Both SIPC and the Trustee filed Briefs on Friday regarding Standing and SLUSA Issues.
Click here for the SIPC Brief Filed.
Click here for the Trustee’s Brief in [...]
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Imagine if a service existed to alert investors to ponzi-scheme artists like the next Bernie Madoff! Investors are forever seeking protection from unscrupulous financial advisers, and it seems the hardest thing to find is not just someone who is knowledgeable and experienced but a truly honest broker or investment planner. But guess what? Such a service does exist. And with it, you no longer have to fall into the clutches of another Madoff-in-the-making, or financial manipulator. Read more in Forbes here. [...] Russ Wasendorf Sr., the founder of an Iowa brokerage firm, is expected to plead guilty to embezzlement charges Monday. Wasendorf, of Peregrine Financial Group, has signed a plea agreement with federal prosecutors admitting to bilking 24,000 investors out of at least $100 million. Read NPR report [...] A plea hearing in federal court for one of Ponzi scheme operator Bernard Madoff’s longest-serving employees was canceled on Thursday because he has been admitted to the hospital, the man’s lawyer said. Irwin Lipkin, 74, a former controller of Bernard L. Madoff Investment Securities LLC, had been scheduled to plead guilty to charges of conspiracy to commit securities fraud and falsifying documents, prosecutors said in court documents this week. Lipkin’s lawyer, David Richman, said in a letter filed in U.S. District Court in Manhattan that his client “has been admitted to a New Jersey hospital for observation and treatment of a kidney condition”. He said Lipkin’s doctor could not predict how long he would remain in hospital. Read Reuters report [...] HOUSTON—A once top executive in the now defunct empire of disgraced Texas financier R. Allen Stanford was sentenced to three years in prison on Thursday for her role in helping the once jet-setting businessman bilk investors out of more than $7 billion. The sentence handed down to Laura Pendergest-Holt, the former chief executive of Stanford Financial Group, was part of a plea agreement she had reached with federal prosecutors. The sentence was handed down by U.S. District Judge David Hittner. Ms. Pendergest-Holt, 38 years old, pleaded guilty in June to one count of obstruction of a U.S. Securities and Exchange Commission proceeding in exchange for the three-year prison sentence. Read Wall Street Journal report [...] WASHINGTON, Sept 12 (Reuters) – Prosecutors investigating the collapse of failed commodities brokerage MF Global are close to wrapping up their criminal probe and are unlikely to file criminal charges, a move that could pave the way for regulators to bring civil cases, according to people familiar with the investigation. As expected, prosecutors met with former MF Global chief executive Jon Corzine in the past week but gained little new information, people said, suggesting a criminal inquiry is drawing to a close. While criminal charges are appearing increasingly unlikely, the expected civil cases have not yet been filed. Read Huffington Post report [...] HOUSTON — A former executive in the empire of disgraced Texas financier R. Allen Stanford heads to federal court in Houston to learn her fate. Former Stanford chief investment officer Laura Pendergest-Holt is to be sentenced Thursday for her role in helping the once jet-setting businessman bilk investors out of more than $7 billion. More in the Sacramento Bee [...] One of Bernard L. Madoff’s longest-serving employees is expected to plead guilty to criminal charges in Mr. Madoff’s multibillion-dollar Ponzi scheme, prosecutors said, the latest among a dozen former employees to face charges. The employee, Irwin Lipkin, a former controller of Bernard L. Madoff Investment Securities, will appear in Federal District Court in Manhattan on Thursday, prosecutors said in a letter to the judge in the case. He will plead guilty to charges of conspiracy to commit securities fraud and falsifying documents, prosecutors told Judge Laura Taylor Swain in the letter, which was dated Tuesday. Read New York Times report [...] In the days following MF Global’s stunning implosion last year, a senior executive at the firm made a startling concession to investigators looking into both the company’s demise and the loss of more than $1 billion in customer money, according to people with direct knowledge of the matter. MF Global’s chief financial officer for North America, Christine Serwinski, told investigators that her boss, MF Global’s chief executive, Jon Corzine, was well aware of the use and possible misuse of the customer funds during the firm’s final days, and as a result, Corzine may end up in “jail,” these people add. Serwinski’s initial account of MF Global’s bankruptcy — and who might be to blame for the loss of $1.6 billion in customer funds — has yet to be disclosed, and could add a new dimension to the year-long federal investigation into the firm’s implosion. See Fox Business Report [...] A former employee of convicted Ponzi scheme operator Bernard Madoff is expected to plead guilty to criminal charges on Thursday, court documents say, as the government’s investigation into the massive fraud nears the end of its fourth year. Irwin Lipkin, who has previously denied knowledge of the fraud in court papers, will be the ninth person to plead guilty to criminal charges in the government’s investigation into the Madoff fraud. He helped oversee the growth of Mr. Madoff’s firm from a two-man operation in 1964 to a business with billions under management, according to a lawsuit filed in November 2010 by Irving Picard, the trustee seeking to recover assets on behalf of Mr. Madoff’s victims. Read Wall Street Journal report [...] |
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