December 9, 2010 |
The court-appointed trustee seeking to recoup money for victims of Bernard Madoff on Wednesday said it filed complaints against seven global financial institutions in hopes of recovering more than $1 billion. Irving Picard, the trustee for the liquidation of Bernard L. Madoff Investment Securities, filed complaints against Citigroup's Citibank; Natixis; Fortis; ABN AMRO Bank; Banco Bilbao Vizcaya Argentaria; Nomura; and Merrill Lynch, now owned by Bank of America Corp. None of the banks was available for immediate comment.
September 20, 2012 |
NEW YORK -- More checks are in the mail for Bernard Madoff's victims, nearly four years after his epic Ponzi scheme collapsed. Irving Picard, the trustee overseeing the liquidation of Madoff's firm, mailed checks worth nearly $2.5 billion on Wednesday. The distribution -- the trustee's second -- satisfies about half of the allowed claims filed by Madoff's investor, Picard's office announced Thursday. Madoff investors had received an earlier October 2011 distribution of $343 million.
October 26, 2009 |
Jeffry Picower, a philanthropist accused of profiting by more than $7 billion from the investment schemes of his longtime friend Bernard Madoff, was found at the bottom of the pool at his ocean-side mansion and died Sunday, police said. He was 67. Picower's wife, Barbara, discovered his body and pulled him from the water with help from a housekeeper, authorities said. He was pronounced dead at Good Samaritan Medical Center at about 1:30 p.m. Palm Beach police are investigating the death as a drowning but have not ruled out anything on the cause of death.
November 11, 2009 |
The trustee for Bernard Madoff's firm is in settlement talks with the estate of Jeffry Picower after the longtime Madoff investor, whom the trustee sued for the return of $7.2 billion in fake profit, drowned in a pool. Picower's wife, Barbara, who received $200 million in cash in a will dated Oct. 15, wants to "reach promptly a fair and generous settlement with the Madoff trustee," she said in a statement today. Barbara Picower was also sued. "Jeffry was determined that we would put Madoff behind us, reclaim our good name and reverse the damage Madoff's fraud had," Barbara Picower said.
November 13, 2012 |
A Bank of New York Mellon subsidiary will pay $210 million to settle claims it concealed red flags showing Bernard Madoff was a fraud. Due diligence by the unit, Ivy Asset Management, revealed discrepancies in Madoff's stated investment strategy, according to a statement by New York Atty. Gen. Eric Schneiderman, who announced the settlement Tuesday. While Ivy steered clients to invest in Madoff, collecting fees for itself, some at the firm had reservations about Madoff, the attorney general said.
January 6, 2009 |
Lawmakers excoriated federal regulators Monday for failing to pursue "red flags" signaling that Bernard L. Madoff's storied investment business was an elaborate Ponzi scheme, and some officials promised more investigation and regulation in coming months. During a panel session on Capitol Hill, Rep. Paul Kanjorski (D-Pa.
October 21, 2009 |
Bernard Madoff's investment firm had a "diversion-filled office environment" featuring a culture of "sexual deviance" and drug use, says a lawsuit filed Tuesday against companies that dealt with the Ponzi-scheme mastermind. Starting in 1975, Bernard L. Madoff Investment Securities had an employee supply the office with drugs, according to the lawsuit. The complaint says the employee was fired in 2003 when Madoff, 71, who is now serving a 150-year prison sentence, worried that the drugs could draw the attention of prosecutors who might discover his financial fraud.
January 7, 2014 |
JPMorgan Chase & Co. has agreed to pay $1.7 billion to resolve a Justice Department investigation into its role in Bernard Madoff's multibillion-dollar Ponzi scheme. The giant Wall Street firm, which served as Madoff's primary banker, acknowledged that it failed to alert authorities to suspicious activity in Madoff's accounts as required under federal law. Prosecutors with the U.S. attorney's office for the Southern District of New York agreed to defer a criminal prosecution in exchange for the monetary penalty, which will be forwarded to victims of the Ponzi scheme.
June 15, 2011 |
U.S. securities brokers would be more closely scrutinized by auditors and be subject to stricter oversight of their handling of customers' assets under a plan proposed by federal regulators. The proposal by the Securities and Exchange Commission is meant to improve oversight of broker-dealers in the wake of Bernard Madoff's massive Ponzi scheme. The SEC failed to catch Madoff's scheme despite multiple tips and agency examinations of his operations. Investors are still seeking to recover billions of dollars.