Thybo Asset Management Settles Madoff Clawback Claim for $46M

Thybo Asset Management, a family office turned hedge fund of funds, has agreed to settle a Madoff-related clawback claim instituted in 2009 by bankruptcy trustee Irving Picard. According to the settlement, which was filed with the U.S. Bankruptcy Court in New York on Friday, Thybo agreed to pay $46.6 million of the original $62 million sought by Picard in allegedly fraudulent transfers during the six years prior to the collapse of the ponzi scheme orchestrated by Madoff through his Madoff Investment Securities LLC. At the same time, Thybo will be allowed a total claim of $186 million against the Madoff estate, from which the $46.6 million will be deducted. More on FinAlternatives [...]

First Madoff Trial Set in Switzerland to Start Later This Year

Switzerland will start the criminal trial in early December of the head of the largest of the Geneva feeder funds that channeled money to convicted fraudster Bernie Madoff, seven years after the American admitted cheating investors. The trial of Manuel Echeverria, who ran Banco Santander SA’s Optimal Investment unit, will start Dec. 7 in Geneva’s Tribunal de police, said Henri Della Casa, a spokesman for the Geneva prosecutors’ office. He was charged in 2009 with aggravated mismanagement over his handling of client funds. The lead plaintiff is Franck Berlamont, a client of Echeverria’s. More on Bloomberg [...]

Alert: H.R.1982 – New Cosponsor

H.R. 1982: Restoring Main Street Investor Protection and Confidence Act – New Co-sponsor- Congressman Pete Olson [R-TX22] has signed on to co-sponsor H.R. 1982. The bill now has 49 cosponsors (39 Republicans, 10 [...]

More Money Coming to Madoff Victims

The new headline tonight about Bernie Madoff. The mathser mind of the largest Ponzi scheme in U.S. History. Wiping off the savings of thousands of victims. And many getting their money now back. Brian Ross on where they recovered so much of that money. Reporter: When Bernie Madoff’s massive Ponzi scheme was exposed almost seven years ago, his wiped-out investors held out little hope of getting any of their money back. You jerk, you know? How could you,
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Madoff Trustee: Allowable Claims Under $1.1 Million to Be All Paid

The trustee recovering money lost by investors with imprisoned financier Bernard Madoff has reported a new milestone, saying a new distribution will mean allowable claims of $1.1 million or less will have been fully reimbursed. Trustee Irving Picard made the announcement Tuesday as he asked a U.S. Bankruptcy Court judge to approve a $1.18 billion distribution to investors. More on NBC New York [...]

KRyS Global recovers $150m

One local firm takes credit for brokering a settlement in the largest ever Ponzi scheme in history. Some 6 years after Bernie Madoff’s multi billion dollar fraud went belly up, local firm KRyS Global says it’s making progress in recovering a fraction of what was stolen around the world. More on Cayman27 [...]

Investor Seeks to Hold Ernst & Young Liable for Madoff Losses

Ernst & Young failed to serve as a gatekeeper for a Washington investment firm that sank millions of dollars into Bernard Madoff’s investment firm…Read More in the Wall Street Journal [...]

JPMorgan again wins dismissal of whistleblower lawsuit in US

JPMorgan Chase on Friday won the dismissal of a U.S. whistleblower lawsuit filed by a former vice president who claimed the bank ignored red flags about a client’s potential fraud, even after authorities exposed the massive Ponzi scheme operated by longtime JPMorgan client Bernard Madoff. U.S. District Judge Robert Sweet in New York granted the bank’s motion to throw out the complaint, finding that Jennifer Sharkey had failed to demonstrate that her termination in August 2009 was in retaliation for speaking out. More on CNBC [...]

Ernst & Young in the crosshairs for fraudster Madoff’s scam

Nearly seven years after Jewish financier Bernie Madoff’s (Pictured) investment empire was revealed to be a US$17.5 billion fraud, the battle by investors to recover their losses ramps up in a case that goes to trial this week in the US. A Washington state investment company is seeking to pin about US$100 million of its losses from Madoff’s crimes on auditor Ernst & Young. More in The Standard [...]

Supreme Court: No inflation gains for Madoff victims

A Supreme Court decision on Monday could free up an additional $1.25 billion to be returned to victims of the epic Bernard Madoff Ponzi scheme. But it is bad news for the victims who brought the case claiming individual payouts should be adjusted higher for inflation. The high court let stand a lower court ruling rejecting that argument. More on CNBC [...]