Investors in Allen Stanford’s $7 billion Ponzi scheme can sue to recoup losses from lawyers, insurance brokers and others who worked with the convicted swindler, the U.S. Supreme Court ruled on Wednesday. On a 7-2 vote, the court held that lawsuits filed in state courts can go forward. The majority said the ruling would not affect the U.S. Securities and Exchange Commission’s (SEC) ability to enforce securities law as some had feared. More on Reuters [...]
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More than 9,000 claims from people who say they were defrauded by Bernard Madoff have been submitted to a $4.05 billion fund set up by the U.S. government, and victims of the swindler’s Ponzi scheme were given two more months to seek compensation. Richard Breeden, a special master who oversees the Madoff Victim Fund, and U.S. Attorney Preet Bharara in New York on Friday extended the claims deadline to April 30 from Feb. 28. More on Reuters [...] The woman who ran Bernard Madoff’s investment advisory business admitted she didn’t tell federal investigators in 2009 that her duties included backdating trades and turning stocks into bonds with a few pen-strokes. Annette Bongiorno, accused with four former colleagues of aiding Madoff’s $17 billion Ponzi scheme, acknowledged in cross-examination that she omitted details of some of her biggest backdating projects when she was interviewed by the government after the con man’s arrest. She did so, even though she has claimed not to have known that backdating was illegal. More on Bloomberg BusinessWeek [...] |
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