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White Collar Defense & Compliance Developments in Criminal Law, Federal Case Law and Statutory Developments

Tag Archives: Ponzi

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.

Investment Adviser Ivy Asset Management Settles Madoff Lawsuits for $210 Million – Installment 86

Posted in Bernard Madoff

While both the U.S. Department of Labor and the New York Attorney General are to be congratulated, it is not immediately clear that their respective press releases are addressing a single $210 million settlement with Ivy Asset Management and other defendants of a number of consolidated lawsuits in which the Department of Labor and New York Attorney General are principal plaintiffs.

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.

Madoff/Picard/Judge Rakoff/Wilpons-Mets: Picard Strikes Out in His Effort to Appeal Judge Rakoff’s Ruling Before Trial – Installment 68

Posted in Bernard Madoff

In his latest Opinion and Order of January 17, 2012, Judge Rakoff denied the motion of Irving Picard, who sought an immediate interlocutory appeal to the Second Circuit Court of Appeals of Judge Rakoff’s earlier ruling that greatly limited the amount that Picard could seek to recover from the Wilpon interests. As a result Judge Rakoff’s “fixed and firm” trial date of March 19, 2012 remains unaffected.

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.

Ponzi Schemes and Charities: A Postscript to Malvern Preparatory School and its Consent Order – Precedent for Other Charities? – Installment 37

Posted in Bernard Madoff

This is the thirty-seventh in a series of Installments on this blog that is discussing issues that have arisen for charities in the aftermath of the Bernard L. Madoff (“Madoff”) scandal and other smaller Ponzi schemes. Installments 30 and 35 of this series discussed a Ponzi-scheme run by former Trustee Joseph S. Forte (“Forte”) of Malvern… Continue Reading

The Litwin Foundation and Madoff: A Review of the Foundation’s Forms 990-PF in Light of Its New Lawsuit Against the SEC – Installment 36

Posted in Bernard Madoff

This is the thirty-sixth in a series of Installments on this blog that discusses issues that have arisen for charities in the aftermath of the Bernard L. Madoff (“Madoff”) Ponzi scheme scandal. A number of Installments have analyzed the Forms 990 and Forms 990-PF filed with the Internal Revenue Service (“IRS”) by specific public charities… Continue Reading

Ponzi Schemes and Charities: A Revisit to Malvern Preparatory School, its Former Trustee Joseph Forte and Form 990 Disclosures – Installment 35

Posted in Bernard Madoff

This is the thirty-fifth in a series of Installments on this blog discussing issues that have arisen for charities in the aftermath of the Bernard L. Madoff scandal and other smaller Ponzi schemes. Installment 30 of this series discussed a Ponzi-scheme run by former Trustee Joseph S. Forte (“Forte”) of Malvern Preparatory School (“Malvern” or the… Continue Reading

Ponzi Schemes and Charities: Malvern Preparatory School, its Former Trustee Joseph Forte and New Form 990 Disclosures – Installment 30

Posted in Bernard Madoff

This is the thirtieth in a series of Installments on this blog that discusses issues that arose for charities in the aftermath of the Bernard L. Madoff (“Madoff”) scandal.  For example, Installment 29 analyzed new disclosure requirements for public charities adopted by the Internal Revenue Service (“IRS”) in 2008 for its new Form 990 (the “New… Continue Reading

The Madoff Aftermath and Charities: The Curious Case of the Howard Hughes Medical Institute and its New Form 990 – Installment 29

Posted in Bernard Madoff

This is the twenty-ninth 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 analyzed new disclosure requirements for public charities adopted by the Internal Revenue Service (“IRS”) in 2008 for its new Form 990 (the “New… Continue Reading

A Revisit to the Lautenberg Private Foundation Lawsuit vs. Peter Madoff – Installment 28

Posted in Bernard Madoff

This is the twenty-eighth 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 (“Bernard”). Many of the Installments in this series have focused on specific problems and concerns respecting public charities and private foundations that were victims… Continue Reading

The Madoff Aftermath and Charities: The IRS Forms 990-PF of the Shapiro and Wilpon Foundations – A Contrast in Transparency – Installment 27

Posted in Bernard Madoff

This is the twenty-seventh in a series of Installments on this blog that discusses issues that arose in the aftermath of the Bernard L. Madoff (“Madoff”) scandal. Against the backdrop of the Madoff scandal, Installment 26 of this series discussed certain disclosure requirements for public charities adopted by the Internal Revenue Service (“IRS”) in its… Continue Reading

The Madoff Aftermath and Charities: Should the IRS Adopt the New Requirements for Amending Form 990 for Form 990-PF? – Installment 26

Posted in Bernard Madoff

This is the twenty-sixth in a series of Installments on this blog that discusses issues that arose in the aftermath of the Bernard L. Madoff (“Madoff”) scandal. Against the backdrop of the Madoff scandal, prior Installments of this series have discussed and analyzed new disclosure requirements for public charities adopted by the Internal Revenue Service… Continue Reading

Another Revisit to Madoff and His Charity Stakeholders – Has an Upgrade in Compliance Compromised Auditor Independence for Yeshiva University? – Part III – Installment 24

Posted in Bernard Madoff

This is the twenty-fourth in a series of installments on this blog that are discussing issues arising in the aftermath of the long global Ponzi scheme of Bernard L. Madoff (“Madoff”). Defined terms and links not otherwise contained in this Installment are included in Installments 22 and 23. This Installment is Part III of an analysis of… Continue Reading

Another Revisit to Madoff and His Charity Stakeholders – Hadassah and Yeshiva University: Now A Perplexing Tale of Three Forms 990 – Part I – Installment 22

Posted in Bernard Madoff

This is the twenty-second in a series of installments on this blog that are discussing issues arising in the aftermath of the long global Ponzi scheme of Bernard L. Madoff (“Madoff”). Installments 3 through 8, Installment 10 and Installments 14 through 21 of this series focused on the concerns of charities that were investors with… Continue Reading

Year-end Advice on Obtaining 2008 Forms 990 by Charity Stakeholders – Installment 21

Posted in Bernard Madoff

This is the twenty-first in a series of installments on this blog that are discussing some issues arising in the aftermath of the long global Ponzi scheme of Bernard L. Madoff (“Madoff”). Installments 3 through 8, Installment 10 and Installments 14 through 20 of this series focused on the concerns of charities that were investors… Continue Reading

The Madoff Loss Game: Will Some Charity and Other Stakeholders Become Even Bigger Losers as a Result of One District Judge’s Analysis – Installment 20

Posted in Bernard Madoff

This is the twentieth in a series of installments on this blog that are discussing some issues arising in the aftermath of the long global Ponzi scheme of Bernard L. Madoff (“Madoff”). Installments 3 through 8, Installment 10 and Installments 14 through 19 of this series focused on the specific concerns of charities that were… Continue Reading

November 16, 2009 – A Critical Date for Madoff Charity Stakeholders with Calendar Fiscal Years – Installment 19

Posted in Bernard Madoff

This is the nineteenth in a series of installments on this blog that are discussing some issues arising in the aftermath of the long global Ponzi scheme of Bernard L. Madoff (“Madoff”). Installments 3 through 8, Installment 10 and Installments 14 through 18 of this series focused on the specific concerns of charities that were… Continue Reading

The Madoff Loss Game: Will Some Charity Stakeholders Become Even Bigger Losers? – Installment 18

Posted in Bernard Madoff

This is the eighteenth in a series of installments on this blog that are discussing some issues arising in the aftermath of the long global Ponzi scheme of Bernard L. Madoff (“Madoff”). Installments 3 through 8, Installment 10 and Installments 14 through 17 of this series focused on the specific concerns of charities that were… Continue Reading

The Madoff Profit Game: Will the Mets End up Losers Off the Field While Charity Stakeholders Become Winners? – Installment 17

Posted in Bernard Madoff

This is the seventeenth in a series of installments on this blog that are discussing some of the issues arising in the aftermath of the long global Ponzi scheme of Bernard L. Madoff (“Madoff”). Installments 3 through 8, Installment 10 and Installments 14 through 16 of this series focused on the specific concerns of charities… Continue Reading