The U.S. Marshals Service announced the sale of Peter Madoff's mansion for $3.5 million. USA Today reports.» Read More
One pro says the hedge fund industry has put in safeguards to make sure the next crisis is nowhere near as bad as the last.
NEW YORK, Nov 18- The trustee recovering money for Bernard Madoff's victims on Tuesday announced two agreements to recoup more than $145 million, boosting the total amount raised to nearly $10.5 billion. Irving Picard, the trustee, said he reached a $95 million settlement subject to court approval with Senator Fund SPC, a Cayman Islands "feeder fund" that had...
The SEC announced the increase in its Nov. 17 annual report, which tracks the success of the whistleblower program and how much it pays out each year in awards. It authorized awards for nine whistleblowers, including a record payout of more than $30 million to a whistleblower overseas who had helped alert the SEC to what it described as an ongoing fraud.
NEW YORK, Nov 17- Former customers of Bernard Madoff may soon recover an additional $496.8 million as a result of a settlement with two "feeder funds" that was announced on Monday by the trustee liquidating the swindler's firm. The settlement, with the Herald Fund SPC and Primeo Fund, both based in the Cayman Islands, is one of the largest obtained by the trustee,...
The court-appointed trustee rounding up funds for victims of the Madoff Ponzi scheme says the total recovered now tops $10 billion.
Mendez will face intense scrutiny in the U.S. Senate, where many lawmakers are pressing the SIPC to be more sympathetic to investors. SIPC has come under fire by lawmakers from both parties, after the organization declined to launch a court proceeding to help the victims of Allen Stanford's $7 billion Ponzi scheme try to recover some of their losses.
The Securities Investor Protection Corp said it is aware of two websites that it believes are falsely claiming to help protect U.S. and non-U.S. brokerage customers, whether by posing as SIPC or claiming its powers. SIPC said such "phishing" scams involve con artists who trick people into paying up-front fees, providing access to. "It seems to come and go in waves,"...
The agency's approval, published in the Federal Register on Wednesday, ends years of controversy about the proposal, which was sparked by multibillion-dollar Ponzi schemes orchestrated by Bernard Madoff and R. Allen Stanford. Wall Street's industry-funded watchdog, the Financial Industry Regulatory Authority, had been pushing to put the so-called "...
NEW YORK, Oct 9- A U.S. appeals court ruling on Thursday revived a lawsuit against JPMorgan Chase& Co filed by a former vice president claiming the bank ignored red flags about a client's potential fraud, even after the massive Ponzi scheme operated by Bernard Madoff, another JPMorgan client, was exposed. JPMorgan has rejected Sharkey's allegations and a bank...
NEW YORK, Oct 8- George Perez, a former computer programmer for Bernard Madoff who was convicted in March of aiding his boss' massive Ponzi scheme, got support from a noteworthy source this week: Madoff himself. In an email filed in Manhattan federal court by Perez's defense lawyers, Madoff described a meeting in which he said he told Perez and another programmer,...
Bernard Madoff's son was under investigation for involvement in his father's Ponzi scheme until the day he died from cancer earlier this month.
NEW YORK, Sept 22- A federal judge rejected Westgate Capital Management LLC founder James Nicholson's request to shorten his 40- year prison term for running a $140 million Ponzi scheme at his hedge fund firm, likening it to the much larger fraud run by Bernard Madoff.
For victims of Bernie Madoff's epic Ponzi scheme, Andrew Madoff's death could add new wrinkles to efforts to recover billions in losses.
CNBC special correspondent Scott Cohn reports on the death of Bernie Madoff's only surviving son, Andrew, and what it means for the ongoing legal battle over his father's Ponzi scheme.
Bernard Madoff's younger son Andrew died on Wednesday morning at age 48 of mantle cell lymphoma.
Bernard Madoff's son Andrew has died at age 48 of lymphoma. CNBC's David Faber reports.
In a setback for the trustee seeking money for the former customers of Bernard Madoff, an appeals court refused to void two settlements.
A U.S. court ruled that victims of Allen Stanford's Ponzi scheme are not eligible under federal law to file claims seeking compensation.
Bernard Madoff's son, Andrew Madoff, responds to new allegations from trustee Irving Picard that he knew of his father's fraud. CNBC's Scott Cohn reports the details.
New allegations say that Bernie Madoff's sons knew much more about their father's Ponzi scheme than they originally claimed.