Friday, 27 March 2015
Last updated 4 hours ago
Jul 13 2011 | 11:08am ET
The victims of Bernard Madoff's $65 billion Ponzi scheme will get their first, very small, payments later this year, almost three years after the arch-fraudster's scam collapsed.
Court-appointed trustee Irving Picard won court approval this week to move about one-third of the money he's collected on behalf of defrauded investors into a customer fund. But he'll only be able to send out about $272 million in the fourth quarter—just 4% of the total collected—with the rest still tied up in legal battles.
That means that the average Madoff victim approved by Picard for payment—and there are just 1,224 of those, all so-called "net losers" who invested more with Madoff than they withdrew—will get about $222,000 in time for the holidays.
In addition to the $7.6 billion Picard has collected, the trustee is still seeking billions more in lawsuits.
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…