Daily Archives: March 27, 2009, 11:59 pm

Securities Docket News Wire for March 27, 2009

Web Watch: Best Blog Posts and Columns For the Week Ending Mar. 27. http://is.gd/pjVH # Executive Gets 30 Year Sentence in $1.9 Billion Fraud Case. http://is.gd/pjuU # Insurance Losses from Madoff Scheme May Approach $2 Billion. http://is.gd/piTf # SIPC President Says $2.6 Billion Will Cover all Legitimate Madoff Claims; Victims Disagree With Formula Used. http://is.gd/pizJ # UK’s FSA Obtains First-Ever…

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Thank You to Our Sponsors

Thank you to Securities Docket website sponsors Citizens Bank, Administar Services Group LLC, Alvarez & Marsal and BDO Consulting. Interested in becoming a Securities Docket sponsor? Click here. Citizens Bank is the only bank in the country with a specialized group for class action and regulatory settlements, serving law firms, regulators and claims administrators. Administar Services Group LLC, a Computershare…

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The Bernard Madoff Trading Card

The Topps Company, known for decades for its baseball cards, will be issuing a series of 2009 trading cards this summer featuring the “world’s biggest hoaxes, hoodwinks and bamboozles.”  Among those featured in this set will be Bernard Madoff, Charles Ponzi, The Runaway Bride, and Enron.  According to Topps, “these cards feature 20 perpetrators of some of the most notorious…

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Insurance Losses from Madoff Scheme May Approach $2 Billion

Aon Benfield has developed a $1.8 billion best estimate of direct insurance losses that could be paid out on behalf of asset management firms, banks and other firms being sued as a result of the Madoff scandal.  Stephen Mildenhall, head of Aon Benfield’s Actuarial and Enterprise Risk Management practice, stated at the Professional Liability Underwriting Society’s D&O Symposium late last…

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SIPC President Says $2.6 Billion Will Cover all Legitimate Madoff Claims; Victims Disagree With Formula Used

Stephen Harbeck, president of the Securities Investor Protection Corp., has now stated that the $2.6 billion SIPC has on hand is enough to satisfy all legitimate claims by victims of Bernard Madoff’s Ponzi scheme. Bloomberg reports that Harbeck’s position is based on a formula with which Madoff investors take great issue. SIPC’s decision, first announced by trustee Irving Picard at…

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UK’s FSA Obtains First-Ever Criminal Convictions for Insider Trading

In the UK, Christopher McQuoid, former general counsel of TTP Communications, and his father-in-law, James Melbourne, were both found guilty on one count of insider dealing by the Southwark Crown Court.  The case marks the first criminal conviction for insider trading ever obtained by the UK’s Financial Services Authority (FSA), the Times Online reports. The court found that McQuoid passed…

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UK’s SFO Believes Madoff’s UK Operations Played Significant Role in Scheme

The U.K.’s Serious Fraud Office, which is investigating the Bernard Madoff Ponzi scheme, reportedly believes that Madoff’s U.K. operations “played a significant role in the operation” of  Madoff’s scheme.  The WSJ reports that the SFO expects to start filing charges within months. The SFO also indicated that Madoff’s wife, Ruth Madoff, received two million dollars from Mr. Madoff’s U.K. business…

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John Wood Joins Hughes Hubbard & Reed in D.C.

Former U.S. attorney John Wood has joined law firm Hughes Hubbard & Reed as a partner in the firm’s Washington, D.C. office. The firm announced that Wood has joined its White-Collar Criminal and International Anti-Corruption Practices. For the past two years, Mr. Wood has served as the U.S. Attorney for the Western District of Missouri. Previously, Mr. Wood was the…

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Sweden: Prosecutors Allege Largest Insider Trading Scandal in Swedish History

In Sweden, charges were filed on Friday against six men in what is believed to be the largest insider trading scandal in Swedish history. The Local reports that the six men are alleged to have made profits of approximately 130 million kronor ($16.3 million) through illegal insider trading. Prosecutor Stig Åström of the Swedish Economic Crime Authority (Ekobrottsmyndigheten – EBM)…

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