Bernie Madoff, former Wall Street kingpin and mastermind of the largest Ponzi scheme in history, died Wednesday at the age of 82 in prison while serving his 150-year sentence. He spent about 12 years in prison for engineering a fraud as high as $65 billion. His death resulted from natural causes as he had been [...]
The US Court of Appeals for the Second Circuit upheld a lower court finding Thursday that Maddoff investors who profited must pay back their earnings, even if they were not aware of the Ponzi scheme. The investors involved were people who, at the time of the collapse of Bernard L. Madoff Investment Securities LLC, received [...]
Regulators need to know what happens out in the world to understand and to oversee the industries under their supervision. Information flow may be a particular challenge for overseeing payday lending. At present, most states do not have database systems to track payday lending operations. Even when states do have database systems, federal regulators may [...]
The US Supreme Court denied certiorari in HSBC Holdings v. Irving H. Picard on Monday, a case concerning whether the liquidation trustee of Bernie Madoff’s estate can seize overseas funds. Madoff was convicted in 2009 of defrauding investors through a Ponzi scheme. Last year the US Court of Appeals for the Second Circuit allowed the [...]
Convicted Ponzi-schemer Bernie Madoff filed a petition for clemency with the Justice Department Monday. Madoff was arrested in December 2008 for defrauding investors of billions of dollars while head of the investment firm Bernard L. Madoff Investment Securities LLC. In June 2009 Madoff was sentenced to 150 years in prison for his crimes. According to [...]
The US Court of Appeals for the Second Circuit on Monday vacated 88 decisions by the Bankruptcy Court of the Southern District of New York that prevented the trustee tasked with liquidating the remaining assets of Bernie Madoff’s ponzi scheme from seizing foreign property that had been transferred out of the US prior to Madoff’s [...]
Under current leadership, the federal Consumer Financial Protection Bureau (Bureau) seems committed to only grudgingly protecting consumers from unfair and exploitative financial products. In its strategic plan, former Acting Director Mick Mulvaney explained that the Bureau had “committed to fulfill the Bureau’s statutory responsibilities, but go no further.” This language aligns with Mulvaney’s earlier change [...]
Here's the domestic legal news we covered this week: The US Department of Justice (DOJ) announced Thursday that it has begun distributing compensation to victims of Bernie L. The legal world is a busy place....
The US Department of Justice (DOJ) announced Thursday that it has begun distributing compensation to victims of Bernie L. Madoff Investment Securities LLC's (BLMIS) Ponzi scheme. The first set of distributions involve $722.5 million that will...
JURIST Guest Columnist Leigha A. Weiss, a 3L at St. John's School of Law, discusses new technology that could help with pretrial release of the indigent defendant ... Johnathon Sacks, a renowned British Rabbi, philosopher and scholar, said: "technology gives...