Bernard Madoff’s deputies made fake paperwork showing trading losses to save $1.7 million owed to an investor who died with “too much money” in his account even as the firm was being flooded with new customers and cash in the 1990s, the con man’s former finance chief told a jury.
At least three U.S. regulators will meet on Dec. 10 to adopt the final version of the Volcker rule banning banks from making speculative bets with their own money, according to three people familiar with the planning.
Lennar Corp. said a jury awarded it $1 billion in damages against a California developer, Nicolas Marsch III, who the homebuilder accused of defamation and conspiring with Barry Minkow to extort money from the company.
Bernard Madoff demanded his inner circle rush to recreate years’ worth of fake account documents for a feeder fund that in 1992 attracted unwanted attention from regulators, the con man’s ex-finance chief told a jury.
Bernard Madoff’s finance chief, who pleaded guilty to aiding his $17 billion fraud, said he could tell right away that fake trades were being used in customer accounts in 1975 when he joined the firm after high school.
A former Bernard Madoff aide advised her staff not to tell people at the 2008 company Christmas party about checks totaling hundreds of millions of dollars written to firm insiders as Madoff’s fraud was unraveling, a jury was told.
MBIA Inc. agreed to insure a $1.16 billion pool of mortgages without its employees reading a report the bond insurer now claims was altered to hide flaws in the loans, JPMorgan Chase & Co.’s lawyers told a judge.
Bernard L. Madoff’s former controller, who helped him siphon customer money for years to hide trading losses, told a jury she was in a state of denial when she begged prosecutors not to charge her two years ago.
Penalties against some of the biggest banks for actions such as selling shoddy mortgage bonds and rigging interest rates were deemed too high by 28 percent of respondents to a Bloomberg Global Poll, while a majority said they were about right or too low.