Irving Picard

Madoff: Banks and Hedge Funds Were 'Complicit'

In a jailhouse interview with the New York Times, Madoff pointed to a failure by banks and hedge funds to investigate when his filings with the Securities and Exchange Commission didn't jibe with information that they could have obtained.

Litigation Against Mark Madoff to Continue Despite Suicide

Mark Madoff may be dead, but the litigation against him isn%u2019t going away. Last week, a court-appointed trustee sued Mark Madoff along with two of his siblings, saying they had used ill-gotten gains from their father%u2019s fraud.

Madoff Trustee Files Suit Against Seven Banks for $1 Billion

Irving Picard, the trustee trying to recover money on behalf of the victims of Bernie Madoff, said he filed lawsuits against seven global banks seeking total compensation of more than $1 billion. Picard filed complaints against Citibank (C), Natixis SA, Fortis, ABN AMRO Bank, Banco Bilbao Vizcaya Argentaria, Nomura and Merrill Lynch, which is now part of Bank of America Corp. (BAC), Reuters reported.

Madoff Trustee Sues Owner of New York Mets

Irving Picard, the trustee charged with recovering assets on behalf of Bernie Madoff%u2019s victims, sued the owner of The New York Mets. The suit against Sterling Equities, a real-estate developer, was sealed as the parties are currently in negotiations, CNN said. The suit was filed in U.S. bankruptcy court in New York.

Some Madoff Victims Pursued by Trustee for Damages

Irving Picard, trustee for the victims of the Madoff fraud, has a new target - other Madoff clients. Picard has filed lawsuits against hundreds of defendants saying they profited from Madoff's giant Ponzi scheme, withdrawing more than they invested, CNN reported. He's seeking damages on behalf of those who lost money on their investments.

Madoff Associate Stanley Chais Dies at 84

On Sunday, money manager Stanley Chais died at age 84, still under investigation for his involvement with Bernard Madoff. Chais channeled large amounts of investors' money to the now-notorious Ponzi schemer, and over the years extracted more than $1 billion from Madoff's fund.

Court Appointee Pursues Madoff Investors

A court-appointed trustee charged with recovering money for the victims of Bernard Madoff is preparing a series of lawsuits to win back money from investors who gained financially from their association with Madoff. Irving Picard told The Wall Street Journal he may sue a total of about 1,000 individual investors who withdrew more money from Madoff%u2019s firm that they invested.

Judge: Some Madoff Victims Are Out of Luck

Some of Bernard Madoff's former clients got bad news on Monday after a judge decided many aren't eligible for compensation for their losses. The ruling, which seems likely to be appealed, endorsed a controversial method that would favor compensating individuals who received less money than they deposited into Madoff accounts.

Madoff Victims Struggle to Recover Money

A close associate of Bernie Madoff, awaiting his sentencing, has put his New Jersey mansion up for sale to help compensate the victims. But the judge and the trustee on the case are struggling with prosecutors to determine who gets what, and how much.

Trustee targets Madoff's sons

For months, many of Bernie Madoff victims have loudly questioned the government's refusal to target the famous schemer's family. It now seems that...