Wednesday, 1 October 2014
Last updated 2 hours ago
Aug 24 2009 | 11:30am ET
Irving Picard, the court-appointed trustee in the Bernard Madoff fraud case, took his battle to recoup money for Madoff’s victims back to court last week.
Picard is seeking default notices against a pair of offshore hedge funds. He told the U.S. Bankruptcy Court in Manhattan that the Primeo Fund, based in the Cayman Islands, and the Alpha Prime Fund, based in Bermuda, had failed to respond to his lawsuits. Picard is seeking some $230.7 million from the two funds.
Ignoring Picard’s clawback lawsuits is becoming something of an epidemic of late. Two other Madoff feeder funds, Harley International and Vizcaya Partners, have also failed to respond to his lawsuit, the trustee said last month. Picard is seeking $1.07 billion from Harley and $150 million from Vizcaya.
The lawsuits, which seek to recoup the money both funds withdrew prior to Madoff’s arrest in December, also name HSBC Holdings, which served as custodian for both Alpha Prime and Primeo. Picard is not seeking a default notice against the British bank.
Madoff pleaded guilty in March to running a $65 billion Ponzi scheme, and was sentenced to 150 years in prison.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...