Bankrupt Banker

Shana Madoff, was a rules-compliance lawyer at the firm's market-making arm and the daughter of Bernard Madoff's brother Peter

Shana Madoff, was a rules-compliance lawyer at the firm's market-making arm and the daughter of Bernard Madoff's brother Peter

Shana Madoff, Bernard Madoff's niece of the man who ran Bernard L. Madoff Investment Securities LLC, didn't know of her uncle Bernie...

Police will file fraud charges against Mikasa Foods President Mitsuo Fuyuki and some other persons, possibly in mid- January

Police will file fraud charges against Mikasa Foods President Mitsuo Fuyuki and some other persons, possibly in mid- January, in connection with the resale of imported rice tainted with pesticides for human consumption, according to investigative sources. The charges will be lodged against the 73-year-old president of the Osaka-based wholesaler and others by the joint team of investigators from the prefectural police headquarters from Osaka, Fukuoka and Kumamoto, the sources said. <blockquote>In September, investigators searched Mikasa Foods and 27 relevant locations after the company drew public flak for diverting the imported rice officially designated as not fit for human consumption due to residual pesticides and fungal contamination for edible use. </blockquote> The rice was sold as a material for industrial glue by the Ministry of Agriculture, Forestry and Fisheries. The firm, which sold the rice to a total of 390 companies, including alcoholic beverage makers and other food makers, was raided on suspicion of breaching the food sanitation law. The firm is suspected of selling 110 tons of the Chinese-produced rice tainted with the pesticide methamidophos from around November last year to a rice wholesaler in Fukuoka Prefecture after buying the rice from the trading houses that imported it. The company is also suspected of disguising 5.4 tons of rice imported from Vietnam and contaminated with the pesticide acetamiprid as edible and selling it to a Kumamoto-based sake brewer in May. <blockquote>Mikasa Foods bought the Vietnamese-grown rice at 19 yen per kilogram from the ministry, selling it to the maker and other sake brewers at 98 yen and raking in handsome profits from January to May, the investigative sources said. </blockquote> Fuyuki, speaking at a news conference in September after revelations of the shadowy resale transactions, acknowledged having instructed his employees to perpetrate the deals to make profits. Then farm minister Seiichi Ota subsequently resigned to take the blame for the ministry's inability to detect the diversion of the rice for human consumption.

Police will file fraud charges against Mikasa Foods President Mitsuo Fuyuki and some other persons, possibly in mid- January

Police will file fraud charges against Mikasa Foods President Mitsuo Fuyuki and some other persons, possibly in mid- January, in connection ...

Polaroid Corp will be filing for Chapter 11 bankruptcy protection

Polaroid Corp will be filing for Chapter 11 bankruptcy protection which doesn’t surprise us, in this time of economic recession. The company...

Bernard Madoff, the man accused of masterminding a $US50 billion ($A73.5 billion) investment fraud, is under round-the-clock house arrest.

Bernard Madoff, the man accused of masterminding a $US50 billion ($A73.5 billion) investment fraud, is under round-the-clock house arrest.He's holed up in his $US7 million New York City apartment after prosecutors warned of his "harm or flight".Madoff, 70, has been subject to electronic monitoring and a 7 pm curfew under a December 17 court order. Now he is barred from leaving his Upper East Side apartment except for court appearances, and his building will be watched by security guards and video surveillance, according to a letter from prosecutors filed in federal court in Manhattan on Friday night Australian time. "The bail conditions are what the government has agreed to," Madoff's lawyer Ira Sorkin said. He wouldn't say whether Madoff had been threatened. <blockquote>Madoff was arrested earlier this month after telling his two sons and federal investigators that he had been using money from new investors to pay off old ones in a massive Ponzi scheme.</blockquote>He said clients of New York-based Bernard L. Madoff Investment Securities LLC lost $US50 billion. The security service, which was put into place on the weekend, will watch Madoff's doors and will be able to send a signal from an observation post to the Federal Bureau of Investigation, according to the letter. One reason for the new bail conditions was "to prevent harm or flight," the government said. The New York Daily News last week quoted an unnamed source saying that Madoff and his family had been threatened if he didn't repay investors. Other bail conditions remain. Madoff posted a $US10 million bond, guaranteed by his wife and brother Peter, and he and his wife have agreed to surrender homes in Manhattan, Montauk, New York, and Palm Beach, Florida, if he flees. Madoff remains subject to electronic monitoring. The Manhattan apartment is worth about $US7 million, according to bail papers. Ruth Madoff, who hasn't been accused of wrongdoing, also has surrendered her passport. Madoff, who hasn't formally responded to charges against him, is due to return to court on January 12.

Bernard Madoff, the man accused of masterminding a $US50 billion ($A73.5 billion) investment fraud, is under round-the-clock house arrest.

Bernard Madoff, the man accused of masterminding a $US50 billion ($A73.5 billion) investment fraud, is under round-the-clock house arrest.He...

Four Finnish men are set to go on trial for a major investment scam

Four Finnish men are set to go on trial for a major investment scam. The men are suspected of conning investors out of some 800,000 euros. A...

Abu Dhabi Investment Authority (ADIA) could be a serious casualty of one of the largest investment frauds in history

Abu Dhabi Investment Authority (ADIA) could be a serious casualty of one of the largest investment frauds in history, the New York Times reported Friday. <blockquote>The US newspaper said ADIA - which is the world’s largest sovereign wealth fund - indirectly invested $400 million into Bernard L. Madoff’s scheme in 2005 through investment fund, Fairfield Sentry Fund.</blockquote> This investment was revealed in a profile of the firm drawn up for a prospective buyer in 2007, according to the New York Times.A number of private investors, banks and investment firms were shocked to recently discover they had fallen victim to a fraudulent investment scheme after Madoff - a Wall Street broker and the former chairman of Nasdaq - was accused of running a multibillion-dollar scam.A note on Fairfield Greenwich Group's website states that more than half of its investments are tied up in vehicles connected to Bernard L. Madoff Investment Securities (BLM). Farfield said, as of Nov. 1, its assets under management totalled approximately $14.1 billion, of which approximately $7.5 billion was invested in vehicles connected to BLM.The New York Times said that Fairfield was one of BLM’s largest investors and ADIA in turn was one of Fairfield’s largest investors."Even after the investment authority took two significant redemptions from the fund, in April 2005 and 2006, its stake the following year of $132 million made up 2 percent of the fund’s assets under management," the newspaper said.

Abu Dhabi Investment Authority (ADIA) could be a serious casualty of one of the largest investment frauds in history

Abu Dhabi Investment Authority (ADIA) could be a serious casualty of one of the largest investment frauds in history, the New York Times rep...

Remedan, the company behind Zitech Computer, was declared bankrupt in Hillerød Court today.

Remedan, the company behind Zitech Computer, was declared bankrupt in Hillerød Court today. This has finally put an end to shop chain Zitech...

Tribune has hired bankruptcy advisers as the ailing newspaper company faces a potential bankruptcy filing

Tribune has hired bankruptcy advisers as the ailing newspaper company faces a potential bankruptcy filing, people briefed on the matter said.The newspaper, which was taken private last year by billionaire investor Samuel Zell, has hired advisers including Lazard and Sidley Austin, one of its longtime law firms, these people said. Tribune has been hobbled by debt related to that sale last year, which has been compounded by the growing drought of advertising for newspapers.It is only the latest — and biggest — sign of duress for the newspaper industry yet. Several newspaper companies have struggled to cope with declining revenues and mounting debt woes. Tribune has pared back the newsrooms of many of its papers, including The Chicago Tribune, The Los Angeles Times and The Baltimore Sun, and it sold off Newsday to Cablevision’s Dolan family earlier this year.While Tribune must contend with hefty interest payments over the next year, its most pressing problem is a maintenance covenant on some of its debt that limits the company’s borrowings to no more than nine times earnings before interest, depreciation and amortization. Even if the company continues to make interest payments, failure to maintain that level of debt means technical default — which does not always lead to a bankruptcy filing. Other newspaper publishers have halted making interest payments on their debt, but have yet to file.A CreditSights analyst, Jake Newman, wrote in a research report published last month that Tribune avoided technical default in the third quarter partially through some accounting adjustments. “We think the company will have difficulty meetings its year-end covenant compliance,” Mr. Newman wrote.Tribune has sought to ameliorate its woes by selling off assets like the Chicago Cubs, the company still faces a looming debt crunch. Tribune hired Lazard several weeks ago to assess its options, these people said. Sidley Austin is a longtime outside adviser to Tribune, and it has a well-respected bankruptcy practice as well. The company’s problems have long been reflected in the price of its bonds. Tribune bonds maturing Aug. 15, 2010 with a 4.88 percent coupon traded at $13.25 on Friday, suggesting severe levels of distress.

Tribune has hired bankruptcy advisers as the ailing newspaper company faces a potential bankruptcy filing

Tribune has hired bankruptcy advisers as the ailing newspaper company faces a potential bankruptcy filing, people briefed on the matter said...

Polaroid, the 70-year-old photography-film maker, sought bankruptcy protection from creditors

Polaroid, the 70-year-old photography-film maker, sought bankruptcy protection from creditors two and a half months after Tom Petters, founder of Polaroid’s parent company, was arrested on fraud allegations. Polaroid said it made the filing to “facilitate” its financial restructuring. The Minnetonka, Minnesota-based company didn’t list a range of assets or debt in Chapter 11 documents filed today in U.S. Bankruptcy Court in Minneapolis. Its parent, Petters Group Worldwide LLC, filed for bankruptcy on Oct. 11.“The financial-structuring process and the bankruptcy filing are the result of events at Petters Group Worldwide, the company that has owned Polaroid since 2005,” Polaroid said in a statement distributed by PR Newswire today. Federal prosecutors accused Tom Petters of leading a more than $2 billion fraud at the company. Petters Group was also indicted. Polaroid said it isn’t a target of the Federal Bureau of Investigation’s probe. Lorrie Parent, a Polaroid spokeswoman, didn’t immediately return a call for comment left after business hours. Petters resigned as Petters Group chief executive officer Sept. 29 after the FBI received information that at least 20 investors may have been victims of a lending scam and raided the company’s Minnetonka headquarters. Petters has been jailed since his arrest on Oct. 3. “Polaroid has entered bankruptcy with ample cash reserves sufficient to finance the company’s reorganization,” it said in the statement. “The company has not sought, nor does it expect to seek additional debtor-in-possession financing.”The case was filed by Douglas A. Kelley, Petters Group’s court-appointed receiver. Kelley put Petters Group into bankruptcy after a judge ordered its assets to be frozen. Sun Country Airlines Inc., another unit of Petters Group Worldwide, sought bankruptcy protection Oct.6 for the second time in seven years. Sun Country said it filed for protection from creditors because of the raid on Petters Group and to retain control of its assets rather than have them frozen and under a receiver’s control. The company said its assets and debt are each less than $100 million. Sun Country said its 20 largest creditors without collateral backing their claims are owed about $256.8 million. Petters Capital LLC is listed as the largest unsecured creditor, with a claim of $184 million.

Polaroid, the 70-year-old photography-film maker, sought bankruptcy protection from creditors

Polaroid, the 70-year-old photography-film maker, sought bankruptcy protection from creditors two and a half months after Tom Petters, found...

Electronics retailer Circuit City Stores Inc. announced Dec. 17 that it plans to break the leases for 154 of the 155 stores

Electronics retailer Circuit City Stores Inc. announced Dec. 17 that it plans to break the leases for 154 of the 155 stores it’s closing thi...

rapper Doug E. Fresh is reportedly broke and in danger of losing three houses in Harlem after owing more than $3.5 million in unpaid mortgages.

<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifg0pvqU-u1Y3kB40uOJPI4YWcamZhNNsBYzQ-jbrpw3uhi9hGknu7Qvy9VkF23IchfcvZFkrmfAQBI0XMUGBKPhlCqSuvbtLufxm2_9MWYZYdbkXXTod430l2mme4IkAXt6Qy5_MsVQk/s1600-h/image-thumb131.png"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5281441826987513762" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifg0pvqU-u1Y3kB40uOJPI4YWcamZhNNsBYzQ-jbrpw3uhi9hGknu7Qvy9VkF23IchfcvZFkrmfAQBI0XMUGBKPhlCqSuvbtLufxm2_9MWYZYdbkXXTod430l2mme4IkAXt6Qy5_MsVQk/s400/image-thumb131.png" style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 400px; height: 246px;" /></a> rapper Doug E. Fresh is reportedly broke and in danger of losing three houses in Harlem after owing more than $3.5 million in unpaid mortgages.He also owes American Express nearly $60,000 in credit-card debt, and the IRS just slapped him with a $367,000 tax lien on top of more than $40,000 owed to the state tax collector.Doug E. Fresh is reportedly living at his mother’s house until his financial situation gets resolved

rapper Doug E. Fresh is reportedly broke and in danger of losing three houses in Harlem after owing more than $3.5 million in unpaid mortgages.

rapper Doug E. Fresh is reportedly broke and in danger of losing three houses in Harlem after owing more than $3.5 million in unpaid mortgag...

Bush administration is looking at "orderly" bankruptcy as a way to deal with the desperately ailing U.S. auto industry

Bush administration is looking at "orderly" bankruptcy as a way to deal with the desperately ailing U.S. auto industry, the White ...

Sale of Pratt's Gateway Ethanol plant was approved today by a federal judge in Kansas City.

Larry Frazen, an attorney for Bryan Cave and who handled the sale, said Minneapolis-based investment bank Dougherty Funding bought the plant...

Anurag Dikshit Billionaire co-founder of an internet gambling company has pleaded guilty to violating US internet laws and agreed to forfeit $300m

Billionaire co-founder of an internet gambling company has pleaded guilty to violating US internet laws and agreed to forfeit $300m (£192m)....

More firms around the globe disclosed ,Bernard Madoff’s financial records were “utterly unreliable” and will take six months to sort out

Bernard Madoff’s financial records were “utterly unreliable” and will take six months to sort out, said Stephen Harbeck, president of the Securities Investor Protection Corp. “There are some assets, but I have no idea what the relationships of the assets available are to the claims against them,” Harbeck said on Bloomberg Television. “The records are utterly unreliable on this case.” His comments came as Bank Medici AG of Austria became the latest lender to reveal a loss from Madoff’s alleged $50 billion fraud. Two funds at the Viennese bank, 75 percent owned by Chairman Sonja Kohn, invested $2.1 billion entirely in Madoff’s firm, the bank said today. Other victims included institutions and wealthy individuals from Tokyo to Paris. New York’s Yeshiva University said it lost $110 million, mostly through hedge funds controlled by trustee J. Ezra Merkin. U.S. Senate Banking Committee Chairman Christopher Dodd, meantime, told the Securities and Exchange Commission to explain how it failed to detect the “giant Ponzi scheme.”More firms around the globe disclosed they were caught up in the $50 billion fraud allegedly perpetrated by Bernard Madoff, a former chairman of Nasdaq. <blockquote>* BANCO SANTANDER SA - Spain's largest bank said its investment fund, Optimal, has a 2.33 billion euro ($3.05 billion) exposure to Madoff Securities. * TREMONT HOLDINGS INC - The hedge fund group's Rye Investment Management unit had virtually all of its assets invested with Madoff and lost roughly $3 billion, people familiar with Tremont said. Tremont is a unit of Massachusetts Mutual Life Insurance Co (MassMutual). * ASCOT PARTNERS LLC - According to a Wall Street Journal report, the fund where former GMAC chairman Jacob Ezra Merkin is a money manager has an exposure of $1.8 billion. * ACCESS INTERNATIONAL ADVISORS - According to a report by Bloomberg, Access has an exposure of $1.4 billion. * FORTIS NV - The Dutch banking unit of the group recently acquired by the Dutch government said it may have a loss of up to 1 billion euros ($1.35 billion) due to loans made to funds that invested in Madoff Securities. * HSBC HOLDINGS PLC - The banking and financial services group said it has potential exposure of $1 billion after providing financing to a small number of institutional clients who invested in funds with Madoff. * BENBASSAT & CIE - The Swiss private bank has an exposure of $1.1 billion francs ($935 million), according to Le Temps. * UNION BANCAIRE PRIVEE - The Swiss bank that invests in funds of hedge funds has lost about 1 billion francs ($850 million), according to Le Temps, citing unnamed banking sources. * NATIXIS SA - The French bank said it could have a 450 million euro ($602 million) indirect exposure to Madoff. * ROYAL BANK OF SCOTLAND GROUP PLC - The bank said it had exposure through trading and collateralized lending to funds of hedge funds invested with Madoff, with a potential loss of around 400 million pounds ($598 million). * BNP PARIBAS SA - France's largest listed bank said it has a potential 350 million euro ($464 million) exposure. * BBVA - Spain's second-largest bank said international operation has about 30 million euros of exposure to Madoff, and has a maximum potential loss from Madoff-linked investments of 300 million euros ($404 million). * MAN GROUP PLC - The U.K. hedge fund said RMF, its fund of funds business, has about $360 million invested in two funds that are directly or indirectly subadvised by Madoff. * DEXIA SA - The Belgian bank said private banking clients had exposure to funds invested in Madoff of 78 million euros ($107 million). Said bank was exposed through lending operations to funds exposed to Madoff funds to up to 164 million euros ($224 million). * REICHMUTH & CO - The Swiss private bank said its fund of funds Reichmuth Matterhorn had an exposure to investments linked to Madoff that amounted to about $325 million. * NOMURA HOLDINGS INC - Japan's biggest brokerage said it had a 27.5 billion yen ($303 million) exposure related to Madoff, but the impact on its capital would be limited. * MAXAM CAPITAL MANAGEMENT LLC - The fund has lost about $280 million on funds invested with Madoff, a source familiar with the situation said. * EIM GROUP - Le Temps reported that EIM Group, a fund of hedge funds, said it had a $230 million exposure. * AOZORA BANK LTD - The Japanese bank said it had an estimated 12.4 billion yen ($137 million) indirect exposure to Madoff through invested funds. It said it expected only limited impact on its capital. * UNICREDIT SPA (CRDI.MI: Quote, Profile, Research, Stock Buzz) - The Italian bank said its own exposure to Madoff's alleged fraud is about 75 million euros ($101 million). Some funds in its Pioneer Investments unit "are exposed to Madoff indirectly through feeder funds," it said. * NORDEA BANK AB - The Nordic region's biggest bank said its pension clients had an indirect exposure of 48 million euros ($66 million) to the alleged fraud. * BENEDICT HENTSCH - Swiss private bank said its exposure to products linked to Madoff amounted to 56 million francs ($47 million), or less than 5 percent of assets under management. * FAIRFIELD SENTRY LTD - The $7.3 billion hedge fund run by Walter Noel's Fairfield Greenwich Group said it had accounts with Madoff Investment Securities. * KINGATE GLOBAL FUND LTD - The $2.8 billion hedge fund run by Kingate Management Ltd had invested in Madoff Investment Securities, according to sources. * UBS AG - The investment bank unit of the Swiss financial group said it has a limited and insignificant counterparty exposure. * BRAMDEAN ALTERNATIVES LTD - U.K. asset manager, headed by well known fund manager Nicola Horlick, said 9.5 percent of its holdings were exposed to Madoff. * THE TOWN OF FAIRFIELD, CONN. EMPLOYEES PENSION FUND - The Connecticut pension fund said it had about $40 million managed by Madoff. * BOSTON PROPERTIES INC BXP.N - Chairman Mort Zuckerman told CNBC television that about 10 percent of one of his charitable trusts was invested with Madoff and had lost about $30 million. * CHAIS FAMILY FOUNDATION - The group, which donates about $12.5 million annually to Jewish causes, said it will be forced to close after the entire fund was invested with Madoff. * AUSTIN CAPITAL MANAGEMENT - The company managed money for the Massachusetts state pension fund, which lost $12 million with Madoff, it said. * BANK MEDICI - The closely held Austrian bank serving wealthy clients and institutional investors, said it held products affected by the fraud, but was not at risk in case of a loss. It declined to say how big the exposure was.</blockquote> The list grows endlessly.It is clear that the customers of the Madoff firm need the protections available under federal law," Stephen Harbeck, president and CEO of the Securities Investor Protection Corporation (SIPC), which helps investors at failed brokerage firms, said Monday in a statement.But, he warned, "it is unlikely that SIPC and the trustee will be able to transfer the customer accounts of the firm to a solvent brokerage firm" due to the state of the firm's records.Shares in Santander, the biggest bank in Spain and the second-largest in Europe after HSBC, plunged after the lender said it had exposed more than three billion dollars to Madoff Investment Securities in New York.

More firms around the globe disclosed ,Bernard Madoff’s financial records were “utterly unreliable” and will take six months to sort out

Bernard Madoff’s financial records were “utterly unreliable” and will take six months to sort out, said Stephen Harbeck, president of the Se...

Chief Executive Robert Ferguson was sentenced to two years in prison

Former General Re Corp. Chief Executive Robert Ferguson was sentenced to two years in prison Tuesday for helping American International Grou...

Austria's Bank Medici said Tuesday it was affected by a major Wall Street fraud scandal

Wall Street money manager Bernard Madoff, 70, was arrested last week in what prosecutors say was a $50 billion scheme to defraud investors, including the world's big banks, the rich and the famous."In connection with the Madoff fraud case, the bank itself is invested but due to its solid capital structure it is not at risk in any way," the Vienna-based bank said in a statement.Medici also indicated that its Herald USA Fund and Herald Luxemburg Fund — with a total volume of $2.1 billion (1.5 billion euros) — were exposed to the scam and that 93 percent had been bought by international investors."The majority of the funds were invested with Madoff," Austrian newspaper Die Presse quoted bank board member Peter Scheithauer as saying in an online interview published late Tuesday. "It's not certain that all the money is gone," he added.A quarter of the private bank is owned by Unicredit's Bank Austria. The remaining 75 percent belong to chairwoman Sonja Kohn, who has served as advisor to Austria's economics and foreign affairs ministers and to Vienna's stock exchange

Austria's Bank Medici said Tuesday it was affected by a major Wall Street fraud scandal

Wall Street money manager Bernard Madoff, 70, was arrested last week in what prosecutors say was a $50 billion scheme to defraud investors, ...

Wolf Haldenstein Adler Freeman & Herz LLP was retained by individuals and institutions that have lost hundreds of millions of dollars

Wolf Haldenstein Adler Freeman & Herz LLP was retained by individuals and institutions that have lost hundreds of millions of dollars due to investments made by Funds of Funds ("FOFs"), Hedge Funds, Investment Advisory Firms, International Banking Concerns, and Brokerage Houses through Madoff Investment Securities LLC and Bernard L. Madoff. It is now apparent that FOFs, Hedge Funds, Investment Advisory Firms, and Brokerage Houses invested billions of dollars with Madoff and these investments are now worthless. FOFs market themselves to institutional and retail investors based on their purported expertise in picking qualified managers and the due diligence they purportedly perform on the managers to whom they ultimately commit capital. It is becoming increasingly apparent that the FOFs that entrusted their clients' money with Madoff should have been aware of the numerous "red flags" that were raised by Madoff's activities. It is also now apparent that these FOFs failed to perform the necessary due diligence that they were being compensated to perform as investment managers and fiduciaries. Some of the FOFs that invested with Madoff include Tremont Capital, Farfield Greenwich Advisors, Fairfield Sentry, RMF Investment Management, Bramdean Alternatives, Union Bancaire Privee, Maxam Capital Management, EIM Group, and Rye Select Broad Market Fund. Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 70 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

Wolf Haldenstein Adler Freeman & Herz LLP was retained by individuals and institutions that have lost hundreds of millions of dollars

Wolf Haldenstein Adler Freeman & Herz LLP was retained by individuals and institutions that have lost hundreds of millions of dollars du...

Mets owner Fred Wilpon and partner Saul Katz may have lost as much as $300 million in fraudulent investment scheme

world's most powerful and wealthy investors were taken in by New York broker Bernard Madoff's alleged giant pyramid scheme, Bernard L. Madoff was arrested on a securities fraud charge on Dec 11, 2008. (AP) Victims of Madoff's alleged multi-billion-dollar fraud stretched from Tokyo to Europe and top investors in the United States. Madoff was arrested Thursday after allegedly confessing to employees that he had been running a so-called Ponzi scheme, or pyramid fraud, which had collapsed with losses exceeding 50 billion dollars. For decades Madoff was a pillar of Wall Street, cultivating an exclusive list of investment clients including big banks, hedge funds and individuals. Record-setting closer Francisco Rodriguez, who signed a three-year, $37-million free-agent contract with the New York Mets this week, may want to collect that in cash rather than check. That's because Mets owner Fred Wilpon and partner Saul Katz may have lost as much as $300 million in the fraudulent investment scheme allegedly run by Wall Street tycoon Bernard Madoff, according to CNBC.Wilpon's Sterling Equities, which owns the Mets, the minor league Brooklyn Cyclones and real estate in New York and Florida, confirmed to the New York Post that it had invested money with Madoff but wouldn't say how much. The company also declined to speculate on how the losses would affect the Mets.Madoff has been charged with duping investors of as much as $50 billion in what authorities allege was a long-running Ponzi scheme.

Mets owner Fred Wilpon and partner Saul Katz may have lost as much as $300 million in fraudulent investment scheme

world's most powerful and wealthy investors were taken in by New York broker Bernard Madoff's alleged giant pyramid scheme, Bernard ...

Financial institutions in Geneva invested SFr5 billion ($4.25 billion) in the fraudulent scheme of Wall Street trader, Bernard Madoff.

Reports say hedge funds and other financial institutions in Geneva invested SFr5 billion ($4.25 billion) in the fraudulent scheme of Wall Street trader, Bernard Madoff.The report in the Saturday edition of Le Temps newspaper followed Friday's revelation by Swiss wealth management bank, Bénédict Hentsch, that it had entrusted Madoff's investment company with SFr56 million of its clients' assets.However, the regulatory body, the Federal Banking Commission, said on Saturday it did not have any details as to the extent of the impact of the Wall Street scandal on Switzerland. Madoff, a former Nasdaq stock market chairman and founder of an investment securities company bearing his name, was arrested on a securities fraud charge on Thursday.He is suspected of running a phoney investment business that lost at least $50 billion and amounted to nothing more than a "Ponzi scheme" - a pyramid-type swindle in which very high returns are promised to early investors." The Wall Street Journal reports that also the Zurich based bank Neue Privat Bank is hit by the Madoff scandal:"Nomura and Neue Privat Bank, meanwhile, together marketed access to Fairfield Sentry Ltd., a fund overseen by Mr. Madoff and sold through Fairfield Greenwich. The shares offered by Neue Privat and Nomura were leveraged three times -- meaning $3 of borrowed money was added to every $1 of capital invested in order to magnify returns, greatly increasing the potential losses for those investors."

Financial institutions in Geneva invested SFr5 billion ($4.25 billion) in the fraudulent scheme of Wall Street trader, Bernard Madoff.

Reports say hedge funds and other financial institutions in Geneva invested SFr5 billion ($4.25 billion) in the fraudulent scheme of Wall St...