Thousands of victims of Bernard Madoff’s Ponzi scheme are due to get checks totaling $695 million from a U.S. Justice Department fund created through settlements with some of the con man’s oldest customers and his bank, JPMorgan Chase & Co. The payout, to 27,000 victims worldwide, is the third distribution from the $4 billion fund, […]
NEW YORK — For more than 15 years, there were signs something was amiss with what federal prosecutors in Manhattan call the “703 account” at JPMorgan Chase & Co. Money was being transferred back and forth for no reason. The account holder was recording double-digit returns on investments that were too good to be true. […]
NEW YORK — A federal appeals court has blocked a trustee from recovering money for victims of Bernard Madoff’s mammoth fraud from major financial institutions. The 2nd U.S. Circuit Court of Appeals in New York ruled Thursday. It says Trustee Irving Picard lacked standing to sue on behalf of investors. Two lower-court judges had rejected […]
ALBANY — Authorities have reached a $210 million settlement with BNY Mellon subsidiary Ivy Asset Management for advising clients to invest with Wall Street swindler Bernard Madoff, whose multibillion-dollar fraud landed him in federal prison, New York Attorney General Eric Schneiderman said Tuesday. The settlement of suits filed by the attorney general, U.S. Labor Department […]
ALBANY — Investors in four funds that lost more than $1.2 billion in Wall Street swindler Bernard Madoff’s Ponzi scheme will receive $410 million in payouts over the next three years, New York’s attorney general said Monday. A settlement with hedge fund manager J. Ezra Merkin was approved Friday in state Supreme Court in Manhattan. […]
NEW YORK CITY — Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme.
NEW YORK CITY — The top lawyer at the Securities and Exchange Commission has been named as a defendant in a lawsuit by the trustee who's trying to recover money for victims of Bernard Madoff's Ponzi scheme.
NEW YORK CITY — JPMorgan Chase, the bank where Bernard Madoff kept his clients’ money, said in a court filing Tuesday that it had no legal obligation to figure out that the Ponzi king’s investment scheme was a fraud.
NEW YORK CITY — The owners of the Mets turned a blind eye to Bernard Madoff’s massive fraud, reaping $300 million in false profits and using a large chunk to run the team, according to a lawsuit unsealed Friday.
NEW YORK CITY — A historic $7.2 billion deal was approved Thursday to settle a lawsuit brought against the estate of one of the oldest and wealthiest clients of disgraced financier Bernard Madoff.
NEW YORK CITY — An Austrian bank accuses the trustee recovering money for victims of Bernard Madoff’s fraud of going after the bank and its principal shareholder as part of an “international witch-hunt.”
NEW YORK CITY — For two years, the two sons of jailed financier Bernard Madoff portrayed themselves as honest whistleblowers of their father's historic fraud. A court-appointed trustee depicted them as bungling money managers who did nothing to protect investors.
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