Last Update: January 27, 2010 -
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Last Update: January 27, 2010 - Senator Schumers proposal on tax relief for Madoff victims is making its way thru the legislative process. The proposal is still in draft mode and is being reviewed with the Joint Committee on Taxation. The expectation at this time is that the bill will be introduced before the Senate Easter recess, and is expected to have the support of at least 20 co-sponsors. Click here to read the original press release on the proposal. The Securities and Exchange Commission (”SEC”) decided to investigate Bernard Madoff’s multi-billion dollar Ponzi scheme at least six times over two decades. The SEC unquestionably had discretion as to whether or not to initiate those ivestigations, and would be immune to any claim that it should have—or should not have—investigated Madoff on those or Victims of Bernard Madoff and accused Ponzi schemer R. Allen Stanford are banding together to lobby Congress for a law that could require Wall Street firms to pay billions of dollars to cover some of the losses they suffered. Read Bloomberg article here. In this video, The Daily Show’s Jon Stewart interviews Harry Markopolos about his new book and his unsuccessful efforts to blow the whistle on Bernie Madoff.
The judge overseeing the bankruptcy of Bernard Madoff’s defunct business is allowing investors to immediately appeal his order that lets the liquidator reject years’ worth of fake profit from the fraud when calculating victims’ claims for repayment. U.S. Bankruptcy Judge Burton Lifland in Manhattan certified his order today, allowing an appeal. His decision, made at the request of both sides, means the victims won’t have to wait until trustee Irving Picard denies a claim and won’t have to first appeal to the federal district court. The appeal will go immediately to the U.S. appeals court in New York. The Boston Globe reported Tuesday that a federal judge’s decision in the Bernard Madoff bankruptcy case could force Brandeis donor Carl Shapiro to return a portion of the $1 billion in profit from investments with Madoff. United States Bankruptcy Judge Burton R. Lifland ruled that Madoff’s victims can only claim the amount they first invested with the Ponzi-scheme’s organizer, minus any funds they withdrew over the years. Read article on the Breandeis Hoot here. Harry Markopolos’ book “No One Would Listen” is full of details about his dispiriting efforts to alert the authorities to Bernard Madoff’s $65 billion fraud. But a parallel theme is perhaps equally interesting: his account of how he has made a career as what is best described as a professional whistleblower facilitator. A Luxembourg court ruled on Thursday that investors who lost money to Bernard L. Madoff through a fund set up by UBS cannot seek compensation directly from the Swiss bank, Reuters reported. Read NY Times article here. A court ruling on Thursday is likely to mean UBS (UBSN.VX)(UBS.N) avoids direct compensation claims from investors who lost money to fraudster Bernard Madoff in a fund the Swiss bank had set up, and may save HSBC (HSBA.L)(0005.HK) from similar suits. Read Reuters article here. On Thursday, a three-judge panel of Fifth Circuit judges heard oral argument regarding the insurance coverage dispute concerning R. Allen Stanford and three other Stanford Financial Group employees. The dispute involves the advancement of defense costs to Stanford Financial directors and officers. Read Securities Docket report here. |
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