Corruption and Fraud News
Clawback and settlement issues continue for Madoff victims
Results after two years of trying to claw back false returns paid to big banks, hedge funds and money managers who never questioned the profits they were earning from Madoff scheme. Some of the victims were unaware of the Ponzi scheme.
The widow of a Florida philanthropist has agreed to return $7.2 billion her husband had received in profit over the decades from Madoff's fund. The settlement has however left the Madoff victims with mixed feelings.
The good news is that some of Bernard Madoff's victims amongst them several innocent, old, sick, and impoverished could be getting some of their money back from their life savings that were erased in the mammoth fraud.
The bad news to them could be that hedge funds and others who invested directly will get the bulk of the recovered cash.
Combined with other settlements and seizures, the total amount of money available for victims is more than $10 billion, or about half of the money invested with the fraud king.
In another lawsuit, $19.6 billion is sought from a collection of banks associated with a Madoff associate in Europe, who is accused of being part of a criminal and fraudulent scheme to recruit new investors the Ponzi scheme.
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