A couple who suffered financially because of New York finance manager Bernie Madoff’s massive Ponzi scheme weren’t close enough to the scheme to claim part of their $17.5 million in losses on their tax returns, the Second Circuit said. The US Court of Appeals for the Second Circuit affirmed a Tax Court ruling against Christopher and Silvana Pascucci, who invested…
HSBC said on Monday that it will recognize a provision of $1.1 billion in its third quarter results following a court ruling in Luxembourg related to the Bernard Madoff investment fraud case. Herald Fund SPC sued HSBC’s Luxembourg unit in 2009, claiming restitution of securities and cash it said were lost in the fraud. The court denied HSBC unit’s appeal…
The hard-charging trustee of Bernie Madoff’s estate is pushing a New York City power couple to break up their super-sized Manhattan apartment — and sell two-thirds of its square footage to compensate the late Ponzi schemer’s victims, The Post has learned. Irving Picard — the attorney who has clawed back nearly $15 billion for Madoff customers burned in the fund’s…
Former customers of the late Ponzi schemer Bernard Madoff will recoup $498.3 million under a settlement on Wednesday with the liquidators of two Luxembourg funds, boosting their recovery to about $15.26 billion. The Luxembourg Investment Fund and Luxembourg Investment Fund U.S. Equity Plus had invested exclusively with Bernard L. Madoff Investment Securities for three years before Madoff’s firm collapsed in…
The 10th and final distribution from a fund for victims of the late Ponzi scheme king Bernie Madoff began Monday, the Department of Justice said. The last disbursement, of more than $131 million, is being sent to more than 23,000 victims worldwide. When it is completed, more than $4.3 billion will have been distributed by the fund to more than…
At the end of the day, while the Aunt Adeles of the world should have done some due diligence, her consistent 14-15% annual returns were nothing compared to Bernie’s oldest and “special” customers. They routinely enjoyed a whopping 30-50% on their money. Many would even receive Christmas or Hanukkah gelt in their accounts in the form of phantom trades. [DiPascali…
We don’t yet have “Madoff: The Musical,” but years after his 2021 death from kidney disease in a federal prison hospital, Bernie the Ponzi-scheming potentate keeps yielding cultural dividends. An experimental film shown at Lincoln Center. A Netflix documentary series, “The Monster of Wall Street.” And now, adding to a fat stack that includes a coloring book and an exposé…
The fund for victims of Bernie Madoff’s historic Ponzi scheme has begun its ninth payout, distributing about $159 million in government-seized funds to nearly 25,000 people worldwide, the Department of Justice said Monday. The announcement, made 15 years after Madoff’s arrest — and more than two years after his death in prison — underscored the continuing impact of Madoff’s nearly…
Four universities in Israel successfully defeated a New York bankruptcy court lawsuit brought by the trustee for Bernie Madoff’s defunct investment firm but still face claims abroad over their receipt of roughly $50 million in funds derived from Madoff’s Ponzi scheme. Judge Cecelia Morris of the US Bankruptcy Court for the Southern District of New York ruled that trustee Irving…
Ponzi schemes inevitably fail. Madoff must have realized this; did he feel like he was just in too deep? His legitimate business was making money on commissions, which they earn whether the market was up or down. But at the very beginning of his career, as a sideline he invested some customers money, originally like 20 people. And he lost…