A federal judge shot down an appeal from investors in Bernard Madoff’s scheme, dismissing their opinion that they’re entitled to the amount of money that the Ponzi schemer said they were worth.
Read CNNMoney report here.
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The trustee liquidating Bernard L. Madoff’s former firm won an appeals court ruling that affirmed his method of determining which investors can recover money lost in the Ponzi scheme. Read Bloomberg report here. An attorney for several hundred victims of Bernard Madoff’s Ponzi scheme says she will ask the U.S. Supreme Court to overturn an appeals court ruling that would limit payments by the Securities Investor Protection Corporation, or SIPC. Read CNBC report here. On the same day that Irving Picard announced a $1 billion settlement with Tremont Group Holdings Inc. for the victims of the Bernie Madoff Ponzi scheme, a federal judge slapped down the trustee’s legal theory in another case involving billions of dollars. Read more in the NY Daily News here. A government watchdog agency has agreed to conduct a “comprehensive evaluation” of the methods used by the trustee who is recovering funds from Bernard Madoff’s massive Ponzi scheme. Read Fox Business report here. A federal watchdog agency has agreed to investigate allegations that Irving Picard, the trustee charged with liquidating Bernie Madoff’s estate, is punishing the Ponzi scheme scammer’s victims by filing “clawback” lawsuits, Rep. Scott Garrett (R-N.J.) announced Wednesday. Read NY Daily News article here. The actions of the trustee overseeing the liquidation of Bernard Madoff’s firm will be investigated by the U.S. Government Accountability Office, said U.S. Representative Scott Garrett, who requested the probe. Read full Bloomberg report here. When news broke last week that a federal judge had released $2.3 billion recovered in Bernard Madoff’s Ponzi scheme to pay hundreds of his victims, Ronnie Sue Ambrosino once again got a call from her mother telling her she was going to get money back. Read more in the Palm Beach Post here. Irving Picard, the bankruptcy trustee charged with recouping funds for victims of Bernard Madoff’s vast fraud, began his mission just over two years ago with the potential to emerge as a hero. Read Fox Business report here. |
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