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 State lawmakers took their final steps to send a $23 billion spending plan to the governor’s desk on Thursday, but not before sending a strong message to Gov. Roy Cooper, who has been […]
RALEIGH The only statewide judicial race is N.C. Supreme Court Justice Bob Edmunds running for re-election on what is considered to be a conservative bench, 4 to 3. The outcome of his race could […]