trustee

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The New Trust Fund Babies: Pets of the Super Rich

Trusts are being set up for pets so Fido doesn't lose his private chauffeur

(Newser) - Pets are a special part of the family, so owners often make plans in case they pass away first. But the uber-wealthy are predictably taking that a step further by leaving massive estates to their furry friends, ensuring they won't lose their doggie therapists and private chauffeurs. And, per...

Court Documents Reveal Who Controls Britney's Fortune

Sister Jamie Lynn Spears named as estate trustee

(Newser) - New court filings show Britney Spears' millions of dollars have a new caretaker. Jamie Lynn Spears, 29, was chosen as trustee of her 38-year-old sister's estate two years ago, according to documents filed last week. A 2018 amendment to the SJB Revocable Trust—set up in 2004, four years...

MF Global's Missing Cash Doubles to $1.2B

And returning even 60% of client funds will clear out trustee

(Newser) - MF Global’s problems might be even bigger than advertised—as in twice as big. James Giddens, the trustee overseeing the case, says the company now appears to be short $1.2 billion in client funds—or twice the roughly $600 million previously believed, the Wall Street Journal reports. What’...

Only Half of Madoff's Clients Lost Money

The rest withdrew more than they invested, prosecutors say

(Newser) - Federal prosecutors said yesterday that a review of most accounts held by Bernard Madoff's customers when he was arrested shows that about half of the customers had not lost money because they withdrew more than they originally invested. That doesn't, however, take into account the loss of any money they...

Trustee Set to Gouge Madoff's Sons, Brother

May ask for $50M of clients' cash back

(Newser) - They're not accused of being in on the fix, but that's not stopping the court-appointed trustee of Bernard Madoff from going after the swindler’s sons and brother, CBS News reports. Trustee Irving Picard will file civil complaints against Mark, Andrew, and Peter Madoff and seek up to $50 million...

Ruth Madoff May Not Keep Her $2.5M For Long

Victims can still sue swindler's wife to recoup losses

(Newser) - When she leaves her Manhattan penthouse, Ruth Madoff will have a mere $2.5 million to her name—and she might not have that for long either, Newsday reports. Madoff’s deal with the government—in which she’ll gives up more than $80 million in assets, keeping just the...

Judge Holds Madoff Assets for Feds
Judge Holds Madoff Assets for Feds
Apr 20, 2009 6:19 PM CDT

Judge Holds Madoff Assets for Feds

Holdings may go to government through criminal forfeiture

(Newser) - A federal judge stopped Bernard Madoff's assets from moving into bankruptcy today, saying the government may claim them through criminal forfeiture because of Madoff's Ponzi scheme, Bloomberg reports. US District Judge Denny Chin blocked more than $100 million from being moved, a setback to investors who had won the right...

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