Wednesday, 27 May 2015
Last updated 6 hours ago
Aug 3 2010 | 3:45am ET
A Florida accounting firm has settled a lawsuit filed against it by two hedge funds that lost money in the Thomas Petters Ponzi scheme.
Kaufman Rossin & Co. agreed to pay $9.6 million to two hedge funds managed by Palm Beach Financial Partners. The bankruptcy trustee for the hedge funds claimed that the Miami accountants were negligent in failing to detect Petters’ Ponzi scheme, in a malpractice lawsuit filed last year. Palm Beach Financial invested $1.1 billion in Petters’ $3.65 billion fraud. Petters is currently serving a 50-year prison sentence after he was convicted last year.
Michael Budwick, a lawyer for the Palm Beach Financial trustee, said he plans to file “many more lawsuits” to recoup the money lost.
For its part, Kaufman Rosen’s insurance policy covers the settlement. The trustee originally sought $1 billion from the auditor.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…