Investors in Bernard Madoff's epic fraud cannot hold the Securities and Exchange Commission responsible for failing to expose his decades-long Ponzi scheme, despite its "regrettable inaction," a federal appeals court said Wednesday.
A federal prosecutor says a former employee of Wall Street swindler Bernard Madoff will plead guilty in New York to charges including conspiracy to commit securities fraud in connection with Madoff's epic Ponzi scheme and will cooperate with the government.
A New York City judge has rejected a $19 billion claim a trustee recovering money for Wall Street swindler Bernard Madoff's investors demanded from JPMorgan Chase, a bank used by the disgraced financier. The ruling also eliminates most of a $2 billion claim against UBS AG.
The trustee working to recover money for victims fleeced by Bernard Madoff says he has filed 40 lawsuits in Manhattan federal court against former employees of the disgraced financier's company and his relatives.