An ex-employee of Bernard Madoff on trial for allegedly aiding his $17 billion fraud oversaw backdating of trades for account statements that sometimes featured “cut and paste” data, a former assistant told a jury.
The Madoff Victim Fund controlled by the U.S. Justice Department said it will distribute $2.4 billion in forfeitures from the Jeffry Picower estate “as fast as possible” once all eligible recipients are known.
Fairfax Financial Holdings Ltd., with seven of eight hedge funds it accused of spreading false rumors out of a lawsuit, may see the $24 billion case shrink again. A judge is poised to rule whether racketeering counts allowing triple damages should be tossed, Bloomberg News’s Thom Weidlich reports.
Six former HSH Nordbank AG executives were charged with breach of trust and accounting crimes over their role in collateralized-debt obligations that led to writedowns of 500 million euros ($647 million) in 2008.
A trustee overseeing the liquidation of Bernard Madoff’s firm is near a “multibillion-dollar” settlement with the estate of Jeffry Picower, the longtime Madoff investor who drowned in his swimming pool last year, a bankruptcy judge said.