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Judge shrinks Madoff trustee $905 mln lawsuit vs Florida firm

NEW YORK, July 21- A federal bankruptcy judge on Thursday narrowed a $905 million lawsuit filed by the trustee seeking money for Bernard Madoff's victims against executives who ran a now-defunct Florida accounting firm that had close ties to the swindler. Bankruptcy Judge Stuart Bernstein in Manhattan said Irving Picard cannot recover alleged improper...

Source: Reuters

Cramer: Why American investors don't trust stocks anymore

Jim Cramer knows stocks have become a disgraced asset class. He offers alternatives for investor wary of the stock market.

Source: CNBC.com

UPDATE 2-Platinum Partners to liquidate 2 main funds amid government probes

The SEC probe comes on top of a Department of Justice inquiry and a raid by Federal Bureau of Investigation agents last month. Guidepost will also report to the SEC at least monthly, Schwartz wrote in the letter, which was seen by Reuters. The communication with the SEC will include the sale of assets from Platinum's portfolios and any potential violations of...

Source: Reuters

John Oliver correctly used the ‘F word’ on TV when discussing financial advisors

Comedian John Oliver ranted on TV about advisors' new fiduciary obligations. The DOL gave it a shot; now it's the SEC's turn to step up to the plate.

Source: CNBC.com

Museum of American Finance Partners with Antenna to Introduce Audio Tour of Permanent Exhibits on July 12

Audio tour launch will coincide with unveiling of new Alexander Hamilton Room exhibit. NEW YORK---- On Tuesday, July 12, the Museum of American Finance will launch a 12- stop audio tour of its permanent exhibits. The tour will feature the backstories of several of the Museum’ s most popular collections and exhibitions, including objects from the Crash of’ 29; a stock...

Source: Business Wire

Madoff trustee begins new payout, total nears $9.5 bln

June 30- The court-appointed trustee liquidating Bernard Madoff's firm said he began on Thursday distributing another $190.2 million to fraud victims, boosting the total payout to about $9.47 billion. Irving Picard, the trustee, said his seventh distribution will go to 972 former customers of Bernard L. Madoff Investment Securities LLC.

Source: Reuters

Seventh Pro Rata Interim Distribution of Recovered Funds to Madoff Claims Holders Commences; Totals Approximately $190.2 Million

NEW YORK& WASHINGTON---- Joint press release from the offices of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, and Stephen P. Harbeck, President and Chief Executive Officer of the Securities Investor Protection Corporation. Irving H. Picard, Securities Investor Protection Act Trustee for the liquidation of...

Source: Business Wire