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 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 North Carolina has broken into the top 20 of WalletHub’s annual ranking of the best and worst school systems in the United States.N.C. comes in at 19th in the nation for 2016 […]
Judge grants preliminary injunction on bathroom law, but limited to three plantiffs until full case can be heard
WINSTON-SALEM North Carolina’s university system must allow two transgender students and a transgender employee to use bathrooms matching their gender identity, a U.S. judge ruled Friday in a partial victory for those fighting the […]