Friday, 27 March 2015
Last updated 2 hours ago
Dec 8 2010 | 2:08pm ET
Irving Picard has crossed the pond in his fight to reclaim billions on behalf of Bernard Madoff’s Ponzi scheme victims.
Picard, the trustee overseeing the bankruptcy of Madoff's firm, is pursuing the directors of Madoff’s London operation—Madoff Securities International Ltd. (MSIL)—in the UK’s High Court of Justice Commercial Court. The joint complaint, filed in conjunction with a UK liquidator, names a number of individuals and entities connected to MSIL, including Madoff’s brother Peter and his sons, Mark and Andrew. Also named is the Austrian banker, Sonja Kohn.
The trustee is asking for $80 million, charging that the MSIL directors and officers with breach of duty for approving fraudulent payments, including payments for a yacht, a luxury car and a home in the south of France enjoyed by Madoff and his family.
The lawsuit also charges that over $27 million was channeled through MSIL to Kohn.
The trustee says his investigations show that from the time MSIL was incorporated in 1983 until Madoff’s arrest in December 2008, at least $600 million was paid into MSIL from Bernard L. Madoff Investment Securities (BLMIS) and other sources controlled by Madoff. Payments were made from MSIL to Madoff, his family, Kohn and other parties. More than $310 million was transferred from BLMIS to MSIL then back to BLMIS with the transactions falsely recorded as trading commissions from London.
The lawsuit is the latest in a flurry of actions filed by Picard as the December 11 deadline for filing “clawback” suits related to the Madoff scheme (and the second anniversary of Madoff’s arrest) approaches.
Picard has recovered about $2 billion to date of the estimated $20 billion lost by victims of Madoff’s fraud.
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…