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’SEC allows Madoff to settle civil charges
The US SEC on Tuesday agreed to allow Bernard Madoff to settle civil fraud charges without admitting to any wrong-doing. Madoff, who in March pleaded guilty to 11 charges related to his $64bn Ponzi scheme,
Santander to pay Madoff trustee $235m
Spain’s Santander, one of Europe’s biggest banks, has reached a settlement with the trustee seeking to recover money for Bernard Madoff’s victims, agreeing to pay $235m to resolve claims against two of the bank’s hedge funds managed by its Optimal investment arm.
“Restoring the dreams back for the clients of Bernard Madoff”
One for the “Lessons for Bernie” file:
“Any entity can be formed, without capital, is just another dream going no where [sic]. Any entity cannot dream, only an entrepreneur can dream and possess the vision.
Madoff case trustee expects settlements
The trustee in charge of recovering assets from Bernie Madoff’s fraudulent investment scheme expects to reach financial settlements in coming weeks with a handful of investors who reaped profits. Irving Picard,
Madoff trading firm draws bids
A bidding war has erupted for the remnants of Bernard Madoff’s trading operation, once one of the largest market makers on the Nasdaq exchange, reports the NYT. Irving Picard, the trustee liquidating Madoff’s assets,
UK moves on Madoff brother’s assets
UK officials on Tuesday moved to recover a vintage Aston Martin car and other assets belonging to the brother of Bernard Madoff, claiming they were bought with funds transferred from the disgraced broker’s UK-based business.
Madoff behaviour, internet bubble edition
In the last days of the Dot-Com bubble, when wild share price swings and high leverage levels were becoming synonymous with the internet sector, there were a few financial players who exhibited prudence.
Merkin ‘duped’ his investors, Cuomo claims
Andrew Cuomo, the New York attorney-general, on Monday filed civil fraud charges against the hedge fund manager Ezra Merkin, alleging he secretly channelled more than $2.4bn to Bernard Madoff’s Ponzi scheme in exchange for lucrative fees,
Madoff’s extremely bullish Florida estate
The Palm Beach Post reports:
Bernard Madoff’s $9.3 million Palm Beach mansion is now in the hands of the U.S. government, along with two of his boats and a Mercedes.
At 6 p.m. Wednesday, about a dozen agents from the U.S.
Fairfield Greenwich accused on Madoff
In the first regulatory action against one of the big so-called “feeder” funds that channelled money to Bernard Madoff, the top securities authority in Massachusetts on Wednesday accused Fairfield Greenwich – which lost more than $7.9bn in investments with Madoff – of deliberately ignoring the former broker’s Ponzi scheme.
Professional athletes and their money…
Are often parted.
Connie Loizos at peHUB on Monday highlighted a compelling piece of reporting by Sports Illustrated on the travails of professional athletes and their finances:
Did you know that by the time they’ve been retired from football for two years,
Madoff’s accountant charged with fraud
Bernard Madoff’s long-time accountant was arrested on Wednesday and charged with securities fraud and other crimes as US prosecutors widened their investigation into one of the biggest investment frauds in history.
US Madoff victims can claim losses
US victims of Bernard Madoff’s “Ponzi” scheme, one of the biggest investment frauds in history, will be allowed to claim sizeable tax deductions related to their losses and get refunds, according to new guidelines from the Internal Revenue Service.
Prosecutors eye (both) Madoffs’ assets
US federal prosecutors seeking to recover money from Bernard Madoff are making little distinction between assets held in the name of the convicted former broker and those of his wife Ruth, who has not been charged with any crime.
Madoff jailed ahead of sentencing
Bernard Madoff, the man behind one of the largest fraud schemes in history, told a Manhattan court on Thursday that he was “deeply sorry and ashamed” as he pleaded guilty to all 11 charges of cheating thousands of investors and was jailed ahead of his June 16 sentencing.
Nouriel Roubini is a Ponzi
We wouldn’t have thought to ask Nouriel Roubini about Bernie Madoff’s alleged Ponzi scheme. But someone else has, and it’s thrown up an interesting tirade from the master of economic doom and gloom. Reprinted in its full forcefulness below,
Madoff pleads guilty to all charges
Bernard Madoff, the New York broker accused by the SEC of operating the largest Ponzi scheme on record, on Thursday entered a guily plea at a hearing before a Manhattan judge.
The guilty plea – which will only become official when accepted by the judge – applies to 11 separate charges,
Madoff set to admit 11 charges
Bernard Madoff, the broker accused of the biggest investment fraud in history, is set to plead guilty on Thursday to 11 federal felony charges that could carry a life sentence. Madoff, 70, however, has not reached a plea agreement with federal prosecutors investigating what he described in December as a $50bn Ponzi scheme.
Luxembourg attacks UBS onMadoff
Luxembourg’s financial regulator has accused UBS of “serious failure” over its custodianship of a $1.4bn fund that funnelled money into Bernard Madoff’s alleged $50bn “Ponzi” scheme. The regulator,
Madoff victims emerge at Safra
Customers of the Safra Group, which includes one of Brazil’s biggest banks and has substantial private banking operations in the US and Europe, have emerged as victims of the Bernard Madoff scandal. Banco Safra of São Paulo for several years is understood to have marketed a fund called Zeus Partners,
Santander seeks to halt payouts
Santander has sought regulatory permission to freeze payouts from its main real-estate fund after investors sought to withdraw 80% of the vehicle’s capital at once, reports the FT. The Spanish bank said in a filing Monday that the Santander Banif Inmobiliario FII fund,
Hedge funds face new redemptions
Hedge funds are facing a second round of redemptions after several big investors hit by Bernard Madoff’s alleged $50bn fraud began liquidating portfolios, according to leading hedge fund managers. The scale of the redemptions is not as bad as the heavy withdrawals that hammered the industry in October and November,
Madoff’s wife accused of funds transfer
Bernard Madoff’s wife Ruth pulled $15.5m out of a Massachusetts brokerage that funnelled clients to her husband in the weeks before his Dec 11 arrest, according to wire transfer receipts filed by the state’s securities regulators.
Madoff agrees over Ponzi charges
Bernard Madoff has agreed not to challenge US allegations that he ran a $50bn Ponzi scheme when it comes to determining fines and restitution to his victims, the SEC said Monday. The SEC, which filed civil charges against Madoff,
Madoff investors refunded $20m
A group of investors who put money with Bernard Madoff through a European “feeder” fund just before he was arrested for allegedly running a $50bn fraud scheme have been refunded more than $20m after agreement from the US bankruptcy trustee.
Madoff client list made public
A 162-page list containing names of thousands of apparent customers of Bernard Madoff was made public this week and includes prominent figures from sports, politics and business as well as Madoff’s own lawyer,
Santander upbeat on profits
Emilio Botín, chairman of Spanish bank Santander, on Thursday predicted steady profits and dividends in 2009 despite losses related to the Madoff fraud and recessions in some of the bank’s main markets.
SEC ‘illiteracy’ to blame for Madoff case
The losses linked to Bernard Madoff may be closer to $15bn-$25bn rather than the $50bn the New York broker allegedly told US investigators, according to Harry Markopolos, a former money manager and long-time Madoff critic.
Madoff ‘feeder’ funds to be named
The whistleblower who spent almost a decade trying to expose Bernard Madoff claimed Wednesday there are still a dozen unidentified “feeder” funds in Europe which gave money to the New York broker accused of an alleged $50bn fraud.
The condensed Markopolos
Madoff whistleblower’s Harry Markopolos’s testimony to Congress makes for fascinating reading.
If you can’t make it through the entire 65-page document, here are some select highlights from Section One.