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LuxAlpha 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.

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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

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OAP internet fraudster helped run ‘Facebook for crooks’ – thestar.co.uk – 01 Mar 2010

March 3rd, 2010

Before You Invest

A DONCASTER pensioner who was part of an internet “Facebook for fraudsters” has been jailed for two years.

John McHugh, aged 66, of Lime Tree Grove, Thorne, was involved with Renukanth Subramaniam, 33, in running a website for trading stolen bank information.

The site, DarkMarket, was linked to losses of tens of millions of pounds and was a “one-stop shop” for fraudsters, offering criminals a place to trade credit card details and discuss how to carry out financial crimes, Blackfriars Crown Court in London heard.

Subramaniam, who came to Britain from Sri Lanka as an asylum seeker in 1991, was jailed for 46 months for conspiracy to defraud and 10 months for five counts of mortgage fraud.

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Posted in Finance Fraud

Tags: Asylum Seeker, Bank Information, British Citizenship, Credit Card Details, Cyber Criminals, Darkmarket, Facebook, Financial Crimes, Fraudster, Fraudsters, Global Investigation, John Hillen, John Mchugh, Lime Tree, Mortgage Fraud, Partner In Crime, Sandip Patel, Subramaniam, Undercover Fbi, Unprecedented Scale

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Bernie Madoff family members under investigation for tax fraud

February 12th, 2010

Before You Invest

Bernie Madoff’s brother and his two sons are under investigation for alleged tax fraud, it has been reported.

Insider sources told the Wall Street Journal that Peter Madoff, the brother of the notorious Ponzi scheme fraudster, and sons Andrew and Mark Madoff are under investigation from US prosecutors.

Peter Madoff was chief compliance officer of Bernard L Madoff Investment Securities, while the two sons helped run the company’s market-making unit, which was not involved in the multi-billion Ponzi scheme.

However, the nature of the alleged offences has not been revealed, while representatives of the three men have denied they had any knowledge of fraudulent activities.

Last September, the three men, along with a niece of Bernie Madoff, were targeted in a $198 million lawsuit pertaining to the Ponzi scheme.

The court-appointed trustee Irving Picard claimed that all four of them held executive positions within the firm and should have known about the fraud, which went on for 20 years.

“Whether or not they have a criminal problem we will pursue them as far as we can pursue them,” said Mr Picard at the time.

“If that leads to bankrupting them – then that’s what will happen.”

Posted in Finance Fraud

Tags: Bernie Madoff, Chief Compliance Officer, Executive Positions, Family Members, Fraudster, Fraudulent Activities, Insider Sources, Investment Securities, Last September, Niece, Peter Madoff, Picard, Ponzi Scheme, Prosecutors, S Market, Sons Andrew, Tax Fraud, Three Men, Trustee, Wall Street Journal

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Allen Stanford trial set for 2011

December 19th, 2009

Before You Invest

The trial of alleged fraudster Allen Stanford will not take place until 2011, a judge has ruled.

Mr Stanford is accused of carrying out a $7 billion Ponzi scheme at his offshore bank in Antigua.

As he is deemed a flight risk by US authorities, he will spend the year before his January 2011 trial in custody.

The start date of the trial was a compromise between prosecutors, who wished to begin the trial in September 2010, while defence lawyers were pushing for a summer 2011 date in order to better prepare their case.

His chief financial officer James Davis has already pleaded guilty to fraud while Mr Stanford himself has denied all charges.

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Posted in Finance Fraud

Tags: Authorities, Chief Financial Officer, Compromise, Defence Lawyers, Flight Risk, Fraud, Fraudster, Jail Cell, James Davis, Life In Prison, Officer James, Offshore Bank, Prosecutors, Stanford

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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.

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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

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Guardian jobs site hacked, 500,000 records stolen – information-age.com – 26 Oct 09

October 28th, 2009

Before You Invest

The details of over half a million jobseekers were stolen by hackers who are believed to have compromised the Guardian’s job listing website

The Guardian’s job website has notified nearly half a million of its users that their personal details are at risk following a “deliberate and sophisticated” criminal data breach, “of which the Guardian is a victim in addition to some of our users.”

The incident is currently being investigated by the Police Central e-crime unit and details are scarce.

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Tags: 10 Million, Board Software, Crime Unit, Cvs, Dates Of Birth, Education History, Fraudster, Goldmine, Guardian Jobs, Half A Million, Hijacking, Information Age, Jj, Job Listing, Jobseekers, Media Group, Monster Co Uk, Police Central, Usernames Passwords, Utmost Seriousness

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Timothy Geithner aides paid millions by Wall Street firms

October 14th, 2009

Before You Invest

Timothy Geithner’s aides have been paid millions of dollars by a variety of Wall Street firms, including Goldman Sachs and Citigroup, according to financial disclosure forms.

The treasury secretary has been tasked with cleaning up Wall Street but it has emerged his key advisors have been earning money from the institutions they are helping to regulate.

Aide Lee Sachs took more than $3 million in partnership income and salary from New York hedge fund Mariner Investment Group, while advisor Gene Sperling was paid almost $900,000 by Goldman Sachs last year, reports Bloomberg.

Mr Sperling was also paid more than $150,000 for a variety of speeches he gave to different financial institutions, including the firm run by alleged fraudster Allen Stanford.

Last week, a Freedom of Information request revealed that Mr Geithner has been taking calls from top Wall Street figures before meetings with members of Congress and after meeting with Barack Obama.

The investigation by the Associated Press revealed that Mr Geithner has had more contact with Citigroup than with Barney Frank, the congressman in charge of promoting Mr Geithner’s plan to overhaul the regulatory system.

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Tags: Barack Obama, Barney Frank, Citigroup, Different Financial Institutions, Disclosure Forms, Earning Money, Financial Disclosure, Fraudster, Freedom Of Information, Freedom Of Information Request, Gene Sperling, Goldman Sachs, Hedge Fund, Investment Group, Lee Sachs, Members Of Congress, Partnership Income, Regulatory System, Timothy Geithner, Treasury Secretary

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Fraudsters target tax on carbon credits – telegraph.co.uk – 19 Jul 09

July 21st, 2009

Before You Invest

After making billions of pounds from mobile phone and computer chip tax frauds, fraudsters have a new scam – climate change.

HM Revenue and Customs (HMRC) has recently uncovered what is thought to be the first attempted UK tax fraud in the carbon emissions trading market.

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Posted in Finance Fraud

Tags: Buy Carbon Credits, Carbon Emissions Trading, Carbon Trading, Climate Change, Company Charges, Computer Chip, Computer Chips, Emissions Trading Scheme, European Union Member States, Fraudster, Greenhouse Gases, Hmrc, Importing Goods, Innocent Party, Target, Tax Authorities, Tax Fraud, Taxman, Union Member States, Vat Refund

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Manipuri student arrested for online fraud – inwww.rediff.com – 15 May 2009

May 15th, 2009

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A Manipuri student has been arrested in Pune on charges of cheating students from Fiji studying in Uttar Pradesh of money after telling them they had won a lottery, police said Friday.

Khangya Kasan, 20, was held Thursday after a complaint from the Fijians studying in Faizabad in Uttar Pradesh who lost about Rs.42,000 after they deposited it in a bank in response to an email.

Deputy Superintendent of Police Rajesh Pandey told IANS: ‘We were looking for the fraudster for months.’

The police arrested Kasan after finding out that it was he who operated the bank account into which Rs.42,000 was deposited by the Fijians.

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Tags: Deputy Superintendent, Faizabad, Fiji, Fijians, Fraudster, Kasan, Lottery, Money, Online Fraud, Pune, Rajesh, Rediff, Rs 42

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Hedge fund fraudster admits jumping bail

March 17th, 2009

Before You Invest

A convicted hedge fund fraudster who faked his own suicide to avoid going to prison has pleaded guilty to jumping bail.

Samuel Israel, founder of the Bayou hedge fund group, was sentenced to 20 years in prison last April after he admitted running an investment fraud that cost his clients around $450 million, Reuters reports.

However, a court heard that on the day he was supposed to report to a Massachusetts prison to start serving the term, he disappeared after leaving his car abandoned by a bridge with the words “suicide is painless” etched into the dust on the windshield.

Investigators soon ruled out suicide and launched a manhunt for the former investment manager.

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