Bernard Madoff’s earliest investors, including two who reaped billions of dollars from the con man’s Ponzi scheme, allowed him to add backdated losses to their accounts whenever the profit was too high, a former executive on trial for fraud said.
The trustee liquidating Bernard L. Madoff Investment Securities LLC filed a mass appeal asking the U.S. Court of Appeals in Manhattan to revive about $10 billion in lawsuits against 635 customers that have been or will be dismissed by U.S. District Judge Jed Rakoff.
Money manager Stanley Chais and partnerships he ran remain under criminal investigation stemming from the massive Ponzi scheme orchestrated by Bernard Madoff, a U.S. prosecutor said in a court filing today.
California Attorney General Kamala Harris would wind up helping her home state or “a select group” of investors if she is allowed to recoup illegal profits from the Bernard Madoff Ponzi scheme, the liquidator of the con man’s brokerage said.
California Attorney General Kamala Harris may have a better chance of winning the right to pursue her lawsuit to recoup illegal profit from Bernard Madoff’s fraud than creditors who were overridden by a bankruptcy trustee, lawyers said.
California Attorney General Kamala Harris and the liquidator of Bernard Madoff’s defunct firm will hold talks seeking to end a deadlock over Harris’s $270 million lawsuit against an alleged beneficiary of the Ponzi scheme.
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.
The estate of investment adviser Stanley Chais must face claims by the trustee liquidating Bernard L. Madoff Investment Securities LLC that Chais and related entities fraudulently received more than $1 billion as “insiders” of Madoff’s Ponzi scheme.