Bernard Madoff

NEW YORK (Reuters) - The trustee winding down Bernard Madoff's company vowed on Thursday to redo every claim by thousands of customers defrauded in the multibillion dollar swindle if a judge decides that the method he is using to determine reimbursements is wrong. Lawyers for hundreds of investors sought help from the U.S. Congress on December 9, saying they believed they were entitled to more money than what was being allowed by trustee Irving Picard, who is working under the auspices of the Securities Investor Protection Corp (SIPC). "I have informed customers that if the court finally determines that the way we are doing ... Read Full Story

A court-appointed trustee and a Manhattan law firm working to unravel Bernard Madoff's massive fraud have rung up another $22.1 million in legals fees. A judge approved the payment Thursday in federal bankruptcy court in Manhattan. It follows initial payouts of over $15 million in July. Lawyers at the Baker & Hostetler firm say they're following a paper trail that spans the globe while laboring to process over 16,000 claims seeking to recover billions in losses. Trustee Irving Picard reported last month that he so far recovered about $1.2 billion and sued hedge funds and other large investors for another $14.8 billion. The 71-year-old ... Read Full Story

Nancy Falchuk will never forget the phone call. She was in Boston, it was raining and the news was bad. Hadassah, the century-old Jewish charity she had been elected to lead a year earlier, had just lost a big chunk of its endowment in a Ponzi scheme — maybe as much as $90 million. The man responsible for this disaster, the world would soon know, was Bernard Madoff. "I don't even say his name anymore," Falchuk said in a phone interview this week. The leaders of scores of charities around the country, and the world, found themselves living a similar nightmare in the days ... Read Full Story

NEW YORK (Reuters) - It wasn't too long ago big-time hedge fund managers like James Pallotta were erecting monuments to themselves. In Pallotta's case, it was a $21 million Georgian-style mansion he built in 2007 in Weston, a leafy Boston suburb uncomfortable with such displays of wealth. Yet Pallotta soon would become a symbol not of conspicuous consumption but of the dramatic comedown of a once seemingly indomitable industry. In July, Pallotta, a protege of hedge fund legend Paul Tudor Jones, said he was liquidating Raptor Global Funds, a firm that once managed $9 billion but was hit hard by losses and redemptions last ... Read Full Story

A year after Bernard Madoff's arrest in Wall Street's biggest fraud, only three people have admitted guilt, few victims have been compensated and billions of dollars remain missing. It was 12 months ago Thursday that Madoff -- until then believed to be one of New York's most successful money managers -- was arrested for running a Ponzi scheme of epic proportions. To the horror of thousands of investors, including major banks, Hollywood moguls and savvy financial players, Madoff admitted that for decades he had not been investing their money at all. Instead, he had been shuffling the funds in an endless pyramid operation, using ... Read Full Story