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 The North Carolina General Assembly has its first joint appropriations meeting on Tuesday to review the base budget, revenue projections and begin laying the foundation for forming a new two-year budget in the […]
RALEIGH North Carolina received a “B+” for its state government technology performance on Monday. The B+ is the highest grade North Carolina has received from the bi-annual Digital States Survey since 2010. Center for […]
RALEIGH N.C. Senator Jeff Tarte (R-Mecklenburg) is achieving social media fame with his new bill that would fine drivers up to $200 for driving slowly in the fast lane. The bill imposes the fine […]