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Investors in Bernard L. Madoff Investment Securities LLC lost billions of dollars in the Madoff investment scandal, a Ponzi scheme fraud conducted by Bernard Madoff. The amount missing from client accounts, over two thirds of which were fabricated gains, was almost $65 billion. [1]
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. [1] In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
They initially filed a class-action lawsuit on behalf of investors and groups that invested capital with Tremont Group Holdings, alleging the company and others grossly neglected fiduciary duties and lost a total of $3.3 billion in assets, $3.1 billion from the Rye Funds invested with Bernard Madoff Investment Securities, relinquishing ...
A group of 700 investors is arguing that Bernard Madoff's customers should be entitled to recoveries from the Securities Investor Protection Corp. even if they collected more from the fraudulent ...
Bernard L. Madoff Investment Securities claimed alleged assets on paper of nearly $65 billion and had only about $20 billion in real money in all of its accounts as the stock market plunged during ...
About 50 seats were set aside in the courtroom today for people who lost millions because of Bernard Madoff. I hope they got some satisfaction, however weak, when he said, "I'm deeply sorry and ...
[101] [102] The SIPC case is Securities Investor Protection Corp. v. Bernard L. Madoff Investment Securities LLC, 08-01789, U.S. Bankruptcy Court, Southern District of New York (Manhattan). On January 6, 2009, Picard and lawyers from his firm said some investors may get cash advances from SIPC well before March 4, 2009. [21]
Castor Pollux Securities will pay up to $25.5 million for the securities-trading operation run by Madoff's brother and two sons. In another case that looks similar to a Ponzi scheme, U.S. District ...