DOJ Distributes Another $695M to Over 27,000 Madoff Ponzi Scam Victims A decade on the heels of Bernard Madoff’s arrest for running a multi-billion dollar Ponzi scam, the US Justice Department has distributed another $695M to over 27,000 of his victims. This is the DOJ’s third payment to investors of…
Bernard L. Madoff Investment Securities LLC trustee Irving H. Picard announced that a settlement has been reached for $687M with Thema International Fund for its ties to the multibillion-dollar Madoff Ponzi Scam. Now, a court must approve the agreement. According to Bloomberg, the “Irish investment fund funneled $1.1B” to the…
Judge Orders Deutsche Bank Subsidiary to Pay $150Mfor Libor Rigging A federal judge is ordering Deutsche Bank Group Services, a subsidiary of Deutsche Bank (DB), to pay $150M for its involvement in an interest rate manipulation scam. The London unit pleaded guilty last year to rigging the London Interbank Offered…
The estate of Stanley Chais has agreed to pay the victims of Bernard Madoff’s Ponzi scam $277M to settle claims accusing Chais, a Beverly Hills manager, of enriching himself through the fraud while costing thousands of investors, including his own clients, money. Chais was one of Madoff’s oldest friends and…
The Securities and Exchange Commission wants the US Supreme Court to leave standing the U.S. Court of Appeals for the Second Circuit’s decision upholding Irving Picard’s “net equity” approach to compensating victims of Bernard Madoff’s Ponzi scam. Picard is the Securities Investor Protection Act trustee of Bernard L. Madoff Investment…