The U.S. Department of Justice said it has filed more charges against Frank Elroy Vennes Jr. and new charges against another man related to their roles raising funds for a company later exposed as a $3.65 billion Ponzi scheme run by Thomas Petters. Read more on Nasdaq.com [...]
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The liquidator of Bernard L. Madoff’s firm may have to drop about $2 billion in claims against UBS AG after telling a district court judge he will stop demanding damages from the Swiss bank, based on data from a filing by UBS. Read Bloomberg Businessweek report [...] Small, less sophisticated investors should be very careful before deciding to invest in the risky retail foreign exchange market, the Securities and Exchange Commission warned on Wednesday. Read Reuters report [...] When regulators froze R. Allen Stanford’s assets two years ago and accused him of running a $7 billion Ponzi scheme, some 20,000 investors were left wondering if they’d ever get their money back. Read Bloomberg report [...] 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. Read NY Post story [...] An investor in Bernard Madoff’s Ponzi scheme who unsuccessfully challenged a $7.2 billion settlement by the U.S. with the estate of Jeffry Picower asked a federal appeals court to review the district judge’s decision. Read full Bloomberg report [...] A 62-year-old Richmond man who ran a Ponzi scheme that led to almost $9 million in losses to investors was sentenced to 8 years and one month in prison this morning. Read more in the Richmond Times Dispatch [...] Picard’s targets contend he oversteps his authority with charges of fraud and racketeering. Read Bloomberg Businessweek report [...] The New York judge who sentenced Bernard Madoff to 150 years in prison has kept his financial tough-guy reputation intact, sentencing a Virginia man to nearly 22 years in prison for his role in a financial fraud.Read more in SeattlePI here. [...] |
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