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 Corning Optical Communications announced Monday it will invest $176 million in facilities in Catawba and Cabarrus counties. The Economic Development Partnership of North Carolina (EDPNC) led the state’s effort to secure the expansion […]
RALEIGH — On Jan. 28, the Khadras had reached their last feasible option for being reunited with their 3-year-old daughter — applying for a visitor visa. When Abdallh Khadra, who is Syrian, signed on to […]
RALEIGH The difference between a super-majority and a simple majority is the legislative power to override a governor’s veto. With a gubernatorial race still polling neck-and-neck between incumbent Gov. Pat McCrory (R) and Attorney […]