Picower estate to pay $7.2 billion in Madoff settlement

That amount is the entire amount the trustee asked for in the lawsuit and is also that entire amount that Picower withdrew.

In another settlement, the family of Carl Shapiro settled for $650 million.

So, if these were ill-gotten gains, is anyone going to prison? Or is that just so for the little people?

The trustee is doing an admirable job here. Total losses for Madoff’s Ponzi scheme were $20 billion, with hundreds of lawsuits remaining to be settled.

Financial crime news

(Meant to post this earlier. It’s a little old)

Madoff sons assets frozen. What took so long?

7 charged in Galleon insider trading case agree to assist investigators. Rajaratnam must be getting a teensy bit nervous by now

Settlements reached
in Dreier liquidation case. “”an under-appreciated evil of substantial frauds like those of Marc Dreier is how they pit their victims against one another,” said a judge.

Allen Stanford’s daughter must give up $1.3 million condo. He paid for it from personal account. He is being treated way harsher than Madoff, Dreier, and others were. Why?

Madoff associate and investor Jeffry Picower found dead in swimming pool

Picower was being sued by the Madoff trustee because he should have known the returns he was getting, sometimes 950%, were obviously phony.

From the comments at Clusterstock, a financial blog that tilts to the right politically, hardly a hot bed of conspiracy theories.

When a man who knows where Bernie’s billions are stashed is found floating dead in his swimming pool, there is absolutely zero chance that there is any foul play. Zero.

Mossad’s assassins routinely witness some of Israel’s leading forensic pathologists at work so as to better understand how to make an assassination look like an accident.

I bet is that it was the Columbians. I remember reading that they lost something like $2 Billion to Madoff. Since it was illegally earned money, they never claimed their losses. I’m sure they put together a list of people who need to be taught a lesson.

Artist portrays what he really thinks about Madoff

Chen Wenling. What You see Might Not Be Real

The sculpture “What You see Might Not Be Real,” by Chen Wenling, was displayed at a Beijing gallery Sunday. A bull, meant to represent Wall Street, is seen ramming the biggest con man of all time, Bernie Madoff, into a wall. Totally deserving, if you ask me.

The huge cloud coming out of the bull’s rear not only refers to the end of a greedy era, but also symbolizes the danger of virtual bubbles in international financial markets. In a society based on desire and money, some people choose to create many false impressions, while others sadly fall for them.