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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: Irving Picard

Irving Picard stories: 9 news summaries

 $534M Paid to Madoff 
 Victims; $4.5B to Go 

Trustee has recovered $1.4 billion in clawbacks, with more to come

Oct 28, 09 2:38 PM CDT
(Newser) - The government fund that insures brokerage firms has so far paid 1,368 victims of Bernie Madoff’s Ponzi scheme $534 million in reparations—more than it has paid out in all its previous liquidations combined, in its almost 40 years in existence. And it ain’t over, Madoff trustee... More »

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Ponzi scheme • bank fraud • Bernard Madoff • Irving Picard • clawback • Securities Investor Protection Corporation • Jeffry Picower

Madoff Trustee Sues Relatives for Not 'Doing Their Jobs'

$199M suit spreads blame to firm's execs

Oct 2, 09 3:15 PM CDT
(Newser) - The trustee in the Bernie Madoff case, delivering on his threat to sue the imprisoned fraudster's relatives and co-workers, filed a $199 million lawsuit today in bankruptcy court. Rather than alleging that they knew about Bernie's Ponzi scheme, Irving Picard's complaint takes issue with the way brother Peter, sons Mark... More »

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fraud • federal prison • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • Irving Picard • Peter Madoff • Andrew Madoff • Mark Madoff • Shana Madoff

Trustee to Sue Madoff's Sons, Brother, Niece

He'll seek $198 million; sons may also have 'criminal problem'

Sep 28, 09 8:42 AM CDT
(Newser) - Bernie Madoff’s sons, brother, and niece will all be sued this week for $198 million, the trustee in charge of sorting out the Ponzi mess said last night. Sons Mark and Andrew Madoff in particular withdrew roughly $35 million, despite making little if any investment. “Whether or not... More »

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fraud • Ponzi scheme • Bernard Madoff • Irving Picard • Andrew Madoff • Mark Madoff

(Newser) - Ruth Madoff won't be able to spend $100 without scrutiny under a deal approved by a bankruptcy judge overseeing the liquidation of her husband's financial firm, the Wall Street Journal reports. Madoff agreed to give a full accounting of her income and any spending over $100 to a court-appointed trustee... More »

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Ponzi scheme • securities fraud • defrauding investors • Bernard Madoff • Ruth Madoff • Irving Picard

Brits Hit Court to Battle Yanks for Madoff Assets

UK liquidators have already seized $235K Aston Martin

Jun 8, 09 5:51 AM CDT
(Newser) - The Madoff liquidators are turning on each other, reports the Times of London. The trustees handling the London arm of the Ponzi schemer's imploded business recently seized several American assets, including a $235,000 vintage Aston Martin, that were acquired with London money. UK liquidators will argue tomorrow in a... More »

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bankruptcy • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • Irving Picard • Madoff Securities International

Madoff Victims' Advocate Sues Ezra Merkin

Trustee wants $558M back from feeder-fund withdrawals

May 8, 09 7:24 AM CDT
(Newser) - The trustee representing investors who lost their savings with Bernie Madoff is suing Ezra Merkin, the feeder-fund manager who withdrew $558 million from Madoff's shop before the collapse of his Ponzi scheme. Irving Picard, who is responsible for winding down Madoff's defunct company, alleges that Merkin should have known from... More »

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fraud • Ponzi scheme • GMAC • Bernard Madoff • Ezra Merkin • Bernard L. Madoff Investment Securities • Irving Picard

Trustee Sues Madoff Insider, Says He Must Have Known

LA money manager
got rich on fake returns

May 2, 09 11:09 AM CDT
(Newser) - A trustee overseeing the liquidation of Bernie Madoff's assets filed a lawsuit against one of the Ponzi schemer’s investors yesterday, accusing investment manager Stanley Chais of getting such “implausibly high” returns that he should have known they were a sham. Chais and his family withdrew “untold” funds... More »

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fraud • Ponzi scheme • Bernard Madoff • Stanley Chais • Irving Picard

Madoff Investor Slapped With 1st Suit to Recover Gains

Trustee plans lawsuits all over the world

Apr 10, 09 8:06 AM CDT
(Newser) - The first of what may be many lawsuits aimed at clawing back money from investors who gained from the Bernie Madoff ponzi scheme has been filed, the Wall Street Journal reports. The trustee for defrauded investors, Irving Picard, yesterday filed suit against a Virgin Islands-based investor, Vizcaya Partners, which withdrew... More »

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Gibraltar • Virgin Islands • Bermuda • Bernard Madoff • Bernard L. Madoff Investment Securities • Irving Picard • Peter Madoff

(Newser) - The trustee liquidating Bernard Madoff’s companies said today the disgraced financier appears not to have purchased any securities for his clients for “perhaps as much as 13 years,” Bloomberg reports. It was “cash in and cash out,” Irving Picard said. "It was all just... More »

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fraud • SEC • Ponzi scheme • defrauding investors • Bernard Madoff • Irving Picard • clawback • Securities Investor Protection Corporation

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