Bernard Madoff

Citi is sued for unsavory dealings with Bernard Madoff with the lawsuit seeking $425 million from the bank. According to the Madoff trustee Citigroup Inc tried to pass on its exposure to Bernard Madoff to other banks just months before his fraud was revealed.

Citi saw obvious signs of fraud about Bernard L. Madoff investment Securities LLC as early as 2005 but decided to hold back on it, said Trustee Irving Picard in a court document.

As it has become known, the court-appointed trustee overseeing the liquidation of Bernard Madoff's investment company, Irving Picard, is going to file new lawsuits to recover funds from investors who suffered from the Ponzi scheme. 

Allen Stanford, the billionaire Texan accused of an $8 billion fraud by U.S. regulators, became a star of the “limited edition” of commemorative tiles which were created by an entrepreneur from Fort Myers, Florida. Each tile with Allen Stanford’s face printed on it is available on eBay's online auction site for only $29.99.

Collapse of Madoff’s structure was doubtless one of the greatest scam scandals in the history of finances. It is estimated that Madoff’s scam cost the investors more than $50 billion. For some of businesses the crash of Madoff’s structure meant the ruin of their own business. So, one of the founders of Access International, René-Thierry Magon de la Villehuchet, has committed a suicide on December 23, 2008 in his New York City office.