That stock News

Irving Picard, the trustee appointed to the Court and attempt to recover money for investors cheated by Madoff, filed a lawsuit against Madoff Securities International Ltd., London convicted fraudster operating branch. So far, the arm of London company has largely avoided moved in the scandal, even if ￡ billion worth of Mr. Madoff transactions passed through the United Kingdom in one year.

In the meantime, one of America's richest philanthropists and his family have agreed to give back 625 m $ to Mr. Picard, it was reported last night.

Carl Shapiro, who initially invested money there are decades of Mr Madoff has always maintained that he, his family and his charitable foundation lost approximately 545 million to the fraudster. However, according to reports that figure was based on fictitious claims that Mr. Madoff sent to clients in a short time before his fund collapsed in 2008. On the contrary, Mr. Picard was calculated as Dr. Shapiro, 97 and her family acquired approximately $billion by deducting how they invested with Mr. Madoff how much they removed his funds. Mr. Picard said: "This is a strong example of progress we make."

Mr. Picard also demanded another 555 m $ of UBS, the Bank Switzerland.

Steven Philippsohn, associate principal dispute of PCBs, said becoming embroiled in London: "the burden of proof will be to establish that administrators turn a blind eye on the Madoff fraud Madoff trustee." The trustee will no doubt be argue that administrators should have spotted, but chose to ignore, some basic red flags in their commercial activities. ?

View the original article here