Category: Press & Articles

The New York Times. By Jessica Silver-Greenberg and Ben Protess –  Working through a long list of legal problems, JPMorgan Chase is starting the new year with another steep payout to the government. The bank plans to reach as soon as this week roughly $2 billion in criminal and civil settlements with federal authorities who suspect […]

www.cityam.com by Tim Wallace – JP MORGAN is braced for a $2bn (£1.2bn) settlement with the US authorities over allegations the bank failed to report its suspicions regarding the activities of fraudster Bernard Madoff. Half of the payment is expected to go to Madoff’s creditors, five years to the week after his $20bn scam was exposed. The […]

(Reuters) – The trustee seeking money for Bernard Madoff’s victims may be unable to pursue some claims against investment firms that fed client funds into the swindler’s Ponzi scheme, a Manhattan federal judge said. In a decision released on Monday, U.S. District Judge Jed Rakoff also said the trustee Irving Picard could not pursue “unjust […]

By: Alyson Reilly and Samantha Wood Published in: INSOL World – Fourth Quarter 2013 Offshore centres, particularly in the Caribbean, have seen a number of large, high-profile, cross- border insolvencies.  With these comes a corresponding focus on the professional fees of practitioners charged with safeguarding and overseeing the affairs of the estate.  As transparency becomes not just a […]

By: Timothy Le Cornu and Scott Andersen Published in: INSOL World – Fourth Quarter 2013 When the Liquidator has Limited Financial Means the Liquidator may explore alternative sources of funding rather than bearing the risk of incurring irrecoverable fees and expenses. Alternative Funding Options The Liquidator may consider turning to creditors or independent third party funders (“Funders”).  These alternatives […]

Written By: Bob Van Voris: Bloomberg – Victims of Bernard L. Madoff’s Ponzi scheme can start making claims against a $2.35 billion fund of money forfeited to the government, even if they didn’t invest directly with him, prosecutors said. People who lost money that feeder funds put into Madoff’s fraudulent enterprise can bring claims for the first […]

Cayman News Service (CNS Business): The Cayman Islands Monetary Authority has issued a notice that it has appointed Kenneth Krys and Margot MacInnis of KRyS Global to assume control of the affairs of AAA Venture Fund SPC Limited pursuant to Section 30(3)(e) of the Mutual Funds Law (2012 Revision). According to the authority’s website, the […]

International Bar Association Daily News- There is a dearth of protections available to the victims of Ponzi schemes at the international and domestic level. Ponzi schemes are large-scale frauds often spanning multiple jurisdictions.  Their thirst for new customers means they often cross borders.  They lure customers in with promises of higher returns than other schemes.  In reality, these returns are paid using investors’ […]

PUBLIC NOTICE Re: AAA Venture Fund SPC Limited – In Controllership The public is advised that effective 13 May 2013 the Cayman Islands Monetary Authority appointed Mr. Kenneth Krys and Ms. Margot MacInnis, (“the Controllers”) of the firm of KRyS Global, to assume control of the affairs of AAA Venture Fund SPC Limited (“the Fund”) […]

Guernsey Evening Post – A NEW industry body for experts in the field of restructuring and insolvency is being set up in the Channel Islands. Aries, the Association of Restructuring and Insolvency Experts, is offering membership to solicitors and advocates, accountants and financial advisors, business turnaround consultants, lenders, investment bankers, trustees and others with an interest […]