Tuesday, May 18, 2021

Madoff’s liquidators lose

Section:

Bernie Madoff’s sons and London based directors cleared in civil claim

 

Over £1 billion of funds passed through Bernie Madoff’s London office each year yet on Friday a £33 million civil claim against his brother, son and six former directors of the firm was dismissed.

 

At London’s High Court, Judge Andrew Popplewell dismissed “unfounded” claims brought against Madoff’s brother Peter, his son Andrew and his late son Mark as well as those against Stephen Raven, chief executive of the British unit, Sonja Kohn, the Austrian founder of the Bank of Medici, and others. In his ruling, the judge stated:

 

“This unfounded claim… has been pursued aggressively and relentlessly over several years, on occasion with an unfair degree of hyperbole”.

 

Andrew Madoff
Andrew Madoff

Stephen Raven
Stephen Raven

Irving Picard
Irving Picard

The judge also commented that the “honesty and integrity” of all the defendants had been “vindicated” during proceedings that turned “all their lives upside down” and that Mrs Kohn, in particular, “suffered poisonous press releases by the SIPA [Securities Investor Protection Act] Trustee and been subject to a worldwide freezing order and extensive disclosure of her family’s assets and affairs”. Trevor Jenkin, who defended Stephen Raven, added:

 

“We are delighted that the court has finally put an end to this unnecessary litigation, which should have been dismissed long ago. Its only achievement has been to rack up millions of pounds in legal expenses for the creditors of Madoff Securities International”.

 

Andrew Madoff’s representative, Martin Flumenbaum, went further and argued that “the decision confirms what Mark and Andrew stated from Day 1 — that they did not know of or participate in the fraud perpetrated by their father”.

 

Grant Thornton, the liquidators, however, announced afterwards that they are “considering their position” and commented:

 

“We are obviously extremely disappointed with the judgment handed down today as claims made against the defendants were serious and there was undoubtedly a case to answer”.

 

Given that the Serious Fraud Office also dropped their probe into Madoff’s British operations in 2009 due to their being “insufficient evidence to provide a realistic prospect of conviction”, this represents a major setback for Irving Picard, the trustee of Madoff’s seized assets and the financier of the London lawsuit, especially given of Andrew Madoff and his brother, Judge Popplewell commented:

 

“An honest and intelligent man in the position of each brother could reasonably have believed that the payments were in the interests of the company… The brothers held Bernard Madoff in the high respect which the latter’s record, reputation and position as paterfamilias commanded… I very much regret that I must have added to their burden by the time it has taken to prepare this judgment… The resolute and temperate way they have conducted themselves in these proceedings does them great credit”.

 

Picard has a further case against Andrew Madoff and other family members in America.

 

 

Subscribe to our free once daily email newsletter here:

    5e3b97728b2e4bf58c9ff7822befe328?s=96&d=mm&r=g
    The Steeple Times
    We research and background check our articles. If you believe we have made and error in some detail please get in touch, we seek always to write the truth and stand against a press owned by a self selected few. Please help us, we will accept all your likes, subscriptions and anonymous suport. The Editor and his team at the Steeple Times.

    2 COMMENTS

    1. Unbelieveable! This is a disgrace for British Justice. The judgement is ludicrous. Has the UK become the international crooks haven ?

    2. Alexander Andrew Mackay Irvine, Baron Irvine of Lairg, PC, QC Known as Derry to his friends, singing and dancing around his very expensive wall paper in his parliamentary Office.. ” I feel pretty, I feel Pretty, So Pretty. Charles Leslie Falconer, Baron Falconer of Thoroton, was Tony Blair’s old flatmate. British Justice have been subjected to many laughs, especially from the offenders.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Advertisement
    Advertisement

    Become a Patron of The Steeple Times

    Independent journalism will only remain independent if it is supported by clear-thinking people like you. We each have the command to make a real difference. Join us.

    2,642FansLike
    2,068FollowersFollow
    10,959FollowersFollow

    Subscribe For DAILY NEWS

    Please subscribe, like and share this very British site, it helps us grow. Your data is protected and The Steeple Times will send you an email at noon everyday that we rather trust you will enjoy.

    Advertisement

    Other Stories You May Enjoy

    A Wetherspoons Washout 2021 – No shows at Wetherspoons pubs – On ‘Unlockdown Day 2021’ the Truro branch of Wetherspoons was still empty; given its owner Tim Martin’s joy in banning just about everything, could anybody be surprised?

    A Wetherspoons Washout 2021

    On ‘Unlockdown Day 2021’ the Truro branch of Wetherspoons was empty; given its owner Tim Martin’s joy in banning just about everything, could anybody be surprised?
    Randy Rob Deserves The Rod 2021 – Sex pestering Rob Roberts MP – Nikolay Kalinin slams the slapdash attitude of the Conservative Party to the sex pestering of both men and women by rabid Rob Roberts MP.

    Randy Rob Deserves The Rod

    Nikolay Kalinin slams the slapdash attitude of the Conservative Party to the sex pestering of both men and women by rabid Rob Roberts MP.
    A Boat For Brenda 2021: Sir Philip Green should give his yacht to Queen – As decidedly dippy Dame Esther Rantzen calls for tyrannical twerp Sir Philip Green to hand over his gin palace to the Queen, we suggest Sir James Dyson or Sir Charles Dunstone’s tubs as other options.

    A Boat For Brenda

    As decidedly dippy Dame Esther Rantzen calls for tyrannical twerp Sir Philip Green to hand over his behemoth boat to the Queen, we suggest Sir James Dyson or Sir Charles Dunstone’s gin palaces as other options that could be commandeered.
    Moron of the Moment 2021 – John H. Cox – Bear abusing Republican wannabe Governor of California John H. Cox deserves to be sanctioned for his senseless stunt in San Diego.

    Moron of the Moment – John H. Cox

    Bear abusing Republican wannabe Governor of California John H. Cox deserves to be sanctioned for his senseless stunt in San Diego.
    The Plotless Pillock Prince 2021 – Prince Harry should wind his neck in – Matthew Steeples suggests decidedly dim Prince Harry has well and truly lost the plot; he should heed the words of the equally ‘woke’ wally Lily Allen and finally “wind his neck in”

    The Plotless Pillock Prince

    Matthew Steeples suggests decidedly dim Prince Harry has well and truly lost the plot; he should heed the words of the equally ‘woke’ wally Lily Allen and finally “wind his neck in”
    Menendez Take on TikTok 2021 – Erik and Lyle Menedez convictions – As the Menendez brothers case goes viral courtesy of their newfound TikTok supporters, it is time for their case to be reassessed and their convictions reduced to manslaughter suggests Matthew Steeples.

    Menendez Take on TikTok

    As the Menendez brothers case goes viral courtesy of their newfound TikTok supporters, it is time for their case to be reassessed and their...
    Nathan in November – Ghislaine Maxwell trial moved to 29th November – Ghislaine Maxwell’s trial before Judge Nathan moved to 29th November in spite of her crackpot lawyer claiming jurors won’t be fair to her because they will want to be home for Christmas.

    Nathan in November

    Ghislaine Maxwell’s trial before Judge Nathan moved to 29th November in spite of her crackpot lawyer claiming jurors won’t be fair to her because they will want to be home for Christmas.
    Wisdom From Wales 2021 – Analysis of election results and Labour – Nikolay Kalinin delves into Labour success in Wales in the recent elections and suggests if the party wants to win nationwide they should pay heed to what went on there.

    Wisdom From Wales

    Nikolay Kalinin delves into Labour’s success in Wales in the recent elections and suggests if the party wants to win nationwide they should pay heed to what went on there.
    Hoping v Helping 2021 – Sue Homan slams Michael Barrymore – Sue Homan “slams” deviant disgrace Michael Barrymore for not helping secure justice for her murdered ex-husband Stuart Lubbock.

    Hoping v Helping

    Sue Homan quite deservedly “slams” deviant disgrace Michael Barrymore for not helping secure justice for her murdered ex-husband Stuart Lubbock.
    Fagin’s Bentley – Ex-Ron Moody 1961 Bentley S2 Continental for sale – 1961 Bentley S2 Continental drophead coupé owned by Golden Globe award winning actor Ron Moody – best known as ‘Fagin’ in ‘Oliver!’ – for sale for 329% more than it sold for in 2014 after restoration. Offered by Frank Dale & Stepsons for £295,000 ($413,000, €339,000 or درهم1.5 million).

    Fagin’s Bentley

    1961 Bentley S2 Continental drophead coupé owned by Golden Globe award winning actor Ron Moody – best known as ‘Fagin’ in ‘Oliver!’ – for sale for 329% more than it sold for in 2014 after restoration.

    Popular Articles From The Past

    Weather

    London
    broken clouds
    10.9 ° C
    12.1 °
    9 °
    91 %
    2.4kmh
    75 %
    Wed
    15 °
    Thu
    13 °
    Fri
    12 °
    Sat
    12 °
    Sun
    6 °