NEW YORK (Reuters) - Two investors failed in their private bids to recover more than $10 million from fund manager J. Ezra Merkin for money lost in Bernard Madoff's Ponzi scheme, court documents showed on Wednesday. Last month, Merkin agreed to pay $410 million to settle a lawsuit brought by New York state that accused Merkin of secretly steering client money to Madoff. Madoff pleaded guilty in March 2009 to perpetrating the largest Ponzi scheme in U.S. history and is serving a 150-year prison sentence U.S. citizen Joshua M. ...
Money manager J. Ezra Merkin has agreed to pay about $410 million to settle a civil-fraud lawsuit by New York's attorney general alleging that he funneled billions of dollars to convicted Ponzi schemer Bernard Madoff without investors' knowledge.
Turns out that someone may actually make some money off of Bernard Madoff's Ponzi scheme. Unfortunately for investors trying to recoup their money, it will be the trustee presiding over the liquidation of his investment firm.
The trustee, Irving Picard, has asked for a cool $28.1 million in urgent funds to cover costs related to the administration of Madoff's estate.
Goldman Sachs & Co. has agreed to pay $550 million to settle civil fraud charges that accused the Wall Street giant of misleading buyers of mortgage-related investments. The deal calls for Goldman to pay the Securities and Exchange Commission fines of $300 million. The rest of the money will go to compensate those who lost money on the investments.