Irving Picard may have met his Waterloo. The trustee for Bernard Madoff’s victims has won big in the friendlier forum of bankruptcy court. But squeezing cash from UBS, JPMorgan and other financial institutions should get tougher now they have forced him into a higher tribunal. Picard’s goal of recovering more than $100 billion for Ponzi-scheme investors is looking decidedly far-fetched. Read more on ThomsonReuters [...]

In follow up to the Bloomberg report we posted on July 12th, (click here), U.S. District Judge Jed Rakoff is scheduled to hear Helen Chaitman’s oral argument on Thursday, July 28th at 5:00pm at the Federal Courthouse – Judge Rakoff’s courtroom. Click here for Memorandum of Law in Support of Motion for Mandatory Withdrawal
We are encouraging people to attend. More information can be found here or by contacting Ilene Kent at ilenek@investoraction.org. [...]

Advisers can be guardians of their elderly clients’ best interests, protecting them from financial fraud in ways that even family members can’t. Read Investment News article [...]

The first payments to customers of con man Bernard Madoff out of funds collected by a trustee for his firm won approval from a bankruptcy judge, more than 2 1/2 years after the Ponzi scheme collapsed. Read Bloomberg report [...]

The legal tide may be turning against Irving Picard, the court-appointed trustee who was tasked with recovering the ill-gained profits from the Bernard Madoff Ponzi Scheme. When he was given the job, few realized what a goldmine was handed to him and his chosen firm, Baker & Hostetler. Picard has been paid $3.6 million personally for his Madoff work and his firm has been paid nearly $150 million. Read more on FierceFinance [...]