SEC charges Cohmad firm, four people with fraud in raising billions from investors for Madoff

July 15th, 2009 NY trustee sues offshore hedge fund in Madoff caseNEW YORK — The trustee overseeing the liquidation of Bernard Madoff's assets has sued a hedge fund based in the Cayman Islands, claiming it should return $587 million it earned with Madoff to investors wiped out by the disgraced financier's colossal fraud. The complaint filed Tuesday in Manhattan bankruptcy court against the Herald Fund also names HSBC Bank as a defendant.

July 14th, 2009 Madoff leaves Atlanta lockup, headed to NC prisonWASHINGTON — Disgraced financier Bernard Madoff has left a federal prison in Atlanta and is heading to his new home in a North Carolina prison. Federal Bureau of Prisons spokeswoman Linda Thomas on Tuesday said Madoff has left the penitentiary in Atlanta.

July 14th, 2009 AP source: Madoff leaves NYC prison facilityWASHINGTON — A law enforcement official says disgraced financier Bernard Madoff has been moved out of a New York prison on his way to a North Carolina facility to begin serving his 150-year sentence. The law enforcement official spoke on condition of anonymity because the official was not authorized to discuss prisoner transfers.

July 1st, 2009 $231 million set aside for Madoff claimsNEW YORK — A court-appointed trustee unraveling Bernard Madoff's massive fraud so far has allotted $231 million from a securities industry fund that compensates victims — a record amount for the fund, but a mere fraction of what was lost. In a statement Wednesday, Trustee Irving Picard said to date he has processed 543 claims brought by Madoff's burned clients, and concluded they are owed nearly $3 billion.

July 1st, 2009 Group says $231M set aside for Madoff claimsNEW YORK — A group funded by the securities industry has set aside $231 million to cover claims by Bernard Madoff's burned investors. The announcement was made Wednesday by court appointed trustee Irving H.

June 30th, 2009 Madoff behind bars, investigation grinds forwardNEW YORK — The day after Bernard Madoff received a 150-year prison term, investigators are continuing their pursuit of other suspects in his massive fraud. A person close to the investigation tells The Associated Press no more arrests are imminent, but 10 people are expected to face charges by the time investigators are done.

June 30th, 2009 AP Source: 10 more could be charged in Madoff scamNEW YORK — A person familiar with the investigation into disgraced financier Bernard Madoff (MAY'-dawf) says at least 10 more people are likely to be charged by the time the probe is complete. The person tells The Associated Press they will face federal charges over the next few months.

June 29th, 2009 Victims testify at Bernard Madoff's sentencingNEW YORK — Bernard Madoff's fraud victims are urging a stiff sentence for the mastermind of a multibillion-dollar fraud scheme. U.S. District Judge Denny Chin said Monday that the federal probation department recommends that Madoff get 50 years in prison.

June 24th, 2009 NY judge delays restitution order in Madoff caseNEW YORK — Financier Bernard Madoff will not be ordered to pay restitution at his sentencing next week, a judge said Wednesday, citing the complexity of the multibillion-dollar fraud. U.S. District Judge Denny Chin said in an order that the sentencing will proceed as scheduled on Monday.

June 22nd, 2009 SEC charges Madoff-linked firm, adviser with fraudWASHINGTON — Federal regulators filed securities fraud charges Monday against a prominent California investment adviser and a New York brokerage firm said to be secretly controlled by Bernard Madoff, accusing them of funneling billions of dollars from investors into Madoff's Ponzi scheme. The Securities and Exchange Commission announced civil fraud charges against New York-based Cohmad Securities Corp., its chairman, Maurice "Sonny" Cohn, his daughter, Chief Operating Officer Marcia Cohn, and vice president and broker Robert Jaffe.

June 16th, 2009 SEC accord bars Madoff from securities industryWASHINGTON — Federal regulators have reached a settlement with disgraced money manager Bernard Madoff that prohibits him from working in the securities industry. The Securities and Exchange Commission says it accepted Madoff's settlement offer to be barred from association with any brokerage or investment firm.

May 14th, 2009 SEC mulling new rules for investment fundsWASHINGTON — Federal regulators on Thursday proposed requiring most investment advisers to submit to surprise exams by outside auditors, a move aimed at patching gaps that allowed Bernard Madoff to deceive investors about their funds' health. The Securities and Exchange Commission voted 5-0 at a public meeting to open the proposal to public comment for 60 days.

May 2nd, 2009 Money manager at top of Madoff speed dial is suedNEW YORK — As the first speed dial entry at Bernard Madoff's investment firm, longtime money manager and close friend Stanley Chais must have known about the disgraced financier's multibillion-dollar Ponzi scheme, a complaint filed in Bankruptcy Court claims. But Chais has insisted he was a victim of Madoff.

March 13th, 2009 WASHINGTON - Disgraced financier Bernard Madoff will go to jail after admitting in court Thursday to a $50-billion fraud that entwined hundreds of investors around the world and has made him the poster-child of Wall Street greed in the current financial crisis. Madoff pleaded guilty to all 11 criminal counts, telling the lower Manhattan federal court that he was 'deeply sorry and ashamed,' according to broadcaster CNBC.

March 11th, 2009 WASHINGTON - Bernard Madoff, whose $50-billion fraud devastated individual and institutional investors worldwide, could spend the rest of his life in prison after pleading guilty later this week. In a court hearing Tuesday, defence lawyer Ira Sorkin said that Madoff would plead guilty Thursday in federal court in New York.