Saturday, 28 March 2015
Last updated 10 hours ago
Sep 3 2010 | 12:46pm ET
For the fourth time, unhappy victims of the Bernard Madoff Ponzi scheme have objected to the bills presented by the court-appointed receiver in the $65 billion fraud case.
The law firm of Baker & Hostetler, which employs trustee Irving Picard, filed a request last month for $34.6 million in legal fees for work conducted between February and May. The request totals some $288,189 per day, including weekends and holidays.
The group of “several hundred” Madoff investors argue in their own court filing that Picard is improperly trying to minimize payments—the “several hundred” are among those who object to Picard’s refusal to use Madoff’s final bogus account statements, creating “a conflict of interest as a result of which they are barred from receiving any compensation under established precedents and principles of professional conduct,” a lawyer for the investors, Helen Davis Chaitman, wrote.
Picard and Baker & Hostetler have already been paid more than $62 million; he has recovered more than $1.5 billion for Madoff victims, and is seeking billions more through lawsuits against Madoff investors and family members.
Madoff is serving 150 years after pleading guilty last year to running the biggest Ponzi scheme in history.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…