Madoff

JPMorgan Chase made more than $900 million in pretax profits from the Madoff scam according to the findings made in the course of the latest study of Bernard Madoff’s Ponzi scheme. Dr. Linus Wilson, a finance professor at University of Louisiana at Lafayette, published the paper where he uses newly released data and different methods of calculation than previous studies.

One of the defendants in Madoff case Italian bank UniCredit SpA has filed a lawsuit against Irving Picard, a trustee liquidating Bernard Madoff's assets. According to the papers Irving Picard has exceeded its authority vested by the U.S. Congress.  

 It was reported that Irving Picard, the court-appointed trustee started to gather money from 43 new defendants to pay the victims of Bernard Madoff's Ponzi scheme. In total they demand $3.6 billion from entities tied to Fairfield Greenwich Group which is considered to enable Bernard Madoff to run the fraud for at least 20 years. 

Among the most significant defendants are Walter Noel, Jeffrey Tucker and Andres Piedrahita, the Fairfield Greenwich Group co-founders.

Madoff Ponzi scheme victims are being further tricked into another scam. The Securities and Exchange Commission is alerting investors about a Web site that falsely claims to have recovered $1.3 billion in funds hidden by convicted Ponzi schemer Bernard Madoff in Malaysia.

Victims are asked to provide their personal information to verify that they are on a refund list. But in fact the data are used by the con artists for ripping off these financial fraud victims.

A lawsuit filed in Miami aims to recoup fees a bank paid to a feeder fund that invested in Bernard Madoff’s fraudulent investment firm, court papers show. The suit filed by Jose and Rosa Pujals of Mexico does not claim the bank, Standard Chartered of London, was a party to Madoff's fraudulent activities.

According to the statement of a lawsuit by the trustee liquidating the Madoff firm, investor Jeffry Picower, whose charitable foundation closed after the Madoff scandal erupted, profited to the minimum of $5 billion from the scheme. The lawsuit on Tuesday by Irving Picard, who is spearheading a global search to return money to thousands of defrauded customers, is similar to others in claiming Picower and his wife Barbara "knew or should have known" they were profiting from fraud.