J.P. Morgan Chase Reported to Be Near Settlement with Federal Prosecutors

Today The New York Times is reporting that banking giant JP Morgan Chase is nearing settlement with the United States Attorney for the Southern District of New York on a deferred prosecution agreement arising out of the bank’s relationship with convicted Wall Street swindler Bernard Madoff. The settlement will result in the government not filing […]

Madoff Aide Indicted

A federal grand jury in the Southern District of New York has indicted former Bernard Madoff aide, Daniel Bonventre, on charges related to the operation of Madoff’s $65 billion Ponzi scheme fraud. The indictment alleges that Bonventre facilitated the operation of the investment fraud by using $750 million in investment funds to hide the existence […]

IG Finds Incompetence Not Corruption in SEC’s Madoff Failure

The Inspector General of the Securities and Exchange Commission has released his report of the investigation of the SEC’s failure to uncover Bernard Madoff’s Ponzi scheme. The IG did not find evidence that any SEC personnel benefited financially or in any other inappropriate capacity from a connection with Madoff that influenced the examinations and investigations. […]

New York AG Sues Feeder to Madoff Fraud

The New York state attorney general has filed a civil suit in state court charging money manager and philanthropist J. Ezra Merkin with fraud and breach of fiduciary duty based on New York State law. The complaint alleges that Merkin fraudulently invested approximately $2.4 billion with convicted fraudster Bernard Madoff and fraudulently derived management fees […]

SEC Reaches Bifurcated Settlement with Bernard Madoff

The SEC has announced that it reached a partial settlement with Bernard Madoff. The parties have submitted a proposed settlement to a portion of the case to the federal judge hearing the matter. The SEC refers to such settlements as “bifurcated” settlements. In this instance, as in other bifurcated settlements, Madoff agrees not to contest […]

Deep Pockets in Madoff Scam

As the fallout from the alleged $50 billion Bernard Madoff fraud continues, investors may wonder where they can look to reclaim allegedly stolen funds. The answer may depend on how those investors became involved with Madoff. In situations where an alleged defrauded investor dealt only with Madoff and his companies, that investor may only be […]