Irving Picard

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From Prison, Madoff Defends Two Dead Sons

They weren't in on Ponzi scheme, he tells NBC

(Newser) - Bernie Madoff is trying to clear the names of his dead sons caught up in his mammoth Ponzi scheme. In emails to NBC , the 76-year-old insists that Andrew and Mark never knew about his illegal dealings. Andrew died of cancer last year at age 48, and Mark committed suicide at...

Mets’ Owners Settle Madoff Case for $162M

Money to come from bosses' payout as Madoff victims

(Newser) - The New York Mets' owners have avoided a trial over what they knew about Bernie Madoff's Ponzi scheme by settling today with the trustee for Madoff victims for $162 million, the New York Times reports. Trustee Irving Picard had sued Fred Wilpon and Saul Katz for $1 billion (later...

Mets Owners Owe $83M in Madoff Case

Trustee Irving Picard will get his day in court

(Newser) - Bernie Madoff's historic Ponzi scheme is finally dragging the New York Mets to court. A judge ruled today that the team's owners must return up to $83 million withdrawn from Madoff's firm and go to trial over whether they ignored warning signs of the investment scam, MarketWatch...

Mets' Owners Won't Lose All Their Madoff Money

Judge gives partial victory to both sides in lawsuit

(Newser) - The New York Mets' owners may have to return some of $300 million in profits they made dealing with Bernie Madoff, but their $700 million principal is probably safe. A judge has decided that for trustee Irving Picard to pursue the Mets owners' principal investment, he must prove that they...

Mets Owners Made $300M Off Madoff Scheme: Suit

Bosses 'categorically reject' claim

(Newser) - The New York Mets’ two owners, along with their businesses and families, made some $300 million in fictitious profits from Bernie Madoff’s Ponzi scheme—putting them among its top beneficiaries, says a lawsuit unsealed today. The Mets withdrew some $90 million from the team’s 16 accounts with Madoff,...

Mark Madoff's Suicide Tightens Screws on Brother

Mark's death won't stop cases against brother Andrew

(Newser) - Bernie Madoff's son Mark may have committed suicide on Saturday but the lawsuits against him and his brother, Andrew, stemming from their father's Ponzi scheme are alive and well. Andrew Madoff, now Bernard Madoff's only surviving son, had the same responsibilities as his brother at the family firm, and is...

HSBC Sued for Aiding Madoff
HSBC Sued for Aiding
Bernie Madoff
Dec 6, 2010 5:48 AM CST

HSBC Sued for Aiding Bernie Madoff

Trustee says bank enabled fraud by ignoring warning signs

(Newser) - Bernie Madoff's Ponzi scheme survived for so long because HSBC ignored "red flags" and kept funneling investors' money to the fraudster, says the trustee trying to reclaim money for Madoff's victims. Irving Picard is suing the bank and a group of feeder funds for at least $9 billion, the...

Trustee Wants $30M More From Madoffs

Irving Picard sues, again, for money

(Newser) - The court-appointed trustee seeking to recover billions of dollars lost by Bernie Madoff is suing for $30 million that he says the Madoff family invested in oil, gas, and tech, reports the AP . The suit filed by trustee Irving Picard says the investments were used as vehicles to funnel money...

Trustee Plans to Sue Madoff Scheme 'Winners'

People who profited likely to face clawbacks

(Newser) - Thanks to the nature of Ponzi schemes, some people who invested money with Bernie Madoff and got out early enough ended up actually making money. The court-appointed trustee recovering money for Madoff's victims, however, says he plans to sue up to 1,000 of the scheme's "winners" to regain...

$534M Paid to Madoff Victims; $4.5B to Go

Trustee has recovered $1.4 billion in clawbacks, with more to come

(Newser) - The government fund that insures brokerage firms has so far paid 1,368 victims of Bernie Madoff’s Ponzi scheme $534 million in reparations—more than it has paid out in all its previous liquidations combined, in its almost 40 years in existence. And it ain’t over, Madoff trustee...

Madoff Trustee Sues Relatives for Not 'Doing Their Jobs'

$199M suit spreads blame to firm's execs

(Newser) - The trustee in the Bernie Madoff case, delivering on his threat to sue the imprisoned fraudster's relatives and co-workers, filed a $199 million lawsuit today in bankruptcy court. Rather than alleging that they knew about Bernie's Ponzi scheme, Irving Picard's complaint takes issue with the way brother Peter, sons Mark...

Trustee to Sue Madoff's Sons, Brother, Niece

He'll seek $198 million; sons may also have 'criminal problem'

(Newser) - Bernie Madoff’s sons, brother, and niece will all be sued this week for $198 million, the trustee in charge of sorting out the Ponzi mess said last night. Sons Mark and Andrew Madoff in particular withdrew roughly $35 million, despite making little if any investment. “Whether or not...

Ruth Madoff to Bare All Expenditures Over $100

(Newser) - Ruth Madoff won't be able to spend $100 without scrutiny under a deal approved by a bankruptcy judge overseeing the liquidation of her husband's financial firm, the Wall Street Journal reports. Madoff agreed to give a full accounting of her income and any spending over $100 to a court-appointed trustee...

Brits Hit Court to Battle Yanks for Madoff Assets

UK liquidators have already seized $235K Aston Martin

(Newser) - The Madoff liquidators are turning on each other, reports the Times of London. The trustees handling the London arm of the Ponzi schemer's imploded business recently seized several American assets, including a $235,000 vintage Aston Martin, that were acquired with London money. UK liquidators will argue tomorrow in a...

Madoff Victims' Advocate Sues Ezra Merkin

Trustee wants $558M back from feeder-fund withdrawals

(Newser) - The trustee representing investors who lost their savings with Bernie Madoff is suing Ezra Merkin, the feeder-fund manager who withdrew $558 million from Madoff's shop before the collapse of his Ponzi scheme. Irving Picard, who is responsible for winding down Madoff's defunct company, alleges that Merkin should have known from...

Trustee Sues Madoff Insider, Says He Must Have Known

LA money manager got rich on fake returns

(Newser) - A trustee overseeing the liquidation of Bernie Madoff's assets filed a lawsuit against one of the Ponzi schemer’s investors yesterday, accusing investment manager Stanley Chais of getting such “implausibly high” returns that he should have known they were a sham. Chais and his family withdrew “untold” funds...

Madoff Investor Slapped With 1st Suit to Recover Gains

Trustee plans lawsuits all over the world

(Newser) - The first of what may be many lawsuits aimed at clawing back money from investors who gained from the Bernie Madoff ponzi scheme has been filed, the Wall Street Journal reports. The trustee for defrauded investors, Irving Picard, yesterday filed suit against a Virgin Islands-based investor, Vizcaya Partners, which withdrew...

Madoff Bought No Stocks—for 13 Years

(Newser) - The trustee liquidating Bernard Madoff’s companies said today the disgraced financier appears not to have purchased any securities for his clients for “perhaps as much as 13 years,” Bloomberg reports. It was “cash in and cash out,” Irving Picard said. "It was all just...

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