Tag: Madoff

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 lawsuits filed by Irving Picard,…

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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 early release to certain non-violent…

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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 for the 81-year-old Madoff from…

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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. Madoff Investment Securities swindled thousands…

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Bernie Madoff’s wife will pay her husband’s victims $594,000 after a judge approved the settlement | Daily Mail Online

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 former socialite, 78, who was…

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Bernie Madoff’s Legacy: Whistleblower Inc. – WSJ

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, designed to encourage reports of…

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Madoff’s Victims Are Close to Getting Their $19 Billion Back

While no one will ever collect the phantom profits Madoff pretended he was earning, the cash deposits by his clients have been the primary objective for Irving Picard, a New York lawyer overseeing liquidation of Madoff’s firm in bankruptcy court. So far he’s recovered $13.3 billion—about 70 percent of approved claims—by suing those who profited from the scheme, knowingly or…

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