BUTNER, N.C. – Investors bilked of millions of dollars in Bernard Madoff’s ponzi scheme were handed a loss on Thursday when their lawsuit against HSBC Bank was thrown out by a federal judge. Madoff, 78, pled guilty in 2009 of what is called the largest financial crime in American history. He defrauded approximately 20,000 investors out of $64 billion. He was sentences to 150 years in prison, which he is currently serving at the medium security federal prison in Butner, N.C.Investors in his scheme filed a class action suit against the bank saying that they aided the fraud by ignoring ‘serious red flags’ and selling structured investments that funneled millions to Madoff through feeder funds. The judge said that the U.S. District Court in New York did not have jurisdiction over the HSBC units located outside the U.S. and that a law governing securities-fraud cases barred the claims against HSBC’s U.S. unit.Recently Madoff was treated for a heart condition, but released inmates reported to other media that overall he was functioning well in prison. According to reports, Madoff is respected by other prisoners due to the scope of his crime, and is actually sought out for stock tips. He was reportedly given a job at the prison commissary selling concessions to other inmates.
RALEIGH On Monday, Gov. Roy Cooper officially announced that he will veto the state budget plan passed by the Republican-led legislature last week, doubling down on his belief that it shortchanges education, teacher pay […]
RALEIGH Gov. Roy Cooper (D) and Attorney General Josh Stein (D) have signed on to an open letter stating that they will continue to support climate action that aligns with the Paris Accord. The […]
SAN DIEGO — Apple and mobile chip maker Qualcomm have settled a bitter financial dispute centered on some of the technology that enables iPhones to connect to the internet. The surprise truce announced Tuesday came […]