Elm Ridge 1Q19 Letter: “Madoff Or Laid Off”

Elm Ridge letter to investors for the first quarter ended March 2019, titled, "Madoff Or Laid Off." Q1 hedge fund letters, conference, scoops etc Reward Without Risk: Decade at Bernie's “The risk for me would be in not taking one - that's the only thing that's really risky for me. –Kanye West “The [...]


Madoff And Enron's Fastow Explain The Biggest Frauds In U.S. History

Why They Did It: Madoff And Enron's Fastow Explain The Biggest Frauds In U.S. History via Paul Barrett, Bloomberg .............................. Eugene Soltes offers some interesting theories in his new book, Why They Do It: Inside the Mind of the White-Collar Criminal, including the notion that many senior business people operate in [...]


Estates Of Madoff Sons Fight Returning Money

The estates of Madoff sons Mark and Andrew fight on as most of the family has settled with the court. Bernard Madoff, author of the world’s largest Ponzi scheme, might have been held to account for his actions, but the estates of his sons Mark and Andrew are continuing to [...]


Thybo Asset Management Inks $46.6 Million Deal To Resolve Madoff Suit

Thybo Asset Management Ltd has agreed to pay $46.6 million to resolve a Madoff-related clawback claim instituted by bankruptcy trustee Irving Picard. Picard originally sued Thybo and three related funds on July 15, 2009, claiming it knew, or should have known, that Madoff’s business was based on fraud. Thybo agreed to [...]


Supreme Court Rejects Madoff Trustee’s $4 Billion Appeal

The Supreme Court has rejected a court-appointed trustee's push to claw back money from hundreds of investors who profited from Bernard Madoff’s Ponzi scheme. The decision could bar the trustees from recovering about $2 billion, and it would make it harder to seek a further $2 billion, putting a total [...]


Judge Approves Nearly $600 Million More For Madoff Victims

On Wednesday, a New York bankruptcy judge approved nearly $600 million worth of additional settlements to benefit victims of Bernard Madoff’s massive Ponzi scheme. Irving Picard, the trustee in charge of recovering assets, has to date collected or reached deals to collect roughly $10.5 billion of the $17.3 billion in [...]


Madoff Employees Face Sentencing Today

It is generally said that engaging in a large scale financial fraud typically takes more than one insider to pull off the scheme. In the case of the Bernie Madoff Ponzi scheme, the largest of its kind, the fraud was perpetrated around one of the most popular and talked about [...]


Madoff Trustee Seeks Opportunity To Re-Sue Banks

The trustee in the Bernard Madoff case, Irving Picard, wants another opportunity to sue defendants including Credit Suisse Group AG (ADR) (NYSE:CS), Royal Bank of Canada (NYSE:RY) (TSE:RY) and Credit Agricole SA (EPA:ACA) (OTCMKTS:CRARY). Citing two rulings handed down by the U.S. District Court in Manhattan, Picard is seeking another chance [...]


Madoff Employees Found Guilty Of Fraud

After a nearly six month trial of former employees of convicted Ponzi schemer Bernie Madoff, a New York jury handed a sweeping victory to prosecutors by finding all defendants guilty on all charges. Madoff's employees: After four days of deliberation, guilty on all counts After four days of deliberation, the jury [...]


Teflon JPMorgan Faces Another Lawsuit As Madoff Talks

As Ponzi-master Bernie Madoff repeats jailhouse acquisitions that senior JPMorgan Chase & Co. (NYSE:JPM) officials “had direct knowledge” of his fraud, a theft from investors now estimated at $17.3 billion, a lawsuit filed in Manhattan yesterday pointed the finger directly at the bank’s teflon Chief Executive Jamie Dimon and [...]


Madoff Judge Approves $543 Million JPMorgan Chase Settlements

A federal judge approved JPMorgan Chase & Co. (NYSE:JPM)’s $543 million deal ending lawsuits stemming from the bank’s relationship with Bernard Madoff. The bank’s settlement with the trustee for Bernard Madoff’s defunct firm was approved by the judge overseeing its liquidation. JPMorgan’s Madoff linkage Bernard Madoff, one of the most notorious financial [...]


JPMorgan On Brink Of $2 Billion Deal Over Madoff Case

JPMorgan Chase & Co. (NYSE:JPM) plans to reach this week about $2 billion in criminal and civil settlements with federal authorities over Madoff case. The settlement relates to the federal authorities suspecting JPMorgan Chase & Co. (NYSE:JPM) ignored signs of Bernard L. Madoff’s Ponzi scheme. JPMorgan's Madoff settlements Citing people familiar with the [...]

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