Monday, 22 September 2014
Last updated 1 hour ago
Aug 5 2010 | 7:13pm ET
A British Virgin Islands-based hedge fund has been ordered to pay US$180 million to the victims of Bernard Madoff’s Ponzi scheme.
U.S. Bankruptcy Judge Burton Lifland entered the default judgment after Vizcaya Partners failed to plead its case “or otherwise defend itself.” Irving Picard, the court-appointed trustee seeking to recoup money for victims of the $65 billion fraud, sought the default judgment more than a year ago.
How much of the US$180 million Picard will actually collect. Some US$74 million of the hedge fund’s money is being held by its bank, Banque Jacob Safra, in Gibraltar. The Supreme Court of Gibraltar has yet to rule on that money; Picard has sued the bank, but it is not covered by the default order against Vizcaya.
Picard sued Vizcaya for money it withdrew from its Madoff accounts in the four months prior to Madoff’s December 2008 arrest. Lifland’s order also applies to Vizcaya affiliates Asphalia Fund, Siam Capital Management and Zeus Partners.
Madoff was sentenced to 150 years in prison for orchestrating the largest Ponzi scheme in history.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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