2nd Circuit Court

Feds Seek $100M From Madoff’s Wife, Including $7M Yacht

The wife of Bernard Madoff has reportedly sought to protect some $70 to $100 million in claimed personal assets from seizure. But as the feds pursue civil and criminal penalties against her husband, who is now convicted in a Ponzi scheme case that could involve as much as $65 billion…

Mar 16, 2009 6:43 PM CDT

Jailed Madoff Seeks Bail; He and Wife Held $823M in Assets in 2008

Jailed immediately as a flight risk after he pleaded guilty yesterday in a record-breaking $65 billion Ponzi scheme, Bernard Madoff already wants out. His lawyers filed a federal court appeal today in New York seeking his release on bond prior to his scheduled June 16 sentencing, and a three-judge panel…

Mar 13, 2009 11:07 PM CDT

Bigger Tax Break for Madoff Victims Under Proposed New Law

Those who suffered extensive longtime losses under Bernard Madoff’s alleged $50 billion Ponzi scheme aren’t likely to see most of their money again, at least anytime soon. But new federal legislation proposed today would at least give them some tax relief, reports Bloomberg. Those who paid income tax on fictitious…

Mar 11, 2009 5:50 PM CDT

Two Law Profs on White House List of Possible Appeals Court Nominees

A law professor and a federal judge in Baltimore are on a list of possible nominees to the 4th U.S. Circuit Court of Appeals. The New York Times published the names of two people under consideration for the appeals court based in Richmond, Va.: U.S. District Judge Andre Davis of…

Mar 11, 2009 1:32 PM CDT

Madoff to Plead in 11-Count Case, Faces Likely Life Sentence

The luxe house-arrest life is apparently about to end for Bernard Madoff. Confirming earlier news that a guilty plea is expected, Madoff’s lawyer said in a Manhattan court hearing today that his client will plead guilty in an 11-count federal criminal case concerning his alleged $50 billion Ponzi scheme, according…

Mar 10, 2009 8:31 PM CDT

Madoff Aides Talk to Feds, as Some Call for International Financial Court

As a plea deal in the federal criminal case against Bernard Madoff appears imminent, several people who worked for him reportedly are talking with prosecutors about how he allegedly operated a $50 billion Ponzi scheme. Under proffer agreements protecting them from prosecution if they tell the truth, two assistants told…

Mar 10, 2009 12:03 AM CDT

Madoff Guilty Plea in $50B Claimed Fraud Case is Expected Soon, N.Y. Times Says

Updated: The accused architect of an alleged record-breaking $50 billion Ponzi scheme operated under the guise of a hedge fund is reportedly close to settling the federal criminal case against him. Confirming earlier reports that a deal apparently is imminent, the New York Times reports, based on court filings tonight,…

Mar 6, 2009 6:48 PM CST

Lawsuit Should Have Alerted Others of Dreier Issues, Former Colleague Says

Those who practiced at attorney Marc Dreier’s law firm before it imploded late last year apparently had little or no warning of the financial issues he faced. But they would have been forewarned had they read a 2002 lawsuit filed by a former colleague at a small plaintiff securities practice…

Mar 4, 2009 1:24 AM CST

Marc Dreier Led Sham Law Life for 4 Years, Magazine Says

It looked like Marc Dreier had a super-successful law practice. But for at least four years before he was accused late last year of defrauding sophisticated investors and clients of some $400 million, the New York lawyer’s seemingly opulent professional life was allegedly a sham. Dumped in 2006 by his…

Mar 4, 2009 12:54 AM CST

Co. Had Right to Call ‘Business’ Loan Used By Poker-Playing Va. Lawyer

Nothing in the promissory note he signed for a $250,000 business loan said he couldn’t use the money to play poker, argued attorney Michael Melkersen. But a federal district court in the Western District of New York court agreed with Counsel Financial Services that the loan company didn’t have to…

Mar 3, 2009 10:45 PM CST

Ex-CEO Hank Greenberg Sues AIG, Says He Overpaid for Stock

Forced to resign in 2005 as chairman and chief executive of insurance giant American International Group Inc. after almost 40 years at the helm, Maurice “Hank” Greenberg is now suing AIG over an alleged securities fraud. Material misrepresentations and omissions by some former officers and four directors concerning AIG’s credit-default-swap…

Mar 3, 2009 8:50 PM CST

Elie Wiesel Says He Lost Life Savings with Madoff, Suggests Punishment

Famed Holocaust survivor and Nobel Peace Prize laureate Elie Wiesel says he and his wife lost their life savings because it was invested in Bernard Madoff’s claimed $50 billion Ponzi scheme. In addition, his charity, the Elie Wiesel Foundation for Humanity, lost $15.2 million, writes the New York Times, reporting…

Feb 27, 2009 11:54 PM CST

Experts Say Madoff Must Have Had Help With Alleged $50B Ponzi Scheme

So far, no one but Bernard Madoff has been charged in the alleged $50 billion Ponzi scheme he is accused of operating under the guise of a hedge fund. But a recent claim by a trustee that the operation may have made no trades whatsoever for more than a decade,…

Feb 25, 2009 7:38 PM CST

Why Didn’t SEC Move Faster in Stanford Case, Law Prof Wonders

What did the feds know about the operations of R. Allen Stanford, and when did the feds know it? That is essentially the question on the mind of law professor Peter Henning of Wayne State University. Writing in the DealBook blog of the New York Times today, he ponders parallels…

Feb 23, 2009 7:14 PM CST

Madoff Made No Trades for Perhaps 13 Years, Trustee Says

A whistleblower who pointed the finger at alleged $50 billion Ponzi scheme architect Bernard Madoff for many years before he was criminally charged claimed that Madoff’s claimed hedge fund investment profits didn’t conform with options market trading records. Now the trustee who is winding up Madoff’s securities firm says there…

Feb 20, 2009 7:42 PM CST