Tuesday, 21 October 2014
Last updated 10 hours ago
Sep 18 2013 | 12:43pm ET
December marks the five-year anniversary of Bernard Madoff's arrest—and that means that prosecutors have only three more months to file charges stemming from his $65 billion Ponzi scheme.
Authorities reportedly continue to probe both Madoff's niece, Shana Madoff Swanson, a longtime executive at Bernard L. Madoff Investment Securities, and Paul Konigsberg, an accountant whom Madoff victims say funneled money into the scam. Neither Swanson no Konigsberg has ever been accused of wrongdoing, although both have faced lawsuits stemming from Madoff's fall.
Madoff investors sued Konigsberg, but the complaint was dismissed in 2011. Swanson, whose father, Madoff's brother Peter, pleaded guilty in the case and was sentenced to 10 years in prison, was sued along with other Madoff family members by the trustee in the case for nearly $200 million.
Prosecutors also reportedly continue to investigate Bernard Madoff's surviving son, Andrew Madoff, who served as director of trading at his father's firm, and JPMorgan Chase, for allegedly failing to alert the authorities to its suspicions about Madoff. Andrew's older brother, Mark, committed suicide three years ago, on the anniversary of his father's confession.
To date, eight people, including Bernard and Peter Madoff, have pleaded guilty in the Madoff scandal. Five others, all former Madoff employees, are set to stand trial on fraud charges next month. The statute of limitations on crimes stemming from the fraud will expire in December.
Swanson—who is married to a former SEC lawyer who participated in one of the regulator's examinations of the Madoff firm which failed to detect the fraud—was a top lawyer at her uncle's firm and a compliance official. Konigsberg, a longtime Madoff friend and the only non-family member to serve as a shareholder of Madoff's London business, counted many victims as clients, and did the taxes for two Madoff family foundations. Madoff often referred investors to Konigsberg for tax services.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...