‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInAllen Stanford’s Ponzi scheme victims say they have been short-changed
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. […]
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 […]
Madoff customers’ recovery tops 75 percent with Merkin settlement | Reuters
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.
Criticism Mounts on Madoff Compensation Fund – WSJ
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 […]
Kochs and Other Madoff Investors Are Winners in Fight Over Profits Held Abroad – The New York Times
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 […]
Bernard Madoff Investors to Receive Another Payout – Bankruptcy Beat – WSJ
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 […]
The Koch Brothers Could Walk Away With Madoff Cash – Bloomberg
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 […]
Over 25,000 Madoff victims eligible for $4 billion refund | New York Post
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
The Mystery Madoff Victims Who Left $2.5 Billion on the Table – Bloomberg Business
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 […]
‘You Know What’s Cool? A Billion Dollars,’ Part III | Compliance Week
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 […]