Bernard L. Madoff Investment Securities, LLC ("BMIS") was allegedly an investment management firm but instead ran a massive and unprecedented Ponzi scheme.

The Complaint alleges that this case arises from one of the most damaging Ponzi schemes in the history of Wall Street and the United States, a massive fraud through which individual Defendant and his accomplices swindled investors out of monies estimated to exceed $50 billion. Plaintiff's claims include fraud based on misrepresentations in connection with the sale of securities in violation of the Securities and Exchange Act of 1934, violation of the Racketeer Influenced and Corrupt Organizations. Act, and related state and common law charges.

According to news reports, shortly before his stunning arrest, Defendant admitted that BMIS was insolvent and has been for years, and has publicly admitted that losses from this fraud are at least $50 billion.

On September 12, 2014, the Court issued an Order dismissing this case for failure to prosecute.