The bank accounts of a law firm were not subject to direct forfeiture as the “proceeds” of a former shareholder’s criminal enterprise because the accounts included commingled client funds, the 11th U.S. Circuit Court of Appeals has ruled in reversing ...Read More »
The law firm Shook Hardy & Bacon, based in Kansas City, Mo. has been sued by the bankruptcy trustee for aiding and abetting University of Miami booster Nevin Shapiro’s $930 million Ponzi scheme.Read More »
Does the Securities Litigation Standards Act preempt state-law class actions claiming that the defendant engaged in a Ponzi scheme involving misrepresentations about transactions with securities covered by the federal act? The U.S. Supreme Court has agreed to answer this question.Read More »
Scott Rothstein, the disbarred Florida lawyer and newly convicted Ponzi schemer who faces up to 100 years in prison, will strive to help authorities make cases against others who profited from his massive investment scam -- in hopes of shaving time off his sentence. Rothstein will be sentenced on May 6 following his guilty plea Wednesday in Fort Lauderdale federal court to five counts of racketeering, fraud and money laundering.Read More »
Federal prosecutors accused a high-profile South Florida attorney of concocting a Ponzi scheme that lured millions of dollars from investors with promises of big payoffs from legal settlements that never existed, according to court documents filed Monday.Read More »
Federal authorities are pressing a probe of 10 associates of Bernard Madoff despite a sentence that means the mastermind of one of the biggest financial frauds in history will spend the rest of his days behind bars, The Associated Press has learned. Click here for the full article.Read More »
Bernard Madoff, who ran the biggest investment fraud in history, was allowed to settle civil fraud charges with the U.S. Securities and Exchange Commission without having to admit any wrongdoing. Tuesday's announcement left some legal experts dumbfounded over why the SEC -- which has been roundly criticized for failing to detect the Madoff fraud -- would settle the case without demanding the jailed swindler accept responsibility. Click here for the full article from Reuters.
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