Topic: Ponzi scheme
Deutsche Bank liable for US$95 million in Ponzi scheme suit
Liquidators of four Cayman Islands companies that were extorted in a huge Ponzi scheme have won a civil court case that will see them recoup US$95 million.
Appeal court makes landmark ruling in Madoff liquidations
The Cayman Islands Court of Appeal handed down a judgment last week that rules how leftover funds connected to Bernie Madoff’s multibillion-dollar Ponzi scheme should be distributed.
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.
Cayman bank named in lawsuit over Ponzi scheme
More than 300 people have sued a British Virgin Islands funds trader, its associated entities and the Cayman Islands-based dms Bank & Trust Ltd., seeking the location and repayment of tens of millions of dollars they believed was going to be invested in foreign currency trades.
