Archive for April, 2009

More Madoff Monies Found in Bank Accounts

Filed April 30th, 2009 meg

Nearly $7 million was found in six bank accounts belonging to Bernard Madoff, according to records filed by Irving Picard, the lawyer acting as trustee. Picard is asking that the money be transferred to his control for distribution to Madoff investors who were victimized by the estimated $65-billion Ponzi scheme. Castor Pollux Securities LLC of […]

Madoff Aide Working on Plea Bargain

Filed April 29th, 2009 meg

The top deputy to Bernard Madoff is negotiating a plea bargain with federal prosecutors under which he would disclose intimate details of the Ponzi scheme. Frank DiPascali has worked with Madoff’s firm for 33 years. In exchange for a reduced sentence, DiPascali would testify that he manipulated phony returns on behalf of some key Madoff […]

Nadel faces 15-count federal securities fraud indictment, has public defense

Filed April 29th, 2009 joshua

Accused fraudulent hedge fund manager Arthur Nadel faces a 15-count federal indictment on securities, wire and mail fraud. According to a Bloomberg report, the indictment was unsealed in a Manhattan court and prosecutors want the Sarasota, Fla.-based money manager to forfeit more than $360 million in assets. Nadel is accused of scamming hundreds of people […]

Home warranty company cheated customers out of thousands, Cuomo charges

Filed April 28th, 2009 joshua

New York Attorney General Andrew Cuomo is charging a home warranty company of scamming its customers out of hundreds of thousands of dollars. Cuomo says National Home Protection Inc. refused to honor contracts made to consumers in at least 32 states. It is unknown how many people fell victim to this firm, but in each […]

Senator calls for inquiry on federal health payments using Ingenix database

Filed April 28th, 2009 joshua

U.S. Sen. Jay Rockefeller has called for an investigation into payments the federal government made on behalf of its employees that used the fraudulent Ingenix database. Ingenix was developed by UnitedHealth Group as a database for insurers to use to gauge the price of out-of-network services. Previous investigations, spearheaded by New York Attorney General Andrew […]

California accuses Wells-Fargo of fraud tantamount to Madoff

Filed April 27th, 2009 joshua

California Attorney General Jerry Brown filed lawsuits against three subsidiaries of banking giant Wells-Fargo, accusing it of defrauding investors on $1.5 billion worth of risky auction-rate securities. In quotes to The Los Angeles Times, Wells-Fargo “sold to customers on the basis that they were like cash and people could get their money back in 8 […]

JPMorgan Accused of Aiding Madoff

Filed April 27th, 2009 meg

Victims of Bernard L. Madoff have accused banker JPMorgan Chase of aiding the crime by maintaining checking accounts for the disgraced financier. They are also alleging that and trades were made with Chase-owned Bear Stearns long after the bank itself realized that its prized customer was running a vast fraud. The bank has denied the […]

Fiserv Inc Sued by Madoff Victims

Filed April 24th, 2009 meg

Customers that entrusted a former unit of Fiserv Inc. with custody of their retirement plans are suing the technology company to recoup money lost in the Bernard Madoff fraud. The lawsuit, filed in U.S. District Court in Denver, seeks to recover up to $1 billion on behalf of 800 investors. A former unit of Fiserv […]

Florida’s AG warns residents of scams related to Chinese drywall remedies

Filed April 24th, 2009 joshua

The controversy surrounding imported Chinese drywall – which has caused thousands of homeowners across the country health problems – has created a new concern of its own. According to Florida Attorney General Bill McCollum, firms are circulating the state offering environmental testing and expensive remedies for homeowners impacted by this toxic wall board. In some […]

FTC aims at online marketers using testimonials

Filed April 23rd, 2009 joshua

The use of testimonials in advertising has long been a popular campaign for businesses. Now, the Federal Trade Commission wants to crack down on on the online use of testimonials in marketing. Regulators are proposing rules that would hold any online marketer or blogger accountable for the statements they make on a Web site. However, […]