Saturday, 28 November 2015
Last updated 11 hours 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…