After Madoff: Should Charities and Their Officers Become More Wary About Who Signs Their IRS Forms 990? – Installment 88

This blog series has often used Forms 990 and Forms 990-PF filed with the Internal Revenue Service (“IRS”) by public charities and private foundations, respectively, which have been victims in the Ponzi schemes of Bernard L. Madoff (“Madoff”) and others, to highlight areas where improvement in compliance may be undertaken. 

Stanford Sentenced to 110 Years in Prison for His Role in Ponzi Scheme

This afternoon, Judge David Hittner sentenced R. Allen Stanford to 110 years in prison for his decades-long Ponzi scheme that bilked investors of over $7 billion. The court also imposed a personal money judgment of $5.9 billion. The sentence was less than half of what the Government requested, but given that Mr. Stanford is already 62, today’s sentence means that he is destined to spend the rest of his life in prison.

Tenth Circuit Court of Appeals Denies Attempt to Withdraw Fifth Amendment Invocation

The U.S. Court of Appeals for the Tenth Circuit recently addressed the question of when a defendant can withdraw an invocation of the Fifth Amendment right to refrain from making self-incriminating statements. Defendant Brian Smart was a fund manager accused by the Securities and Exchange Commission of operating a Ponzi scheme. During the SEC’s initial investigation and again later in the litigation discovery process, Smart invoked the Fifth Amendment and refused to answer the SEC’s questions.

Picard/Wilpons/Mets – Friday the 13th Becomes a Propitious Day for the Mets Ownership – Installment 74

Shortly before midnight last night Adam Rubin of ESPN reported that Madoff Trustee Irving Picard had filed court papers seeking approval of the settlement (the “Settlement”), which was reached on March 19, 2012 with numerous defendants, constituting the Wilpon-Katz-Mets individual, business, family trust and charitable interests (the “Wilpons”).