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.
WINSTON-SALEM The newest North Carolina Business Court, which is located at Wake Forest Law, heard its first case on Tuesday morning, according to law officials.Their first scheduled trial was Vogler Reynolda Road, LLC vs. […]
WASHINGTON U.S. Rep. George Holding (R-13) introduced a bill Thursday that will transfer the criminal investigation division of the Internal Revenue Service (IRS) to the authority of the U.S. Treasury Department as the Bureau […]
WASHINGTON, D.C. President-elect Donald Trump announced Exxon Mobil CEO Rex Tillerson as his choice for secretary of state Tuesday, praising him as a successful international dealmaker who leads a global operation.Tillerson’s experience in diplomacy […]