A group of 700 investors is arguing that customers of convicted ex-financier Bernard Madoff should be entitled to recoveries from the Securities Investor Protection Corp. even if they collected more from the fraudulent schemes than they invested.
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.
In an attempt to recover more than $30 million from Bernie Madoff's family and the family businesses, a court appointed trustee filed three new lawsuits in the U.S. Bankruptcy Court in Manhattan on Thursday,
Trustee Irving Picard, 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.
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.
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.
As whistleblower Harry Markopolos's new book reveals, there were many warning signs 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 all the red flags?
Bernie Madoff may or may not have been beaten in prison, and two of his former employees may be joining him there. 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.
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.
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.
