The liquidator of Bernard Madoff’s firm hasn’t withdrawn all common law claims against UBS AG and has left them in place in one of two lawsuits against the Swiss bank, a spokeswoman said. Read more on Bloomberg [...]
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The U.S. Securities and Exchange Commission’s internal watchdog is investigating the agency’s dealings with the man hired to recover funds for victims of R. Allen Stanford’s alleged fraud amid claims the court-appointed receiver has taken too much money for himself. Read Bloomberg report [...] The Tom Petters Ponzi scheme ensnared another financier Tuesday as James Fry, who runs Arrowhead Capital Management, was indicted on multiple fraud counts. Read TwinCities.com report [...] Jason Bo-Alan Beckman, 41, of Plymouth; Gerald Joseph Durand, 60, of Faribault; and conservative radio show host Patrick Kiley, 73, of Burnsville allegedly worked with Cook to defraud investors through what they marketed as a foreign currency trading program. Read more on TwinCities Business [...] A one-time San Antonio businessman faces up to eight years in federal prison after pleading guilty Thursday for his role in a multimillion-dollar Ponzi scheme headed by a former college basketball referee. Seven months after kicking off an aggressive campaign to collect $80 billion in damages from firms associated with Bernie Madoff, the trustee liquidating the Ponzi scammer’s firm is beating a hasty retreat. The SEC and the SIPC can’t agree on restitution to the victims of R. Allen Stanford’s $7 billion Ponzi scheme. Read Bloomberg Businessweek report [...] Irving Piccard, the court-appointed trustee in the Bernard Madoff Ponzi scheme case, said he would drop damages claims against Swiss bank UBS. Read UPI report [...] The liquidator of Bernard Madoff’s firm, who has filed “hundreds” of lawsuits demanding return of so-called fictitious profits made in the Ponzi scheme, faces mass bids by investors to dismiss the cases, a lawyer said. Read more on Bloomberg [...] Federal prosecutors have indicted the owner of hedge fund Arrowhead Capital Management in the Thomas Petters Ponzi scheme case, and added to the list of charges against the $3.65 billion fraudster’s chief fundraiser. Read more in FinAlternatives [...] |
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