Thursday, 18 September 2014
Last updated 4 hours ago
Apr 1 2009 | 2:10am ET
For the first time, convicted Ponzi schemer Bernard Madoff’s sons, have been slapped with an asset freeze.
A Connecticut judge issued the order on Monday at the request of the Town of Fairfield, which is suing Madoff and three Madoff feeder hedge funds it lost money with. The wide-ranging asset freeze covers not only Andrew and Mark Madoff, who worked at Bernard L. Madoff Investment Securities, but also five executives at the feeder funds: Fairfield Greenwich Group’s Walter Noel, Andres Piedrahita and Jeffrey Tucker, Maxam Capital’s Sandra Manzke, and Tremont Group Holdings’ Robert Schulman.
Connecticut Superior Court Judge Arthur Hiller’s decision means all of Madoff’s immediate family has had their assets frozen. Madoff pleaded guilty to defrauding investors of more than $50 billion last month, and is in jail awaiting sentencing.
There will be a hearing on April 13 to determine whether Hiller’s order will be extended. Until then, the seven people covered by it will be permitted to meet their living expenses, but are barred from selling their homes or moving money around, Reuters reports.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.