The recipients of billions of dollars in IOUs being issued by California soon may have a regulated market where they could sell them. Some of the nation’s largest banks say that, starting Friday, they will no longer accept the IOUs. The banks want to pressure the state to end its budget impasse, but their action […]
The holders of more than two dozen retirement accounts have sued the Westport National Bank in Connecticut over its role in handling their investments in Bernard L. Madoff’s long-running Ponzi scheme. The lawsuit, filed on Wednesday in Connecticut Superior Court in Stamford, seeks to recover $60 million that the retirement plans lost when the Madoff […]
On July 2, 2009, the Securities and Exchange Commission obtained a temporary restraining order and emergency asset freeze in a $485 million offering fraud and Ponzi scheme orchestrated by Paul R. Melbye, Brendan W. Coughlin and Henry D. Harrison through a company they owned and controlled, Provident Royalties LLC. In addition to the asset freeze, […]
Convicted swindler Bernard Madoff was sentenced to 150 years in prison Monday for fraud so extensive that the judge said he needed to send a symbolic message to those who might imitate his fraud and to victims who need relief. Applause broke out in the crowded Manhattan courtroom after U.S. District Judge Denny Chin issued […]
Mark Rufo said he thought he had found a “good conservative investment” for his 88-year-old mother when, in 2007, he put $26,000 of her money with UBS Financial Services in Concord. The Nashua lawyer bought Asian Currency Basket Principal Protected Notes. Asian currencies appeared stable at the time, especially compared with the debacle of a […]