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 A massive five-alarm fire lit up downtown Raleigh overnight. The blaze started around 10 p.m. and firefighters were able to extinguish the flames by 1:30 a.m. While the cause is still being investigated, […]
Damage assessments underway in wake of Hermine, McCrory and officials to meet with farmers on Sunday
RALEIGH Governor Pat McCrory is touring farms in Caswell and Columbia N.C. on Sunday morning to learn more about damage caused by Tropical Storm Hermine, which passed thorugh the state on Friday night. N.C. […]
RALEIGH Hundreds of protesters lined the halls and gallery of the N.C. House and Senate Tuesday after rumors circulated on Facebook that the General Assembly was considering adding two seats to the N.C. Supreme […]