- Mass Casualties
- Natural Disasters
- Financial Crisis
- Food Borne Diseases
- US Recall News
- Class Action Lawsuit
- Recent Outbreaks
- Railroad Law
- Court News
- Legal Insight
- Court Watch
- Supreme Court blocks some redrawn North Carolina districts
- Court: Lawsuit alleging coerced confessions can go to trial
- Thai court drops royal insult charges against academic
- Russia court cancels journalist's deportation to Uzbekistan
- Judge to pick battlefield for court fight over Manson's body
- Court halts execution of Alabama inmate with dementia
- Warrant dropped for professor who spoke Hawaiian in court
- Court rules that Kushner firm must disclose partners' names
- Comedian Artie Lange arrested for skipping court
- Supreme Court declines gay rights work discrimination case
But drama will likely fill the courtroom Thursday in U.S. District Court in Manhattan anyway as 67-year-old Peter Madoff faces some of the heartbroken investors who lost their savings when the unprecedented fraud was revealed four years ago this month.
When he pleaded guilty to conspiracy and falsifying books and records of an investment adviser, the former senior compliance officer at the Madoff private investment business said he was "shocked and devastated" when his brother revealed several days before he surrendered that thousands of accounts supposedly worth $65 billion were worthless. Investigators say Bernard Madoff had distributed most of the $20 billion he took in over several decades to other investors while investing none of it in the markets as he had promised to do.
A court-appointed monitor has so far recovered nearly $9.3 billion that was lost, mostly by clawing back money from investors who received large payouts along the way. Most of the money has not yet been distributed. A small part of the recovery has resulted from the sale of numerous Madoff family assets, including the toys of the wealthy — multi-million dollar homes, fancy cars, yachts and art.
In a pre-sentence brief, attorney John Wing said his client was subject to a "draconian forfeiture order that in one stroke stripped him of all existing assets, his home, his pension, his savings, his personal property, etc. and of all future assets and income should he even have the opportunity to earn any income after serving his prison sentence." He said Peter Madoff will be left a "jobless pariah" when he gets out of prison.
Legal News Media
Legal News is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. We reserve the right, at our discretion, to change, modify, add, or remove portions of the site at any time. Your This site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.