The trustee's attorney argued that the Kochs must have known they were subject to US law at the time. BI Intelligence takes an in-depth look at the most important aspects, including market forecasts for commercial applications, regulatory process, and the leading players.
A judge ruled on Monday that Koch Industries can keep .5 million in profits from the biggest Ponzi scheme in US history.
While there is no timetable for payouts, the announcement suggests that many Madoff victims may soon see the end of their 7-1/2-year wait to recoup at least some losses.
Business delivered to your inbox Madoff's fraud was uncovered in December 2008.
Since the previous December, she had not shown the slightest sign of public remorse, and had routinely said that she had no comment whenever a reporter got near her.
Now the 100-pound blonde who had come to embody all the ills of America’s latest age of greed—who had withdrawn .5 million from her account in the Madoff offices in the weeks before her husband confessed his Ponzi scheme, who, with Bernie’s brother, Peter, had posted her husband’s million bond, and who had fought to keep her houses and property—was actually claiming to be a victim herself.
NEW YORK (Reuters) - The overseer of a billion U. Department of Justice fund for victims of Bernard Madoff's Ponzi scheme said he expected to recommend payouts for at least 25,280 claimants with nearly billion in fraud losses.