July 30, 2009 |
The trustee overseeing the liquidation of Bernard L. Madoff's assets has sued the disgraced money manager's wife, asking for nearly $45 million that he says was spent on "a life of splendor." The trustee, Irving H. Picard, spelled out his claims in a lawsuit against Ruth Madoff in U.S. Bankruptcy Court in Manhattan. Ruth Madoff several weeks ago moved out of a $7-million Manhattan penthouse where she and her husband had lived during their 49-year marriage. Her lawyer, Peter Chavkin, said in a statement that Picard's action was "wrong as a matter of law and fairness."
May 7, 2012 |
The trustee representing victims of Bernard Madoff's Ponzi scheme is now seeking $255.3 million from the investment advisor's family. Irving H. Picard is expanding an existing lawsuit to also include three of Madoff's sons' spouses. The suit claims that the women should have been aware of and reported Madoff's fraud, which bilked investors of $20 billion. The suit, which in November sought $226.4 million from relatives working at Bernard L. Madoff Investment Securities, was amended on Friday in U.S. bankruptcy court in Manhattan.
September 29, 2010
At the time of his death, former Beverly Hills money manager Stanley Chais was facing several civil lawsuits related to his financial investments with Bernard L. Madoff. He also was under criminal investigation by the U.S. attorney's office in New York. No criminal charges were filed. The civil lawsuits pending include: Picard lawsuit: Irving H. Picard, trustee overseeing the liquidation of Madoff's assets, sued Chais, his wife, Pamela, and several family members in Manhattan Bankruptcy Court in May 2009, seeking to recover hundreds of millions of dollars Picard said were ill-gotten profits from Madoff's Ponzi scheme.
August 11, 2011 |
Redemption for Bernard L. Madoff, sitting in a North Carolina prison serving a 150-year sentence for financial fraud, is unlikely. But his pants still have a chance. Wall Street denizens are snapping up iPad covers made from the Ponzi scheme mastermind's clothes, which were sold at auction last year. Proceeds benefit victims of white-collar crime. A new company, Frederick James, offers certificates of authenticity along with the lightweight sleeves that are designed to protect the tablets from scratches, though not from drops like, say, the kind that hit Madoff victims' bank accounts.
September 22, 1999 |
Securities and Exchange Commission Chairman Arthur Levitt may propose combining the brokerage-policing units of U.S. stock markets into a single organization separate from the exchanges, an SEC official said Tuesday. Levitt plans in a New York speech Thursday to urge the established markets and new electronic trading networks to end growing fragmentation of stock quotes and prices by finding new ways to share this information, SEC market-regulation director Annette Nazareth said.
September 21, 2001 |
Temporary rules designed to stem stock market declines may be extended for another week as the Securities and Exchange Commission plans to decide today whether to keep the emergency measures in place. "They've had a very positive effect without unduly influencing the market," SEC Chairman Harvey Pitt said in an interview Thursday after testifying before the Senate Banking Committee.
December 28, 2008
So Securities and Exchange Commission Chairman Christopher Cox wants an investigation into why his commission did not investigate Bernard L. Madoff after so many red flags. ("Critics assail watchdog's lax oversight," Dec. 18.) Cox is the same SEC commissioner who, when the subprime mortgage disaster first came to public light, said that maybe having a self-regulating financial industry wasn't such a great idea after all, or words to that effect. This "Heck of a job, Brownie!" president we're still saddled with and his infamous, ignoble loyalty to Cox and anyone in his administration further harm this country every day he remains in office.
May 9, 2011 |
The trustee seeking money on behalf of Bernard Madoff's victims announced on Monday a $1-billion settlement with liquidators for three large "feeder funds," boosting payouts to the swindler's former customers. Irving Picard said the agreement reduces the claims that the Fairfield funds, which had been affiliated with Fairfield Greenwich Group, have against a fund he administers for former Madoff customers. The claims will be reduced to about $230 million from $1.2 billion, he said.