Cyprexx: Discrimination charges “frivolous”

Cyprexx: Discrimination charges “frivolous”

Fannie Mae contractor responds to charges from National Fair Housing Alliance

Hey CNBC, shut up about millennials already

Your advice is patronizing, contradictory and just plain wrong

Morgan Stanley finally pays $275 million for subprime RMBS fraud

SEC charged company with misrepresenting loans
W S
Investments / The Ticker

Madoff sons accused of role in Ponzi scheme

Lawsuit alleges two sons diverted tens of millions of dollars

gavel 2
/ Print / Reprints /
| Share More
/ Text Size+

The Ponzi scheme perpetrated by Bernie Madoff is back in the news. According to a court-appointed trustee, Madofff’s sons created accounts out of thin air and engineered sham loans to buy Manhattan real estate as they diverted tens of millions of dollars from their father’s firm. Per Reuters:     

In an amended lawsuit against Andrew Madoff and the estate of Mark Madoff, Irving Picard, who is liquidating Bernard L. Madoff Investment Securities LLC, said the brothers' activity reflected their "sense of entitlement" to undeserved riches.

Citing testimony from Frank DiPascali, the firm's former finance chief who is cooperating with prosecutors, Picard also accused the brothers of deleting emails linking them to their father's Ponzi scheme, amid a 2005 U.S. Securities and Exchange Commission examination of the firm's finances.

Source: Reuters
Read full story

Recent Articles by Brena Swanson

Comments powered by Disqus