Day: February 9, 2009

What in the world is going on with USA v Perdigao?

I found Waldo and I’m hoping Sally James and NAAS  will stop by with comments on the Motion for Continuation filed in USA v Perdigao.  waldo1

Now comes David L. Arena, Senior United States Probation Officer, and moves the Court for an order continuing the sentence in the above-matter which is currently set for February 11, 2009, because additional time is needed to prepare a pre-sentence report. Neither defense counselor, Charles Griffin, nor Assistant United States Attorney, James Mann, have any objections to a brief continuance. Therefore the probation officer moves the Court to continue the sentencing date in this case for approximately 30 days.

Somehow, I don’t think Sop will be surprised by the delay or the reminder in this Notice of Continuation. Continue reading “What in the world is going on with USA v Perdigao?”

BREAKING: WLBT reports SEC and Madoff agree to settle civil fraud case

Coincidence? Jackson’s WLBT had the story.

The Securities and Exchange Commission says it has agreed with Bernard Madoff on a deal that could eventually force the disgraced money manager to pay a civil fine and return money raised from investors.

The agency said Monday the agreement states that Madoff cannot contest allegations of civil fraud and that possible penalties will be decided “at a later time.”

The SEC says that it has submitted the agreement to a federal judge in Manhattan, who will review it.

The deal will not affect a continuing criminal investigation of Madoff who authorities say has described his investment activities as a $50 billion Ponzi scheme.

BREAKING: SEC Shake-up!

Reuters news and the CLS grapevine are both reporting  a shakeup at the SEC (and this time I’m not talking football)

The U.S. Securities and Exchange Commission’s top enforcement official, Linda Thomsen, is expected to resign on Monday, CNBC television said.

Former assistant U.S. attorney Robert Khuzami is expected to replace her as the SEC’s enforcement director, one source familiar with the matter told Reuters over the weekend.

The SEC declined to comment.

The enforcement division has been heavily criticized for how it handled the Bernard Madoff case, in which the former financier is accused of defrauding investors of $50 billion.

Reuters reported on Saturday that an announcement on Thomsen’s replacement was expected as early as this week.

Thomsen was appointed SEC enforcement chief in 2005 under former SEC Chairman William Donaldson and remained in that position under former SEC Chairman Christopher Cox.

New SEC Chairman Mary Schapiro is under pressure to restore the agency’s reputation as a tough policeman on Wall Street.