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Browse: Home / Trustees

Trustees

Allen Stanford’s Ponzi scheme victims say they have been short-changed

By Securities Docket on February 20, 2019, 3:02 pm

Ten years after the second biggest investor fraud in U.S. history, victims of the $8 billion Ponzi scheme run by disgraced financier R. Allen Stanford have recovered practically nothing, court records show. That’s in stark contrast to the substantial recoveries on behalf of victims of the Bernard Madoff scam, which became public two months earlier. […]

Posted in Industry, SEC, Top | Tagged Stanford, Trustees

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

By Securities Docket on December 10, 2018, 8:11 am

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 […]

Posted in Criminal, Industry, Top | Tagged Madoff, Trustees

Madoff customers’ recovery tops 75 percent with Merkin settlement | Reuters

By Securities Docket on June 13, 2018, 3:29 pm

The court-appointed trustee liquidating Bernard Madoff’s firm on Wednesday announced a $280 million settlement with one of the swindler’s earliest investors, enabling customers to recoup more than 75 percent of the principal they lost. via Madoff customers’ recovery tops 75 percent with Merkin settlement | Reuters.

Posted in Criminal, Top | Tagged Madoff, Trustees

Criticism Mounts on Madoff Compensation Fund – WSJ

By Securities Docket on June 24, 2017, 7:56 pm

The Justice Department is coming under criticism over a $4 billion compensation fund for Bernard Madoff’s victims that hasn’t handed out a cent four years after its creation. In a Justice Department budget hearing this week, Deputy Attorney General Rod Rosenstein told a congressional panel he would “figure out why it’s taking so long” for […]

Posted in Industry, Top | Tagged Madoff, Trustees

Kochs and Other Madoff Investors Are Winners in Fight Over Profits Held Abroad – The New York Times

By Securities Docket on November 23, 2016, 9:56 am

The company led by the American billionaire Koch brothers, along with dozens of banks and fund managers, kept billions of dollars in profit from Bernard L. Madoff’s Ponzi scheme in accounts offshore. As it turns out, that was a good decision. Koch Industries and others who invested in the Madoff fund from offshore accounts won […]

Posted in Criminal, Industry, SEC, Top | Tagged Bernard Madoff, Trustees

Bernard Madoff Investors to Receive Another Payout – Bankruptcy Beat – WSJ

By Securities Docket on June 17, 2016, 8:54 am

Bernard Madoff’s cheated investors will receive another multimillion-dollar payout, bringing their total recoveries since the collapse of his Ponzi scheme to nearly $9.5 billion. Judge Stuart M. Bernstein of the U.S. Bankruptcy Court in Manhattan on Wednesday authorized the seventh payout to investors in Bernard L. Madoff Investment Securities LLC, court papers show. via Bernard Madoff Investors […]

Posted in Criminal, Industry, Top | Tagged Madoff, Trustees

The Koch Brothers Could Walk Away With Madoff Cash – Bloomberg

By Securities Docket on June 3, 2016, 9:51 am

Koch Industries Inc. invested an unknown sum with the con man’s now-defunct securities firm years ago, and walked away with $21.5 million in profits before Madoff’s arrest in 2008. But since 2012 the company run by the conservative-activist brothers, worth today a combined $109 billion, has refused legal demands to return the money. via The […]

Posted in Criminal, Top | Tagged Madoff, Trustees

Over 25,000 Madoff victims eligible for $4 billion refund | New York Post

By Securities Docket on May 23, 2016, 8:45 am

The overseer of a $4 billion U.S. Department of Justice fund for victims of Bernard Madoff’s Ponzi scheme said he expected to recommend payouts for at least 25,280 claimants with nearly $4 billion in fraud losses. via Over 25,000 Madoff victims eligible for $4 billion refund | New York Post

Posted in Criminal, Industry, Top | Tagged Trustees

The Mystery Madoff Victims Who Left $2.5 Billion on the Table – Bloomberg Business

By Securities Docket on March 4, 2016, 11:44 am

Ever since Bernie Madoff’s Ponzi scheme collapsed in 2008, it’s been much-rumored that investors included tax dodgers shielding money from the IRS, drug dealers who laundered proceeds through the con man and wealthy moguls hiding assets from ex-spouses. After all, the scheme wiped out $20 billion of investors’ money, but the victims’ claims for repayment […]

Posted in Criminal, Industry, Top | Tagged Trustees

‘You Know What’s Cool? A Billion Dollars,’ Part III | Compliance Week

By Securities Docket on October 20, 2015, 1:10 pm

Yes, the Madoff trustee’s legal and professional fees have passed the $1 billion mark, but with the release today of more good news for Madoff victims, the trustee says that this $1 billion (and counting!) is a “very good return on an investment.” via ‘You Know What’s Cool? A Billion Dollars,’ Part III | Compliance […]

Posted in Criminal, SEC, Top | Tagged Bernard Madoff, Trustees

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