madoff

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.

Mini-Madoff Arthur Nadel Gets 168 Months in Jail

Hedge fund manager Arthur Nadel, dubbed the "mini-Madoff", was sentenced to 168 months in jail after being found guilty of embezzling millions of dollars in a Ponzi scheme. The sentence is one month in jail for every $1 million he embezzled.

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 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.

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.

Feds Seek Millions From Madoff Employee

The U.S. Attorney's office filed suit to reclaim more millions for victims of Bernard Madoff, this time seeking some $5.1 million in assets from Annette Bongiorno, an employee of Madoff for some 40 years, and her husband. The assets include over $2 million in cash plus titles to homes in New York and Florida, a Bentley, and two Mercedes.

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.

Legal Briefing: BoNY Unit Charged With Knowing Silence on Madoff

New York's Attorney General has sued Bank of New York Mellon's Ivy Asset Management unit for keeping its clients' money with Ponzi-scheme operator Bernie Madoff -- even though it knew it was a scam. The investment adviser was earning big fees from Madoff.

Fraud Files: Can the SEC Beat Goldman? Remember Madoff

The depths of SEC incompetence are masterfully exposed in "No One Would Listen: A True Financial Thriller," the new book by Bernie Madoff whistleblower Harry Markopolos. How inept was the agency? Read on, and learn why Goldman Sachs shouldn't be too worried about its future.

With Madoff, There Were Plenty of Red Flags

As Whistleblower Harry Markopolos's new book reveals, there were many red flags when it came to Bernie Madoff's investment firm. Among them were its unbelievably consistent and high returns and the fact that investors couldn't tell anybody about their investment. Why didn't anyone but Markopolos see them?

Gossip: Madoff Beaten, or Just Exhausted?

Bernie Madoff may or may not have been beaten by another inmate, and two of his former employees may be joining him in prison. As the Wall Street Journal continues to breathlessly report on the Ponzi King, the real news may be that the stolid newspaper is becoming a gossip rag to the Street.

Madoff No More: Daughter-in-Law Seeks Name Change

Stephanie Madoff doesn't want her children to have to live with the embarrassment and risk of carrying her father-in-law's tarnished surname: She has filed papers in Manhattan Supreme Court to change her last name, and that of her two children, to Morgan.

Koss Corp: Anatomy of an Alleged Fraud

How does the alleged $31 million fraud at Koss Corp., a company with sales of no more than $45 million, go undetected for years? Blame management. It gave the employee charged with misappropriating funds far too much autonomy. And it never told auditors to do more than just the required audit.