Monday, 20 October 2014
Last updated 24 min 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.
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 ...