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Archive for December, 2008|Monthly archive page

US House Panel to Hold Hearing- Jan 5th

In Helpful Information on December 30, 2008 at 1:15 pm

http://www.easybourse.com/bourse-actualite/marches/us-house-panel-to-hold-hearing-on-alleged-madoff-fraud-588619

http://www.bloomberg.com/apps/news?pid=20601087&sid=adTqu0BDRIR4&refer=home

http://www.guardian.co.uk/business/feedarticle/8170425

Victims

In Documents, General Information, Helpful Information on December 30, 2008 at 1:07 pm

Please make sure you have registered with the FBI Victim Assistance Program and with SIPC (www.madoff.com) has the details.

The FBI victim assistance program is looking for people; Laura Riso; laura.riso@ic.fbi.gov 212 384 2564; She emailed me: “If there are any other Madoff investors that wish to have their information included in the Victim Notification System, a joint system between the FBI and United States Attorney’s Office, kindly please advise them to send their name, address, phone number, and any supporting documents that show they were a victim in the Madoff case to:
Attn: Victim Assistance Program
26 Federal Plaza
23rd Floor
NY, NY 10278
Here are some links as well:
http://www.ojp.usdoj.gov/ovc/publications/infores/fraud/rrr/rrrpdf.pdf (very good handbook for financial fraud victims navigating the federal criminal justice system)
http://apps.irs.gov/pub/irs-pdf/p1546.pdf (Taxpayer Advocacy Services)”

Docket Blog

In Documents, Helpful Information on December 29, 2008 at 12:46 am

A blog that lists the docket reports of some of the federal legal actions currently pending against Madoff as I think that this provides valuable information and updates that are not otherwise accessible. http://madoffdocket.blogspot.com/

Updated Madoff.com info

In Helpful Information on December 25, 2008 at 4:05 pm

I suggest you always check http://www.madoff.com – The legal and SIPC information is updated with links.

As of Dec 25th, 2008 this was the home page infomation:

On December 15, 2008, the Honorable Louis L. Stanton, a Federal Judge in the United States District Court for the Southern District of New York, appointed Irving Picard as Trustee for the liquidation of Bernard L. Madoff Investments Securities LLC (BMIS) pursuant to the Securities Investor Protection Act (SIPA) as set forth in the attached order. LINK

Mr. Picard supersedes Lee S. Richards, the previously appointed Receiver for BMIS and all claims by customers of BMIS will be processed by Mr. Picard as SIPA Trustee.

On December 23, 2008 the bankruptcy court entered an order authorizing the Trustee to mail customer claim packages and other claim information and to publish notice of the SIPA proceeding on or before January 9, 2009. That order also fixed February 20, 2009 as the date for a meeting of creditors. The material that will be sent to customers will include more specific information. Claim filing instructions including information such as the deadline for filing, will be mailed with the forms. An update will be posted to this site once the claim materials have been mailed. In addition, once available, the claim forms and related materials will be available for downloading on this site and at SIPC.ORG.

If you are a customer of BMIS and wish to ensure that the claim materials are mailed to you, please provide your name, street address, and telephone number to
888-727-8695.

Claims will be determined by the Trustee and a written determination of any customer claim will be mailed by the Trustee to the claimant. To be allowed under the Securities Investor Protection Act, a customer claim must be supported by the books and records of BMIS or otherwise established to the satisfaction of the Trustee.

Mr. Richards continues to serve as Receiver for Madoff Securities International Ltd. pursuant to the attached order. LINK

The Trustee Irving Picard has engaged Lazard Frres & Co. LLC to assist in the sale of the trading operations of Bernard L. Madoff Investment Securities LLC.

Should you have further questions, please contact the Trustee at the following number: 888-727-8695.

SIPC Payout

In General Information, Helpful Information on December 25, 2008 at 3:55 pm

Maximum Payout in Cash is $100,000

By JAMES DORAN

Last updated: 6:31 am
December 24, 2008
December 24, 2008

Burned investors in Bernard Madoff‘s alleged $50 billion Ponzi scheme were dealt a setback yesterday when a bankruptcy judge ruled the maximum cash compensation victims are eligible for is $100,000 from the outfit liquidating his now-defunct firm.

The ruling by US Bankruptcy Court Judge Burton Lifland approves a plan laid out by the Securities Investor Protection Corp., the receiver of Madoff’s now-defunct brokerage, under which victims of Madoff’s alleged scam are entitled to no more than $500,000 worth of securities from the SIPC. The $100,000 cash figure is included in the $500,000 maximum investors can get.

“Those are the statutory rules of the SIPC,” said Steve Harbeck, chief executive of the SIPC, which has a total budget of $1.6 billion to use toward compensating investors who’ve lost money on stocks.

For the biggest losers in the Madoff scandal, $100,000 in cash is less than a drop in the ocean. Fairfield Greenwich, the investment firm run by Madoff chum Walter Noel, lost $7.5 billion in the scandal, while garmento Carl Shapiro lost $545 million between his personal fortune and charities.

The ruling means anyone seeking more compensation will have to pursue separate lawsuits or join any class-action claims that arise out of the scandal.

Lifland also OK’d SIPC’s plan to restrict claims to those investors who can prove they sent money to Madoff in the 12 months prior to his Dec. 11 arrest.

Harbeck, meanwhile, said SIPC will start mailing claim forms to the thousands of customers he believes are eligible for SIPC compensation.

“We will really be able to get this thing moving now,” he said.

SIPC’s analysis thus far has revealed that Madoff’s alleged misdeeds went beyond a traditional Ponzi scheme.

“We are dealing with something of a hybrid here,” he said.

In a regular Ponzi scheme, one investment scam is used as a carrot to attract client funds. Some of the money is kept by the fraudster while some is used to pay off earlier investors expecting a return.

In this case, Harbeck said Madoff effectively designed a new Ponzi scheme for each customer, making it very difficult to trace funds.

“Each person had their own investment portfolio,” Harbeck said, adding that each portfolio appeared to be a new scam. “But it is really too early to tell how the operation worked at this stage.”

Trustee Update- IMPORTANT 60 DAYS to file

In Helpful Information on December 23, 2008 at 3:32 pm

The trustee for Bernard Madoff’s investment firm, which is liquidating under U.S. government protection, proposed a repayment plan for investors and said it’s unclear whether there’s any money to fund it.

Customers may be paid in cash or securities if claims are deemed valid, trustee Irving Picard said in documents filed Monday in U.S. Bankruptcy Court in Manhattan.

“There has not been any showing or determination that there are sufficient funds of the debtor available to satisfy such claims,” Picard said in the papers. Some claims may be denied as the trustee compares them to Madoff’s records.

Investors had about $36 billion with Madoff’s firm, according to Bloomberg’s latest tally of disclosures and news reports. The firm is liquidating under Securities Investor Protection Corp. after Madoff was charged with running an alleged $50 billion Ponzi scheme. SIPC funds cover securities and cash claims of as much as $500,000 per customer, including up to $100,000 in cash.

Customers have 60 days to mail in a claim, Picard said. Investors who submit a claim after that deadline and within six months will receive “less protection,” he said. Broker-dealers must file claims within 30 days of Dec. 11.

Picard said he will mail notice to customers with an open account within 12 months prior to the filing by Jan. 9. A hearing will be held Feb. 4 on the retention of Picard as trustee, and a meeting for creditors will be held Feb. 18.

Picard proposes satisfying claims by distributing securities or, cash advanced by SIPC. Customers who have their claim rejected and dispute the decision should file a request for a hearing.

FOXnews.com Story- IRS and Bernie

In Helpful Information on December 19, 2008 at 4:45 pm

Even Uncle Sam may get burned by Bernard Madoff. Investors who lost their fortunes in Madoff’s alleged Ponzi scheme will end up paying far less in taxes and may even be eligible for refunds, according to accounting experts. By some estimates, the Internal Revenue Service could be out as much as $17 billion in lost tax revenue.

http://www.foxnews.com/story/0,2933,469825,00.html

Proskauer Transcript

In Documents on December 19, 2008 at 4:25 pm

Replay and Transcript of the Proskauer Rose conf call. Informative on the tax, securities and recovery concepts.

I think is worth reading and or listening to so that you may discuss with your professionals.
http://www.proskauer.com/seminars_events/seminars/data/003942

Nov 2005 submission to the SEC

In Documents on December 18, 2008 at 8:54 pm

http://online.wsj.com/documents/Madoff_SECdocs_20081217.pdf

Bernie Madoff Indictment

In General Information on December 15, 2008 at 5:55 pm

http://clusterstock.alleyinsider.com/2008/12/bernie-madoff-the-indictment