Banque Syz & Co. was sued for $73.3 million by the trustee liquidating Bernard L. Madoff’s firm.
The Swiss bank, which received the money from so-called feeder funds, “knew or should have known of numerous irregularities” about the con man’s firm because of its expertise in private banking and institutional asset management, trustee Irving Picard said in a May 20 bankruptcy court filling. Read Bloomberg report here.
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A member who had the opportunity to attend the May 13th Oversight and Investigations Hearing on “The Stanford Ponzi Scheme: Lessons for Protecting Investors from the Next Seucrities Fraud”, has been kind enough to summarize his observations below:I’ve been lobbying my Congressman, Mike Fitzpatrick, for quite some time now so when he invited my mother and me to Washington for the Subcommittee on Oversight and Investigations hearings on “The Stanford Ponzi Scheme: Lessons for Protecting Investors from the Next Securities Fraud,” We jumped at the opportunity. Here are some of my observations: (click here to continue reading…) Staff at the London office of Hogan Lovells were in shock after the dismissal of Christopher Grierson, a senior partner earning more than pound stg. 800,000 a year. He was confronted by executives early last week after an internal investigation and is understood to have admitted making false claims. Read article in the Australian here. The court-appointed trustee and others seeking money for Bernard Madoff’s customers were paid $318.4 million through March — more than the sum available to be paid out to the victims. Read Chicago Tribune article here. The trustee seeking money for Bernard Madoff’s victims struck an agreement to take over legal claims against the founders of the hedge fund firm Fairfield Greenwich Group, the largest feeder of cash to the Ponzi scheme. Read Reuters article here. Robert De Niro has played plenty of law-breakers in his illustrious career, but they all seem like petty thieves compared to the king of organized crime he may play next. Read Huffington Post article here. Irving Picard and other advisers to the Bernard L. Madoff estate received $318.4 million in fees and expenses through March. Read Bloomberg report here. Irving Picard, the trustee liquidating the estate of convicted Ponzi scheme mastermind Bernard L. Madoff, has received more than $1.1 billion from the Securities Investor Protection Corp. and used 31 percent of the amount for fees, rent and other expenses. Read Bloomberg report here. What does it cost to clean up after the biggest swindle ever? Read CNNMoney report here. The bankruptcy trustee is using dubious methods based on flimsy evidence.. |
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