Five former aides to Bernard Madoff who spent decades working for his firm were found guilty of helping run the biggest Ponzi scheme in U.S. history, a $17.5 billion fraud exposed by the 2008 financial crisis.

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Bernard Madoff’s securities firm was a modern-day Sodom or Gomorrah, the biblical cities destroyed by God for their immorality, a defense lawyer told jurors in the trial of five of the con man’s ex-aides.

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Bernard Madoff “seemed to have the respect of everyone in the world,” which made it easy to believe lies the con man told to hide his $17 billion Ponzi scheme.

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JPMorgan Chase & Co.’s $543 million settlement with the trustee for Bernard Madoff’s defunct firm was approved by the judge overseeing its liquidation.

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Jerome O’Hara and George Perez, on trial for creating millions of fake documents to fool investors, allegedly told a colleague in early 2009 to hinder a probe by Irving Picard, the trustee unwinding Madoff’s fraud.

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So routinely do people and firms resolve SEC cases “without admitting or denying” wrongdoing, as the agency’s boilerplate phrase goes, that even the guiltiest of fraudsters who confess in criminal court to the most audacious of crimes never come clean with the SEC, which has its own, civil cases to resolve.

Tagged with: Bernard Madoff U.S. Securities and Exchange Commission

Banks agreed to pay about $15.5 billion to settle claims by about 720,000 investors outside the U.S. who lost money in Bernard Madoff’s fraud, according to a group of law firms that represent victims. About 80 percent of the clients ...

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Irving Picard, the liquidator of the remains of Bernard Madoff’s defunct investment firm, won court approval to collect $22 million in fees for five months of work by him and his law firm. The fees, which cover work by Picard ...

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The U.S. Securities and Exchange Commission is scaling back a proposal, made in response to Bernard Madoff’s $65 billion Ponzi scheme, that would have subjected most money managers to surprise inspections. SEC commissioners will vote today on exams for firms ...

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The U.S. Securities and Exchange Commission asked a judge to throw out a suit by two of Bernard Madoff’s victims who accused the agency of negligently failing to uncover a scheme that wiped out at least $19 billion. The agency ...

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Lawrence Velvel, a Bernard Madoff victim who is dean of the Massachusetts School of Law, urged a judge to investigate why the liquidator for the con man’s firm chose to ignore fake profit from the fraud when calculating customers’ claims ...

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