Wednesday, 1 October 2014
Last updated 10 hours ago
Jul 26 2010 | 12:27pm ET
The receiver in the Bernard Madoff Ponzi scheme may sue as many as 1,000 investors who withdrew more money than they invested with the fraudster.
Irving Picard told The Wall Street Journal that he could sue half of the so-called “net winners” from the scam—those who withdrew false profits generated by the Ponzi scheme. There are about 2,000 such “winners,” according to Picard, who has until December—the two-year-anniversary of Madoff’s arrest—to file the suits.
“We’re not going to wait until the last minute,” Picard told the Journal.
The receiver last year sent letters to hundreds of the “winners,” asking them to “resolve this matter amicably” by returning some of the money they withdrew. But he found few takers.
“What am I supposed to do?” Picard, who has already recovered $1.5 billion of the $65 billion Madoff stole. Picard also has lawsuits seeking another $15 billion pending, filed against Madoff’s family members, feeder funds and biggest investors.
“If I gave [the net winners] an options to come talk to me, why didn’t they?” Picard asked.
Some of those “winners” interviewed by the Journal said they would fight Picard’s efforts. Adele Fox, a retired school secretary who Picard wants to repay almost $700,000, said, “this is my money that I need now, and if he comes after me, I will be penniless.”
Picard said he has offered to exempt “winners” who can show a financial hardship. But fair’s fair, he said.
“The people who made money, who got more, have made money at the expense of the people who didn’t,” he said.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...