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Tag Archives: Internal Revenue Service

Picard v. Mets/Wilpon/Katz Madoff Settlement One Year Later – Part III: Was the Michael Katz Form 990-PF Worth the Wait? – Installment 91

Posted in Bernard Madoff

Even though the private foundation of Dayle and Michael Katz (the “Michael Foundation”), like the private foundation of Iris and Saul Katz, took ample time until February 1, 2013 to prepare its Form 990-PF, such Form 990-PF suffers from a scarcity of information as to the Michael Foundation’s involvement with Madoff. However, the Michael Foundation’s situation is very different from that of the Saul Foundation.

Picard v. Mets/Wilpon/Katz Madoff Settlement One Year Later – Part II: Was the Saul Katz Form 990-PF Worth the Wait? – Installment 90

Posted in Bernard Madoff

Even though the private charitable foundation of Saul and Iris Katz took ample time until February 1, 2013 to prepare its 2011 Form 990-PF, such Form 990-PF suffers from a disappointing and manifest scarcity of information as to involvement with Madoff and the Settlement Agreement with Madoff Trustee Picard.

Picard v. Mets/Wilpon/Katz Settlement One Year Later – Part I: Why Were Certain Katz IRS Forms 990-PF so Delayed? – Installment 89

Posted in Bernard Madoff

This blog series has been monitoring the quality of disclosures being made by private charitable foundations of the Wilpon and Katz families in their IRS Forms 990-PF as to involvement with Madoff and the Settlement Agreement made with Trustee Irving Picard approved on May 31, 2012. The Forms 990-PF provide not only a window into the internal operations of the foundations but also allow for analysis of the quality of the disclosures made as to a matter that has received wide and continuous publicity.

The Picard/Wilpon Settlement: Should there be Disclosure in 2011 Forms 990-PF Filed with the IRS by Wilpon Private Foundations? – Installment 87

Posted in Bernard Madoff

It is perplexing that Forms 990-PF filed with the Internal Revenue Service by various Wilpon family private foundations provide no reference to the assignment to Madoff Trustee Irving Picard of their allowed net equity claims and the encumbering of their “Estimated SIPC Recovery – Madoff Theft Loss,” even though such 2011 Forms 990-PF were filed well after Federal District Court approval on May 31, 2012 of the Settlement Agreement dated April 13, 2012 between Picard and the Wilpons.

After Madoff and Other Ponzi Schemes, Have Charities Become More Wary About Donors Bearing Large Gifts? – Installment 83

Posted in Bernard Madoff

The return of grants by a charity to private foundations related to the the sons of Bernard L. Madoff evidence that some charities may be exercising greater caution in their gift acceptance policies as a result of the dramatic and sometimes devastating consequences that highly respected charities have suffered from involvement in Ponzi schemes.

The Picard/Wilpons Settlement: Will Future Distributions to Madoff Victims by Picard Trigger Some Wealth Shifts Among the Wilpons? – Installment 82

Posted in Bernard Madoff

This Installment discusses some aspects of the potential impact that a large distribution to Madoff victims by Trustee Irving Picard may have on the diverse and divergent interests among the Wilpons that are parties to the global Settlement Agreement with Picard and how the Wilpons could address such an impact.

The Picard/Wilpons Settlement: What Issues Surface for the Involved Charitable Private Foundations and Their Respective Fiduciaries? – Part 1 – Installment 75

Posted in Bernard Madoff

This Installment addresses some of the effects on, and implications for, certain charitable private foundations and their respective officers, directors, trustees and foundation managers under the proposed settlement agreement between Madoff Trustee Irving Picard and the numerous defendants, constituting the Wilpon-Katz-Mets individual, business, family trust and charitable interests.

Madoff and Charities: Checking the Pulse After Three Years – Is the Hadassah Nightmare Finally Over? – Part 1 – Installment 65

Posted in Bernard Madoff

With the recent passage of the third anniversary of the arrest of Bernard Madoff, it appears appropriate to review where Hadassah currently stands, as reflected in publicly available documents, in light of its settlement payment of $45,000,000 in March 2011 to the Trustee of the Madoff bankruptcy proceedings.

Madoff, Picard and Charities: A Comparison of Treatment of the Lautenberg Foundation and the Wilpon/Katz Foundations – Part 2 – Installment 52

Posted in Bernard Madoff

The comparison of the Wilpon/Katz private charitable foundations with the Lautenberg private charitable foundation indicate that Irving Picard, the Madoff Trustee, has made peremptory and perplexing decisions not only as to the Madoff investors that he has chosen to pursue but also the extent of recovery that he is seeking.

Madoff, Picard and Charities: A Tabular Comparison of the Wilpon/Katz Foundations to the Lautenberg Foundation – Part 1 – Installment 51

Posted in Bernard Madoff

The tabular comparison of the Wilpon/Katz private charitable foundations with the Lautenberg private charitable foundation can be helpful in analyzing, based primarily on the public information filed by the foundations with the IRS, whether Irving Picard, the Madoff Trustee, is dealing uniformly with these foundations and their respective founders.

Madoff and Charities: The Lautenberg Foundation Files its Past Due 2008 Form 990-PF – Installment 41

Posted in Bernard Madoff

This is the forty-first in a series of installments on this blog that are discussing some of the issues arising in the aftermath of the Ponzi scheme perpetrated by Bernard L. Madoff (“Madoff”). Many of the Installments in this series have focused on specific problems and concerns respecting public charities and private foundations that were… Continue Reading

Madoff and Private Foundations: Should the IRS Follow the Actions by the U.S. Department of Labor in Pursuing Fiduciaries? – Installment 38

Posted in Bernard Madoff

This is the thirty-eighth in a series of Installments on this blog that discusses issues that arose in the aftermath of the Bernard L. Madoff (“Madoff”) scandal. Various Installments of this series have discussed the impact of the Madoff scheme on public charities and private foundations. On October 21, 2010 Andrew M. Harris reported on… Continue Reading