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Join the Securities Litigation and Enforcement Group on LinkedInJustice Department Announces Total Distribution of Over $4 Billion to Victims of Madoff Ponzi Scheme | Department of Justice
The Department of Justice announced today that the Madoff Victim Fund (MVF) began its eighth distribution of approximately $372 million in funds forfeited to the U.S. government in connection with the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme. In this distribution, payments will be sent to 27,219 victims across the globe, bringing their […]
Madoff Victims Get Second Crack at Citigroup’s $343 Million – Bloomberg
Victims of Bernard Madoff will get another chance at recovering $343 million from Citigroup Inc. after a federal appeals court overturned a ruling dismissing a claim against the bank. The U.S. Court of Appeals in New York on Monday reinstated a suit against Citi by Irving Picard, the trustee charged with recovering money for Madoff’s […]
Bernie Madoff dies: Mastermind of the nation’s biggest investment fraud was 82
Bernard Madoff, mastermind of the biggest investment fraud in U.S. history, ripping off tens of thousands of clients of as much as $65 billion, died early Wednesday, The Associated Press reported. He was 82. Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes, the AP reported, citing an unidentified […]
Innocent Madoff investors must pay back profits, court rules
Investors who profited from Bernard Madoff’s massive Ponzi scheme even though they knew nothing of it must still pay back their profits, an appeals court decided Thursday. The 2nd U.S. Circuit Court of Appeals in Manhattan upheld lower-court decisions in cases filed by Irving Picard, a court-appointed trustee who has recovered money for cheated investors […]
Lead Counsel in Bernie Madoff Suit Retain $20 Million Fee Award
Lead attorneys representing plaintiffs who made claims against investment funds that were manipulated by Bernie Madoff will get $19.9 million for their services, after the Second Circuit affirmed the award as reasonable. via Lead Counsel in Bernie Madoff Suit Retain $20 Million Fee Award.
Judge Denies Bernie Madoff’s Request for Early Release – The New York Times
A federal judge says Bernard L. Madoff should die in prison. Mr. Madoff, who stole billions of dollars in history’s largest Ponzi scheme, asked for his freedom in February after he learned he has kidney disease. On Thursday, Judge Denny Chin — who had handed down Mr. Madoff’s 150-year sentence more than a decade ago […]
U.S. Supreme Court rebuffs investors’ bid to block Madoff trustee lawsuits – Reuters
The U.S. Supreme Court on Monday refused to hear a bid by major banks and companies including Koch Industries Inc to prevent a trustee chasing money for victims of imprisoned Ponzi scheme swindler Bernard Madoff from recouping funds that were transferred overseas. The justices left in place a lower court’s ruling that revived dozens of […]
Sen. Kennedy urges Barr to deny early prison release for Bernie Madoff, Alan Stanford | Fox News
Sen. John Kennedy, citing the coronavirus crisis, urged Attorney General Bill Barr on Monday to deny early prison releases for Allen Stanford, Bernie Madoff and others who have been convicted of “serious fraudulent crimes.” Kennedy, R-La., on Monday penned a letter to Barr after the attorney general last month directed the Federal Bureau of Prisons to grant […]
Prosecutors urge the judge to deny early prison release for Bernie Madoff
Bernard Madoff should not be released early from prison even if kidney disease kills him within months, prosecutors said Wednesday as they cited the scope and magnitude of his decades-long Ponzi scheme that cost thousands of investors billions of dollars. Over 500 victims had written to a Manhattan federal court judge to oppose early release […]
Bernard Madoff asks Trump to reduce prison sentence for Ponzi scheme
Notorious Ponzi schemer Bernard Madoff has filed a petition with the Justice Department asking that President Donald Trump reduce his 150-year prison sentence. Madoff, 81, currently is serving that sentence in a federal prison in Butner, North Carolina, for orchestrating the largest Ponzi scheme in history. His decades-long scam conducted while he headed Bernard L. […]