First Class Action Filed Against Madoff and Firm in EDNY

A putative class action against Bernard Madoff and his firm was filed on Friday in the U.S. District Court for the Eastern District of New York.  Dow Jones Newswires reports that the lawsuit closely mirrors criminal charges filed by federal prosecutors and a civil complaint filed by the SEC on Thursday.

According to the article, the shareholder lawsuit claims

Bernard L. Madoff Investment Securities LLC was falsely represented to investors as “a legitimate enterprise operating as a lawful broker and dealer, when in truth and in fact BMIS was a fraudulent Ponzi scheme, which could remain solvent only by paying out interest and dividend commitments through the distribution of investor principal.”

The shareholder lawsuit reportedly names Madoff, his firm and 100 unnamed persons as defendants, and was filed by investor Irwin Kellner of Port Washington, N.Y.  Kellner alleges that he invested about $1.25 million with the firm in 1998 and another $1 million in April 2000.

Read the Dow Jones Newswires article

6 Comments

  • Jody
    Posted December 12, 2008, 6:59 pm 6:59 pm 0Likes

    And the alleged lead plaintiff, Dr. Kellner, is allegedly the Chief Economist of CBS MarketWatch, and Distinguished Scholar of Economics at Dowling College.

    But this has not been confirmed.

  • Rosalind Sabella Clark
    Posted December 14, 2008, 12:47 am 12:47 am 0Likes

    To whom IT may concern,

    I am involved in the Bernard Madoff Securities Fraud. I am a shareholder in the Mot Family
    Investors in Penngrove, CA. I invested my life’s savings in it. I was called early Friday morning
    and informed that my investments were held by Bernard Madoff. I need help to join a
    class action suit with the rest of the victims to get my money back. Can someone contact
    me, so that I may get more information?
    Thank You,

    Rosalind S. Clark

  • Rosalind Sabella Clark
    Posted December 14, 2008, 12:51 am 12:51 am 0Likes

    I am an investor in the Mot Family investors in Penngrove, CA. I invested my life’s
    savings in it. I was called Friday morning by Scott Porter and told that my money
    is tied up in the Bernard Madoff Fraud. Can someone help me to join a class action
    suit with the other investors?

    Thank You,

    Sincerely,

    Rosalind S. Clark

  • Charles Jarvis Murray
    Posted January 9, 2009, 7:49 pm 7:49 pm 0Likes

    I am an attorney looking into this matter on behalf of a San Francisco friend/client who lost everything. I have not determined that a class action is the way to proceed but I frankly do not not know yet what is the best way to proceed.
    Chas

  • richard s alper
    Posted February 2, 2009, 1:07 pm 1:07 pm 0Likes

    would like to see copy of complaint and form retainer agreement
    thanks

  • Richard Halstead
    Posted February 10, 2009, 7:38 pm 7:38 pm 0Likes

    I’m a reporter trying to reach Rosalind Clark regarding Madoff. Please call me soonest at (415) 382-7273.

Comments are closed.