Monday, 20 October 2014
Last updated 8 hours ago
Mar 6 2009 | 12:23pm ET
Moving closer to a plea bargain with federal prosecutors, accused Ponzi schemer Bernard Madoff has agreed to waive his right to a grand jury review of the charges against him.
The agreement, filed yesterday by prosecutors and Madoff’s lawyer in New York federal court, is an indication that the accused hedge fund fraudster is close to a deal. His legal team and prosecutors have been in talks about a plea arrangement since his arrest in December on charges that he ran the largest Ponzi scheme in history, with the figure originally put at $50 billion, although some have cast doubt on the number.
Madoff has already partially settled the civil charges filed against him by the Securities and Exchange Commission.
A further step toward a plea bargain could come next week, at a hearing to review potential conflicts of interest on the part of Madoff’s lawyer, Ira Sorkin. Sorkin’s parents had been investors with Madoff until their deaths several years ago, and it is unclear whether Madoff will be allowed to plead guilty if the conflicts issue is unresolved.
Speculation that Madoff was nearing a deal spiked on Wednesday, when the conflicts hearing was postponed just hours after prosecutors had requested it. Prosecutors have until March 13 to bring an indictment against Madoff or hold a preliminary hearing.
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 ...