$1B in legal fees for recovery of Madoff losses is a ‘good return on investment’
October 22nd, 2015
Lawyers recovering money for victims of Bernard Madoff’s Ponzi scheme say total legal fees in the case could reach $1 billion. In an interview with ABC News, court-appointed trustee Irving Picard of BakerHostetler said the fees are a “very good ...
Investor Seeks to Hold Ernst & Young Liable for Madoff Losses
October 15th, 2015
Court papers show FutureSelect invested about $200 million Ernst & Young failed to serve as a gatekeeper for a Washington investment firm that sank millions of dollars into Bernard Madoff’s investment firm and should be held liable for its losses, ...
GemCoin Investors Seek $100 Million in Class Action Lawsuit
October 9th, 2015
An $100m class action lawsuit has been filed on behalf of victims of an alleged Ponzi scheme involving the fake cryptocurrency ‘Gemcoin’ days after a US Securities and Exchange Commission (SEC) crackdown. The complaint, filed Monday by The Liu Law Group ...
Eleven Crazy Days — Many More Coming
September 3rd, 2015
Twelve months ago the world was happily sailing along in the Great Moderation, with financial markets that moved gracefully higher most of the time but even in their rare negative moments didn’t cause too much angst. The eleven trading ...
Barclays set to become first UK high street bank to accept bitcoin
August 31st, 2015
Company set to partner with a ‘bitcoin exchange’ or spending platform Has two bitcoin ‘labs’ in London and has been collaborating with start-ups Bought with real money and traded online, a bitcoin is worth around $230 It can be ...
The 75 Trillion Dollar Shadow Banking System Is In Danger Of Collapsing
July 1st, 2015
Keep an eye on the shadow banking system – it is about to be shaken to the core. According to the Financial Stability Board, the size of the global shadow banking system has reached an astounding 75 trillion dollars. It has ...
Regulatory Fine
June 26th, 2015
Global Regulators Cyprus Securities and Exchange Commission (CySec) Fines Imposed for Year 2015 and 2016
No Money, No Growth
May 18th, 2015
Last August, the US Fed stopped creating new currency out of thin air and dumping it into the banking system. Which is another way of saying the US money supply stopped growing. Here’s the adjusted monetary base — a ...
Bank parents or main units seen pleading guilty over FX: sources
May 12th, 2015
The parent companies or main banking units of as many as five major banks, rather than their smaller subsidiaries, are expected to plead guilty to U.S. criminal charges over manipulation of foreign exchange rates, people familiar with the matter ...
Phillip Boakes sentenced following FCA prosecution
March 9th, 2015
Following an FCA prosecution, Phillip Boakes was today sentenced at Southwark Crown Court to ten years’ imprisonment for defrauding investors of at least £3.5m, using false instruments and accepting deposits without authorisation. Boakes pleaded guilty to two counts of ...
