Lawyers who are trying to recover money for the far-flung victims of the Bernard Madoff Ponzi scheme have moved to recover $375 million from banking giant Credit Suisse. The trustee who is amassing the pool of money to pay back Madoff investors, filed a lawsuit late Monday in U.S. Bankruptcy Court in Manhattan against Credit Suisse […]
A former trader at Bernard Madoff Investment and long-time colleague is expected to plead guilty to fraud Monday and testify that Madoff’s $65 billion Ponzi scheme may have started 20 years earlier than what his ex-boss claimed, the Guardian reported. David Kugel, who began working for Madoff in 1970, is cooperating with investigators and is […]
The Securities and Exchange Commission charged a longtime Bernie Madoff employee with fraud for his role in creating fake trades to facilitate the massive Ponzi scheme. The SEC alleges that David Kugel, who worked at Bernard L. Madoff Investment Securities LLC (BMIS) for nearly four decades, was asked by Madoff to provide the firm’s investment […]
Some of the investors swindled by Wall Street swindler Bernard Madoff will soon be receiving some money back. The trustee charged with recovering funds for customers of the jailed financier announced that $312 million will be distributed this week on claims relating to 1,230 accounts. Trustee Irving Picard has recovered about $8.7 billion from investors […]
A hedge fund group owned by Massachusetts Mutual Life Insurance Co. has agreed to pay more than $1 billion to customers of imprisoned fraudster Bernard Madoff, in one of the largest settlements with the trustee in Madoff bankruptcy case. Under the agreement, announced today, Tremont Group Holdings of Rye, N.Y., and its Rye Select family […]