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.
NEW YORK — Madoff did not do it alone.
That is the message prosecutors will pound home as five of Bernard Madoff’s long-time employees go on trial this week accused of enabling his US$65 billion Ponzi scheme.
Madoff pleaded guilty in 2009 to defrauding investors at Bernard L. Madoff Investment Securities LLC, which imploded in late 2008. He is serving a 150-year prison sentence.
Madoff said he acted alone, but prosecutors have since charged 15 of his associates.
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.
Peter Madoff had pleaded guilty in June to charges related to the Ponzi scheme that cost investors billions of dollars.NEW YORK — The brother of imprisoned financier Bernard Madoff was sentenced to 10 years in prison for crimes committed in the shadow of his notorious sibling by a judge who said she disbelieved his claims that he did not know about the epic fraud.