Wednesday, 1 April 2015
Last updated 1 hour ago
Oct 21 2013 | 1:31pm ET
Eleven Bernard Madoff family members and associates will not have to turn over about £33 million to the liquidator of Madoff's British operations, a court has ruled.
Jude Andrew Popplewell ruled Friday that the 11, including Madoff's sons, do not owe the liquidators of Madoff Securities International anything. Instead, the judge found that Madoff's $65 billion fraud "blighted" their lives and "tainted their good names simply by association."
The ruling followed a month-long trial most notable for two witnesses: Sonja Kohn, whom Madoff's U.S. receiver has called his "criminal soul mate," and Madoff's brother, Peter, who appeared via video link from a U.S. prison. In addition to Andrew Madoff, Bernard Madoff's surviving son, the defendants including Madoff International CEO Stephen Raven.
"We are obviously extremely disappointed with the judgment," Grant Thornton, the U.K. liquidator, said. "Detailed considerations of Mr. Justice Popplewell's findings is ongoing and we are considering our position in conjunction with our legal advisers."
Grant Thornton can petition Popplewell for the right to appeal his decision.
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…