A federal judge has blocked litigation that the trustee liquidating Bernard Madoff's firm said could undermine a $7.2 billion settlement meant to benefit the Ponzi schemer's former customers.
The trustee recovering money for Bernard Madoff's victims on Monday announced a settlement to recoup $93 million from a "feeder fund" that sent client money to the swindler's firm, boosting the total sum raised to roughly $10.65 billion.
Jurors in the trial of five former Bernard Madoff employees were shown video clips of the con man telling participants at a conference in 2007 that fraud on Wall Street was “virtually impossible.”
JPMorgan Chase & Co., which agreed to pay $1.7 billion to settle claims that it facilitated Bernard Madoff’s Ponzi scheme, “failed miserably” as a financial institution, Manhattan U.S. Attorney Preet Bharara said.
Bernard Madoff’s former accountant pleaded not guilty to charges he helped the convicted con man carry out a Ponzi scheme, less than two weeks before the start of a trial of five ex-employees who are accused of aiding the fraud.
Government investigators have found that JPMorgan Chase devised “manipulative schemes” that transformed “money-losing power plants into powerful profit centers.”
What Mary Schapiro considered her most important task had just run aground, a symbol of the aspirations and missed opportunities of her tenure as head of the U.S. Securities and Exchange Commission.
Corzine may have moved rogue trading to the boardroom, but that’s only the latest in a line of offenses.