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Bernard Madoff

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  • Madoff trustee to recoup $35.4 mln from Merkin funds Monday, 1 Jun 2015 | 11:28 AM ET

    NEW YORK, June 1- The trustee seeking money for Bernard Madoff's victims will receive $35.4 million in a settlement with two funds once run by Wall Street hedge fund manager J. Ezra Merkin. According to settlement papers filed late Friday with the U.S. bankruptcy court in Manhattan, the payment will be made by the Ariel Fund Ltd and Gabriel Capital LP feeder funds,...

  • Thousands more Madoff victims may get payouts Friday, 29 May 2015 | 6:36 PM ET

    NEW YORK, May 29- Roughly 11,000 additional victims of Bernard Madoff's Ponzi scheme may recover some of their losses, and the number could double as an official overseeing a $4.05 billion compensation fund set up by the U.S. government reviews more claims. In an update this week, the Madoff Victim Fund's special master, Richard Breeden, said he would recommend...

  • NEW YORK, May 28- A former outside auditor and a former human resources employee of Bernard Madoff's firm avoided prison on Thursday, after cooperating with authorities investigating the now-imprisoned swindler's multibillion-dollar Ponzi scheme. District Judge Laura Taylor Swain in New York to a year of home confinement, and to pay his share of a symbolic...

  • Madoff accountant sentenced to home detention Thursday, 28 May 2015 | 2:22 PM ET

    NEW YORK— A former accountant who certified fake financial records hiding Bernard Madoff's epic Ponzi scheme was sentenced on Thursday to one year of home confinement, becoming the latest defendant to avoid prison by cooperating in the case. David Friehling had agreed to cooperate almost immediately after the financial fraud— one of the largest in U.S....

  • Ex-Madoff auditor sentenced to home confinement Thursday, 28 May 2015 | 1:50 PM ET

    NEW YORK, May 28- The former outside auditor for Bernard Madoff's firm was sentenced on Thursday to a year of home confinement, avoiding prison after cooperating with U.S. authorities investigating Madoff's multibillion-dollar Ponzi scheme. District Judge Laura Taylor Swain in New York also ordered David Friehling to pay his share of a $130 billion joint...

  • NEW YORK— A longtime trader for Bernard Madoff's firm was sentenced Wednesday to 10 months of home confinement after his testimony helped convict five former co-workers for their roles in history's largest Ponzi scheme. District Judge Laura Taylor Swain in Manhattan announced his penalty. She also ordered him to perform 200 hours of community service and...

  • District Judge Laura Taylor Swain in New York. A week ago, two other former Madoff employees who helped U.S. prosecutors, Enrica Cotellessa-Pitz and Eric Lipkin, also avoided prison time before the same judge. Kugel, the first government witness to testify in 2013 at the trial of five former Madoff employees, described how he provided historical market data...

  • NEW YORK— A second-generation employee of Bernard Madoff who was one of the earliest government cooperators after the massive Ponzi scheme was revealed was sentenced Wednesday to nine months of home detention. Eric Lipkin, who said he "cannot apologize enough" for his crimes and its impact on thousands of investors, was sentenced in Manhattan by U.S.

  • Ex-Madoff employee turned cooperator gets home detention Wednesday, 20 May 2015 | 2:30 PM ET

    NEW YORK, May 20- A former employee of Bernard Madoff was sentenced to nine months of home detention but no prison time on Wednesday for falsifying documents and other crimes, in light of his extensive cooperation with U.S. authorities investigating Madoff's multibillion-dollar Ponzi scheme. Eric Lipkin was sentenced by U.S. District Judge Laura Taylor Swain...

  • NEW YORK— Imprisoned Wall Street swindler Bernard Madoff's former controller won't have to go to prison after a prosecutor praised her Tuesday for helping them successfully convict others in his multibillion-dollar fraud. Enrica Cotellessa-Pitz, 56, was sentenced to time served by U.S. The judge said she believed Cotellessa-Pitz was genuinely...

  • NEW YORK, May 19- The former controller for convicted fraudster Bernard Madoff's investment firm was sentenced to no prison time on Tuesday, as a U.S. judge praised her "extraordinary" assistance to authorities investigating Madoff's massive Ponzi scheme. District Judge Laura Taylor Swain imposed the sentence on Tuesday in federal court in New York, citing her "...

  • A handful of banks will likely resolve forex-rigging investigations by the U.S. Justice Department as soon as this week: JPMorgan Chase& Co Citigroup, British banks Royal Bank of Scotland and Barclays and Swiss bank UBS. Spokespeople for Citi, JPMorgan, RBS, UBS, and Barclays all declined to comment. If parent companies of U.S.-based JPMorgan and Citigroup plead...

  • NEW YORK, April 15- The trustee recouping money for victims of Bernard Madoff's Ponzi scheme on Wednesday sought court approval to release $1.25 billion from legal reserves, potentially boosting the total payout to $8.22 billion. Irving Picard, the trustee, said the request was made possible after a federal appeals court in New York ruled on Feb. 20 that victims...

  • WASHINGTON, April 1- A Florida jury handed the U.S. Securities and Exchange Commission a major victory on Wednesday, after it found an investment manager tied to the Rothstein Ponzi scheme liable for fraud. The verdict comes nearly three years after the SEC charged George Levin with defrauding investors through a feeder fund that funneled money to attorney and...

  • 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...

  • What state passed a white-collar felon registry? Thursday, 12 Mar 2015 | 10:17 AM ET
    Utah's Attorney General, Sean Reyes

    This state approved a measure to build the nation's first white-collar offender registry for financial felons. The NYT reports.

  • 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...