Topic: Bernard Madoff
Grand Court: Madoff-invested fund’s administrator and custodian negligent but not liable
Two service providers to Primeo, a fund that invested all of its money with Ponzi scheme fraudster Bernard Madoff, were negligent in their duties as administrator and custodian, according to the Cayman Islands Grand Court.
Madoff case ruling means some offshore funds protected
A ruling in a bankruptcy case in a federal court in New York involving fraudster Bernard Madoff and the Koch brothers, U.S. billionaires known for funding conservative causes, has put some offshore funds out of reach of trustees trying to recover funds.
Madoff whistleblower: Audit system should be ‘blown apart’
Harry Markopolos, the man who uncovered Bernard Madoff’s Ponzi scheme, has slammed the current system of company audits and due diligence as ineffective in detecting fraud and called for its complete overhaul at the Cayman Investment Forum organized by the CFA Society on Oct. 13.
