The Securities and Exchange Commission announced today that on August 10, former Forsyth, Illinois money manager, William A. Huber, pled guilty to one count of mail fraud, one count of money laundering and one count of engaging in prohibited monetary transactions in a case being prosecuted by the U.S.
Posts Tagged ‘Bernard Madoff’
Illinois Money Manager William A. Huber Pleads Guilty To Criminal Charges In Connection With Securities Fraud
August 15th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Bernard Madoff, Central District Of Illinois, District Court Judge, Forsyth Illinois, Investor Funds, Judge Joe, Lavish Lifestyle, Life Insurance Premiums, Mail Fraud, Mcdade, Monetary Transactions, Money Manager, Mortgage Payments, Northern District Of Illinois, Personal Expenses, Personal Life Insurance, Redemption Payments, Securities And Exchange Commission, Securities Fraud, Type Scheme 
Comments OffUptick in Ponzi Scheme Filings At FINRA Arbitration
August 2nd, 2010 Before You Invest A year after Bernard Madoff went to prison for masterminding the largest-ever Ponzi scheme, lawyers and regulators say a growing number of these scams are preying on investors and their hunger for high yields.Razor-thin interest rates are squeezing the flow of income to Americans putting savings into CDs, money-market accounts and bonds.
Posted in Finance Fraud Tags: Arbitration, Bernard Madoff, Broker Dealers, Charles Ponzi, Financial Crisis, Financial Industry Regulatory Authority, Investment Business, Money Market Accounts, Namesake, Phony Investment, Ponzi Scheme, Ponzi Schemes, Promissory Notes, Real Estate Investment, Real Estate Investment Trusts, Reits, S Broker, Scams, Stock Markets, Uptick Comments OffMadoff trustee sues family entities
July 30th, 2010 Before You Invest (Reuters) – The trustee liquidating Bernard Madoff’s investment firm late on Thursday filed three lawsuits against entities affiliated with family members of the imprisoned swindler, accusing them of taking nearly $200 million of investor cash to fund “lavish lifestyles.”The lawsuits filed in the U.S. bankruptcy court in Manhattan collectively seek to recover more than $30 million, and are the latest effort by the trustee Irving Picard to recoup assets to be distributed to victims of Madoff’s estimated $65 billion Ponzi scheme.One of the cases was filed against a family fund, another against a business that owned oil and gas properties, and a third was against a trading-related business.In the complaint against the family fund, Picard accused Madoff’s brother Peter, sons Andrew and Mark, and niece Shana of failing to perform their senior management duties at Bernard L Madoff Investment Securities LLC, the center of the patriarch’s fraud.”While acting in complete dereliction of their management responsibilities to BLMIS, Peter, Andrew, Mark and Shana were also among the unlawful recipients of close to $200 million of BLMIS customer funds which they used to fund lavish lifestyles,” lawyers for Picard alleged in one of the lawsuits.Bernard Madoff, 72, pleaded guilty in March 2009 to running a decades-long Ponzi scheme. He is serving a 150-year sentence in a North Carolina federal prison.
Posted in Finance Fraud Tags: Andrew Mark, Bankruptcy Court, Bernard Madoff, Brother Peter, Customer Funds, Dereliction, Federal Prison, Investment Firm, Investment Securities, Investor Cash, Lavish Lifestyles, Management Duties, Management Responsibilities, Niece, Patriarch, Peter Andrew, Reuters, Shana, Sons Andrew, Swindler Comments OffTrustee could sue 1,000 Madoff investors
July 28th, 2010 Before You Invest (Reuters) – The trustee overseeing the liquidation of Bernard Madoff’s asset management firm might sue about 1,000 former clients of the now-imprisoned swindler who he believes made a profit on their investments.Irving Picard, the court-appointed trustee, “could sue” about half of the estimated 2,000 former Madoff clients whom he considers “net winners,” or those who withdrew more money than they place in, a spokesman said.Picard has until December to file such “clawback” lawsuits, marking the two-year anniversary of Madoff’s December 11, 2008 arrest and the start of criminal and civil proceedings.While Picard would prefer to settle, “we have received few responses, if any, to our overtures,” the spokesman said.Many so-called “net winners” consider themselves victims of Madoff’s estimated $65 billion Ponzi scheme and have argued that clawback lawsuits will increase their financial pain.They contend that, while they may have taken out more money than they deposited while investing with Madoff, they suffered losses when the fraud was exposed.
Posted in Finance Fraud Tags: Asset Management Firm, Bernard Madoff, Civil Proceedings, Fraud, Investing, Investments, Investors, Lawsuits, Liquidation, Losses, Money, Overtures, Reuters, Spokesman, Trustee, Year Anniversary Comments OffLuxAlpha Madoff victims barred from suing UBS
March 5th, 2010 Before You Invest Victims of Ponzi fraudster Bernard Madoff who invested in the LuxAlpha fund have been told they can not sue UBS, the bank which helped set up the investment vehicle, a court in Luxembourg has ruled.The ruling was made in a test case involving ten claimants following the filing of more than 100 lawsuits against UBS alleging that it neglected its duties in the management of the fund.It was ruled that victims must instead seek claims via the liquidators of the fund.Tatiana Togni, a spokeswoman for the Swiss bank, said: “UBS welcomes the clarification of Luxembourg law as expressed by today’s decisions of the Luxembourg Commercial Court.”Last month, UBS reported profits levels of $1.1 billion for the final three months of 2009.Chief executive officer Oswald Gruebel has set the bank an annual target of pre-tax profits of $15 billion – a figure he wishes UBS to achieve by 2014.
Posted in Finance Fraud Tags: 1 Billion, Bernard Madoff, Chief Executive Officer, Claimants, Clarification, Final Three Months, Fraudster, Investment Vehicle, Lawsuits, Liquidators, Luxembourg, Oswald Gruebel, Spokeswoman, Swiss Bank, Target, Tatiana, Tax Profits, Test Case, Ubs, Ubs Bank Comments OffMadoff Executive is Charged in Ponzi Scheme
February 25th, 2010 Before You Invest The long-time director of operations for convicted Ponzi schemer Bernard Madoff’s defunct firm was arrested and charged criminally Thursday with allegedly directing that fake accounting entries be made in the firm’s books to hide Mr. Madoff’s fraud. Prosecutors from the U.S. Attorney’s Office in Manhattan charged Daniel Bonventre, former operations director at Bernard L.
Posted in Finance Fraud Tags: Accounting Fraud, Bernard Madoff, Broker Dealer, Conspiracy, Director Of Operations, False Appearance, Federal Tax, Financial Losses, Fraud Charges, Investment Securities, Investor Money, Magistrate Judge, Operations Director, Prosecutors, S Books, Securities And Exchange, Securities And Exchange Commission, Securities Fraud, Sixth Person, Time Director Comments OffIn B-D deals, it’s impossible to know what lies beneath
November 24th, 2009 Before You Invest LPL-Pacific Life dispute points up acquisitions’ unseen risksBy Bruce Kelly November 22, 2009, 6:01 AM EST Investment News The dispute between LPL Investment Holdings Inc. and Pacific Life Insurance Co. over liability for rogue brokers is a reminder that unseen risks can be part of any acquisition, no matter how well-vetted, according to lawyers and investment bankers.
Posted in Finance Fraud Tags: Bernard Madoff, Bruce Kelly, Carlile Patchen Murphy, Contractor Firms, Due Diligence, Fraud Suits, Investment Bankers, Investment Holdings, Investment News, Legal Proceedings, Life Insurance Co, Pacific Life, Pacific Life Insurance, Pacific Life Insurance Co, Quarterly Earnings Report, Report Said That, Sales Practices, Securities And Exchange Commission, Staring Each Other Down, Unseen Risks No Comments »Madoff Auditors Consent to Partial Judgment According to Securities and Exchange Commission
November 4th, 2009 Before You Invest The Securities and Exchange Commission today announced that Bernard Madoff’s auditors have agreed not to contest the SEC’s charges that they enabled Madoff’s fraud by falsely stating they audited the convicted fraudster’s financial statements in accordance with the relevant accounting and auditing standards.On November 3, 2009, the SEC submitted to the Honorable Judge Louis L.
Posted in Finance Fraud Tags: Accounting Principles, Audit Reports, Auditing Standards, Bernard Madoff, Consents, David Horowitz, Disgorgement, Federal Judge, Federal Securities Laws, Financial Statements, Fraudster, Gaap, Honorable Judge, Injunctions, Investment Securities, Permanent Injunction, Ponzi Scheme, Securities And Exchange Commission, Southern District Of New York, Today Announced That No Comments »Tom Petters trial set to begin
October 30th, 2009 Before You Invest Jury selection is due to start in the trial of Minnesota businessman Tom Petters, who stands accused of conducting a $3.65 billion Ponzi scheme.Mr Petters is pleading not guilty to more than 20 different charges, which include allegations of money laundering, obstruction of justice and fraud.A 16-member jury is to be selected today (Wednesday 28th October 2009) for the case, which is expected to run for up to six weeks.Prosecutors claim that Mr Petters and his associates convinced investors to loan them money to buy electronic goods to sell on to large retailers.But the money being paid back to clients in return for their investments really came from funds from new investors, while Mr Petters reportedly used the cash to fund a lavish lifestyle.Five of his ex-colleagues have already pled guilty to their part in the scheme.Earlier this year, Bernard Madoff, who masterminded a global $65 billion Ponzi scheme, was sentenced to 150 years in jail.
Madoff associate Jeffry Picower dies at 67
October 26th, 2009 Before You Invest Jeffry Picower benefited greatly from Ivan Boesky’s fraud in 1980s and made about $6 billion from Bernie Madoff’s scheme. Jeffry Picower, a philanthropist accused of profiting more than $7 billion from the investment schemes of his longtime friend Bernard Madoff, was found at the bottom of the pool at his oceanside mansion and died Sunday, police said.
Posted in Finance Fraud Tags: Beach Fire Department, Beach Police, Bernard Madoff, Bernie Madoff, County Property Appraiser, Diabetes Research, Family Attorney, Good Samaritan Medical Center, Harvard Medical School, Investment Schemes, Iron Gate, Ivan Boesky, Jeffry, Longtime Friend, Massachusetts Institute Of Technology, New York Public Library, Palm Beach, Picower Foundation, Police Cars, Samaritan Medical Center, Sekula, Swimming Trunks, William D Zabel, York Public Library No Comments »Need Financial Help? payday loans Yukon Try Us
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