Madoff 360° - 1/13/2009

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright © 2001
Stanford Law School

2009 News and Press Releases

SEARCH

News	News 2009
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

HEADLINE NEWS:

Madoff 360°
Bruce Carton

Securities Docket. January 13, 2009
_________________________________________________________________________

EXCERPT: […] Securities and Exchange Commission. The Madoff case’s consequence for the SEC could be the subject of a lengthy article on its own: * Enforcement action. The complaint against Madoff alleges “a stunning fraud that appears to be of epic proportions.” The SEC states that of the more than $17 billion in assets under management by Madoff’s firm at the start of 2008, essentially all of that appears to be missing. * Receivership. The court handling the SEC’s case appointed a receiver for Madoff’s business and set a Dec. 31 deadline for Madoff to provide the agency with a written account of all his assets held for his “direct or indirect benefit,” with descriptions of “the source, amount, disposition, and current location of each.” He reportedly has provided that list, but the details have not yet been disclosed. * Internal investigations. On Dec. 16, SEC Chairman Christopher Cox made a startling announcement that “credible and specific allegations” about Madoff’s possible fraud dated back to at least 1999, “but were never recommended to the Commission for action.” Cox requested that the agency’s inspector general, David Kotz, launch a review of the past allegations about Madoff and the reasons why nobody at the SEC found them credible enough to explore for so long. * Lawsuits. On Dec. 22, an investor who lost nearly $2 million investing with Madoff filed a claim against the SEC alleging that the agency was negligent in failing to detect Madoff’s alleged fraud, and seeking $1.7 million in damages. Legal experts, however, say the claim is likely doomed by the SEC’s defense of sovereign immunity. Department of Justice. On the same day that the SEC filed its case, the Justice Department also filed a criminal complaint against Madoff in New York charging him with securities fraud.

Back to News page | Back to Archived News 2009 page | Back to Top

�