Category: Press

Caymanian Compass – Fairfield Sentry Limited and Fairfield Sigma Limited (both in liquidation, the “Fairfield Funds”), with Fairfield Sentry Limited being the largest “feeder fund” to Bernard L. Madoff Investment Securities LLC, (“BLMIS”), will receive approximately $50 million as part of the settlement with JP Morgan announced today by Irving Picard. Kenneth Krys, the court-appointed […]

Law360 – By Maria Chutchian – The seemingly endless Bernard L. Madoff Investment Securities LLC wind-down is being handed to U.S. Bankruptcy Judge Stuart M. Bernstein following the unexpected death of U.S. Bankruptcy Judge Burton Lifland, who had overseen the case for the past several years, a court official said Tuesday. The remaining cases Judge Lifland was […]

www.wsj.com – U.S. Bankruptcy Court Judge Burton R. Lifland, who was overseeing the continuing wind-down of assets related to the Ponzi scheme orchestrated by Bernard Madoff, has died, writes Stephanie Gleason and Joseph Checkler. Judge Lifland died Sunday, according to Vito Genna, clerk of the U.S. Bankruptcy Court in Manhattan. The former chief of the […]

www.bloomberg.com – The trustee unwinding Bernard Madoff’s fraud has recovered more than $10 billion for victims five years after the biggest Ponzi scheme collapsed, including $543 million yesterday from Madoff’s bank, JPMorgan Chase & Co. (JPM) Irving Picard, the trustee, has recovered 59 percent of the $17 billion in principal lost by thousands of investors in […]

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 […]

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’ […]