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Bernard Madoff

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  • Stanford's victims accused the SEC of negligence for having waited until 2009 to uncover the Ponzi scheme, despite having had evidence of it as early as 1997.. But the court said the SEC had discretion to decide how to enforce securities laws, and could not be liable for certain misrepresentations. Victims claimed that the SEC thought Stanford's business was a...

  • NEW YORK, March 23- The trustee recovering money for Bernard Madoff's victims on Monday announced a settlement to recoup $93 million from a "feeder fund" that sent client money to the swindler's firm, boosting the total sum raised to roughly $10.65 billion. Irving Picard, the trustee, said the settlement calls for the Defender Ltd feeder fund to receive a $522.8...

  • NEW YORK— It was bad enough that New York's most famous prosecutor, Preet Bharara, lost in the sweepstakes to become the next U.S. attorney general nominee to a fellow federal prosecutor from his own city. Could it be a dimming of the star prosecutor who once made the cover of Time magazine, who has been widely praised for his tough talk about insider trading on Wall...

  • NEW YORK, Feb 20- Victims of Bernard Madoff's massive fraud are not entitled to inflation or interest adjustments on their claims, a federal appeals court ruled on Friday, in a decision that could speed the return of more than $1 billion to the swindler's former customers. Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC, said he...

  • ST. LOUIS/ WASHINGTON, Feb 12- Clashes over strategy within JPMorgan Chase& Co's compliance operations have led to the departure of a series of managers in the past year, according to three of those who have left. The moves are being watched closely by the rest of Wall Street and could be adopted more widely if JPMorgan is successful in keeping compliance costs under...

  • Payout to Madoff victims tops $7.2 bln Monday, 9 Feb 2015 | 11:59 AM ET

    NEW YORK, Feb 9- The trustee liquidating Bernard Madoff's firm on Monday said he is distributing another $355.8 million to the swindler's victims, bringing the total payout to more than $7.2 billion. Irving Picard, the trustee, said the payout began on Feb. 6, and covers claims by fraud victims with 1,077 accounts at the former Bernard L. Madoff Investment...

  • NEW YORK, Jan 14- After more than five years and 15 convictions, the U.S. government's criminal investigation of Bernard Madoff's colossal Ponzi scheme may finally be coming to an end. In court filings on Tuesday and Wednesday, prosecutors in New York asked judges to schedule sentencing dates for key witnesses who pleaded guilty and agreed to help investigators,...

  • Jan 14- A former top executive of Steven Cohen's SAC Capital Advisors LP is close to launching a roughly $1 billion hedge fund in March, the Wall Street Journal reported. Solomon "Sol" Kumin, who was SAC's chief operating officer until January last year, has raised about $1 billion for his Folger Hill Asset Management LLC, the Journal said, citing a person familiar...

  • NEW YORK, Jan 12- Two federal prosecutors who have led several high-profile fraud cases, including the government's criminal investigation of Bernard Madoff, are leaving the U.S. Justice Department to join prominent law firm Boies, Schiller& Flexner, according to an announcement Reuters reviewed before its public release. Matthew Schwartz and John Zach, who...

  • NEW YORK, Jan 12- Two federal prosecutors who have led several high-profile fraud cases, including the government's criminal investigation of Bernard Madoff, are leaving the U.S. Justice Department to join prominent law firm Boies, Schiller& Flexner, according to an announcement Reuters reviewed before its public release. Matthew Schwartz and John Zach, who...

  • NEW YORK, Dec 22- Victims of Bernard Madoff's massive Ponzi scheme will get a fresh $322 million payout if a U.S. judge approves the request by the trustee liquidating the convicted fraudster's firm, bringing the recovery total to more than $7 billion. The trustee, Irving Picard, said on Monday he would seek permission from a U.S. bankruptcy judge in New York to begin...

  • NEW YORK, Dec 15- A former manager at Bernard Madoff's firm was sentenced to six years in prison on Monday for helping her now imprisoned boss carry out his multibillion dollar Ponzi scheme. JoAnn Crupi, 53, was the last of five former Madoff employees to be sentenced after a Manhattan federal jury found them guilty in March in the first criminal trial over...

  • JOANN CRUPI, A FORMER MANAGER AT BERNARD MADOFF'S FIRM, IS SENTENCED TO SIX YEARS IN PRISON--COURT HEARING.

  • NEW YORK, Dec 10- A former computer programmer for Bernard Madoff was sentenced to 2-1/ 2 years in prison on Wednesday for helping the imprisoned fraudster carry out his multibillion dollar Ponzi scheme. The sentencing of George Perez, who worked at Madoff's firm from 1991 until its collapse in 2008, came nine months after a Manhattan federal jury found him...

  • NEW YORK, Dec 9- A former manager and a former computer programmer at Bernard Madoff's firm were sentenced to prison on Tuesday for helping the convicted fraudster run a multi-billion dollar Ponzi scheme. The judge also ordered Bongiorno and O'Hara to forfeit a symbolic $155 billion and $19.7 billion, respectively, jointly with other defendants who worked at...

  • Annette Bongiorno, who worked for Madoff from the 1960 s until the firm's collapse in 2008, was the second of five former employees to be sentenced after being convicted in March of securities fraud, conspiracy and other charges in a Manhattan federal court. District Judge Laura Taylor Swain also ordered Bongiorno, 66, to forfeit $155 billion, a symbolic amount...

  • Longtime Madoff aide Bongiorno gets 6 years in prison Tuesday, 9 Dec 2014 | 12:16 PM ET

    Annette Bongiorno, who worked for Madoff since the 1960 s, was the second of five former employees to be sentenced, following their convictions in March by a Manhattan federal jury of securities fraud, conspiracy and other charges.

  • NEW YORK, Dec 8- Bernard Madoff's former back office director was sentenced to 10 years in prison on Monday for helping the convicted fraudster conceal his massive Ponzi scheme for decades. District Judge Laura Taylor Swain also ordered Bonventre to forfeit more than $155 billion, a symbolic sum for which he would and the other defendants who worked at Bernard L....

  • NEW YORK, Dec 8- Bernard Madoff's former back office director was sentenced to 10 years in prison on Monday for helping the convicted fraudster conceal his massive Ponzi scheme for decades.

  • UPDATE 1-Madoff trustee loses appeal on clawbacks Monday, 8 Dec 2014 | 11:17 AM ET

    The 2nd U.S. Circuit Court of Appeals in New York on Monday said federal bankruptcy law did not let the trustee Irving Picard recoup a variety of securities-related payments that Bernard L. Madoff Investment Securities LLC made to customers before it collapsed on Dec. 11, 2008. "Permitting the clawback of millions, if not billions, of dollars from BLMIS clients-...