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Peregrine CEO signs plea agreement to fraud and embezzlement scheme

Sedgwick LLP
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USA
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September 28 2012

Federal prosecutors report that they have reached a plea agreement with Russell Wasendorf, Sr., the head of Peregrine Financial Group, Inc., in which he admitted to orchestrating a $200 million embezzlement scheme

Judge denies Stanford's motion for a new trial

Sedgwick LLP
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USA
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April 30 2012

Allen Stanford, former owner of Stanford International Bank, was convicted in early March on 13 counts in connection with his $7 billion Ponzi scheme, in which the bank sold fraudulent certificates of deposit

Ninth person indicted in Rothstein Ponzi scheme

Sedgwick LLP
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USA
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April 30 2012

Attorney Steven Lippman was indicted earlier this month for his role in the Rothstein Ponzi scheme occurring within the former law firm of Rothstein, Rosenfeldt and Adler

Picard seeks recovery from Madoff wives

Sedgwick LLP
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USA
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April 30 2012

Irving Picard, the trustee in charge of recovering approximately $20 billion from the Madoff Ponzi scheme, may now seek claims against the wives of Bernard Madoff's two sons according to a recent court order

Game over Mets strike a deal with Picard for $162 million

Sedgwick LLP
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USA
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March 28 2012

After a recent ruling whereby Judge Jed Rakoff of the U.S. District Court for the Southern District of New York determined the ground rules for the trial, Mets owners and Madoff Trustee Irving Picard reached a $162 million settlement on March 16, 2012

Stanford found guilty on charges of fraud and conspiracy

Sedgwick LLP
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USA
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March 28 2012

On March 6, 2012, three years after R. Allen Stanford was indicted for fraud, a federal jury returned a verdict against Stanford with regard to a $7 billion Ponzi scheme involving nearly 30,000 investors worldwide

Department of Justice signals uptick in financial crisis criminal actions

Sedgwick LLP
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USA
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March 28 2012

On March 6, 2012, the DOJ announced that it intends to promptly bring criminal cases against both banks and individuals for their roles in selling risky mortgage-backed securities and for committing other crimes that deepened the financial crisis

Potential witness may testify that Wilpon and Katz knew of Madoff concerns

Sedgwick LLP
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USA
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March 6 2012

Deposition testimony of Noreen Harrington, a potential witness for Madoff trustee Irving Picard in the lawsuit he has brought against the New York Mets owners, indicates that Mets owner Saul Katz may have known about several concerns surrounding investments with Bernard L. Madoff

President Obama names NYAG to lead expanded financial fraud enforcement task force

Sedgwick LLP
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USA
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March 6 2012

During his January 24 State of the Union Address, President Obama announced the expansion of an existing federal task force to investigate and prosecute financial fraud, naming New York State Attorney General Eric T. Schneiderman as the leader of the new unit

Picard seeks $386 million from Mets alleging willful blindness

Sedgwick LLP
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USA
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March 6 2012

Last year, U.S. District Judge Jed Rakoff dismissed the majority of Madoff trustee Irving Picard's $1 billion in claims against Saul Katz and Fred Wilpon, leaving Picard to seek roughly only $386 million

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