mets baseball team to dismiss a $1 billion lawsuit by the trustee liquidating Bernard L. Madoff’s firm, in a court filing today. Read more on Bloomberg [...] |
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