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Bernard Madoff

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  • 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— Bernard Madoff's former right-hand man, who once admitted he was loyal to his boss "to a terrible, terrible fault," has died less than a month before he faced sentencing for his role in the multi-billion dollar fraud. Frank DiPascali, 58, died Thursday of lung cancer after spending his final years cooperating with investigators. DiPascali had been due to...

  • 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...

  • 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...

  • In new emails, Madoff defends his dead sons Friday, 23 Jan 2015 | 3:42 PM ET
    Bernard Madoff walks out of federal court after a bail hearing in New York on Jan. 5, 2009.

    Bernard Madoff is insisting he acted alone in his epic fraud, according to new emails from the convicted Ponzi scammer.

  • Madoff defends dead sons   Friday, 23 Jan 2015 | 1:34 PM ET
    Madoff defends dead sons

    Bernie Madoff has responded to trustee representing fraud victims and defends his dead sons, Mark and Andrew, reports CNBC's Scott Cohn.

  • 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...