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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 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.
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 […]
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. 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 […]
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 […]
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. […]
Bernie Madoff’s wife Ruth will pay victims of her swindler husband $594,000 after a federal judge approved the settlement with a court-appointed trustee who’s liquidating the fraudster’s assets and raising money for those he deceived. U.S. Bankruptcy Judge Stuart Bernstein in Manhattan authorized the settlement on Tuesday ending a decade-old lawsuit. The accord calls for the […]
Few people outside of Wall Street had heard of Bernard Madoff before he confessed to his epic fraud in 2008. In the decade since, he has become the personification of greed — and a household name. Madoff and his inner circle have been featured in books, movies, even an off-Broadway play. Here is what has […]
Ten years ago, Bernard Madoff’s multibillion-dollar Ponzi scheme, the biggest fraud in U.S. history, shocked the financial world. It soon emerged that a forensic accountant, Harry Markopolos, had been alerting regulators for years to Mr. Madoff’s fraud, but no one had listened. At Mr. Markopolos’s urging, the Securities and Exchange Commission created a cash-for-tips program, […]