MadoffPonziScheme

Hedge Fund Manager to Pay $405 Million to Madoff Victims

A settlement announced Sunday will bring $405 million to the clients of hedge fund manager J. Ezra Merkin who were victims of Bernard Madoff's Ponzi scheme. They include a host of charitable organizations; most will receive more than 40% of of their losses back.

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 Trustee Sues HSBC for $9 Billion

Irving Picard, the trustee seeking money for victims of the Bernie Madoff scam, is suing HSBC Holdings (HBC) and feeder funds for at least $9 billion. Picard said that HSBC and a network of funds in Europe, the Caribbean and Central America sent Madoff more than $8.9 billion in business while ignoring indications that he was engaged in fraud, The Wall Street Journal reported.

Madoff Trustee Sues UBS for $2 Billion

The trustee representing investors cheated by Bernie Madoff sued Swiss bank UBS (UBS) for $2 billion. The suit alleges that UBS collaborated with Madoff%u2019s Ponzi scheme, The Associated Press reported. The suit alleges 23 counts of financial fraud and misconduct by UBS and related entities and individuals and seeks to recover $2 billion for Madoff's victims.

Two More Arrested in Madoff Ponzi Scheme

Annette Bongiorno and Joann "Jodi" Crupi, both long-term employees at Bernard L. Madoff Investment Securities, were arrested Thursday and charged with multiple counts of conspiracy, securities fraud, falsifying documents and tax evasion.

Bernie Madoff's Personal Items Go on Sale

The public will have the chance to buy a personal piece of crime history as some of Bernie Madoff's intimate possessions go on sale. Auctioneers are offering items including Madoff%u2019s bed linens, Rod Stewart CDs and cuticle scissors, The Wall Street Journal reported.

Madoff Trustee Spent $26.9 Million, Recovered $849,000

The trustee in charge of the bankruptcy of Bernie Madoff%u2019s investment firm spent $26.9 million in the six months ended Sept. 30. In that time, it has recovered $849,000 for the victims of Madoff%u2019s Ponzi scheme. The single largest expense for the period was $15.8 million in legal fees to trustee Irving Picard%u2019s law firm, Baker Hostetler, Bloomberg News reported.

Bernie Madoff's Prized Possessions Up For Auction

Bidders will have the chance to dip into the lifestyle of convicted Ponzi schemer Bernie Madoff, when a collection of his prized possessions are put up for sale. Among the goods to go under the hammer are a Steinway & Sons grand piano, a woman%u2019s ring with a 10.54-carat diamond and a miniature bronze bull, USA Today reported.

Madoff Investor Group Appeals to Recoup

A group of 700 investors is arguing that Bernard Madoff%u2019s customers should be entitled to recoveries from the Securities Investor Protection Corp. even if they collected more from the fraudulent schemes than they invested. The investors%u2019 lawyer, Helen Chaitman, is arguing that the investors had no knowledge of the fraud, and asking that a bankruptcy judge%u2019s decision that bars them from collecting SIPC money be reversed, Bloomberg News reported.

Madoff Tells Fellow Inmates He Has '$9 Billion Stash'

Bernie Maddoff has reportedly been bragging to his fellow inmates that he has "stashed" $9 billion with three close friends. While the claim could be true, it could also just be one more attempt by the Ponzi schemer to boost his street cred in prison.