Madoff Investors Under Investigation
File under "honor among thieves?" A group of prominent investors in Bernard Madoff's failed financial enterprise are being investigated by the U.S. attorney's office in New York City for allegedly playing Madoff's fraudulent system to their advantage.
File under “honor among thieves?” A group of prominent investors in Bernard Madoff’s failed financial enterprise are being investigated by the U.S. attorney’s office in New York City for allegedly playing Madoff’s fraudulent system to their advantage.
Your support matters…The Wall Street Journal:
Messrs. Picower and Chais already have been accused of seeking fictitious gains in civil lawsuits brought against them by Irving Picard, an attorney at Baker & Hostetler LLP who is trustee in the bankruptcy liquidation of Mr. Madoff’s firm, Bernard L. Madoff Investment Securities LLC. As part of his effort to recover assets for Mr. Madoff’s victims, Mr. Picard alleged that Messrs. Picower and Chais sought — and then received — better returns than thousands of other Madoff investors.
In some cases, their returns reached 300% or 950% a year, Mr. Picard has alleged. The two men made withdrawals from Mr. Madoff’s firm of more than $6 billion in supposed profits above and beyond the principal they deposited for themselves, family members and foundations, the lawsuits allege.
Messrs. Picower and Chais have denied the claims, either directly or through their lawyers. A lawyer for Mr. Madoff declined to comment on Mr. Picard’s allegations or the criminal probe of investors.
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
Editorial Cartoons
If only investors knew exactly what they were getting into—and what they aren’t going to get out of it.
Investigative reporter Steve Fishman explains how Bernie Madoff was able to pull off one of the largest financial crimes in U.S. history, and whether regulators have taken steps to ensure Americans won't get conned again.
For investors who lost money in Bernie Madoff's infamous Ponzi scheme and are waiting for payback from a firm enlisted by the Department of Justice, the check's (still) in the mail.
The 32-year-old Turing Pharmaceuticals CEO and Wall Street player became a source of schadenfreude on a mass scale Thursday with the news that he had been arrested for securities fraud.
Author Gina Nahai's latest novel, "The Luminous Heart of Jonah S.," is a family epic that leaps from Tehran to Los Angeles and back again, blending murder mystery, history, myth and magic in a lively and lyrical read.
Author Gina Nahai knows a thing or two about the Iranian Jewish diaspora in America -- she's part of it.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.