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Friday, January 2, 2009

Long Island Famiy Sues Madoff over $2 Million

LI family sues Madoff over $2M loss
Crain's New York Businesss - January 2, 2009

A Long Island family that says it had $2 million tied up with Bernard Madoff has sued to prevent the disgraced financier from distributing whatever money he has left to other clients or employees. The suit was filed Dec. 30 in federal court in Manhattan by Anthony Sciremammano, his wife Maria, and daughter Toni, all of Massapequa Park. Business records show Mr. Sciremammano was owner of M&M Automatic Transmissions in Massapequa, which appears to no longer be operating. None of the plaintiffs, nor their attorney, J. Garth Foley, could be reached for comment.

The Sciremammanos, who had invested with Mr. Madoff since 1995 according to their complaint, join the fast-growing list of former clients who have sued Mr. Madoff since his alleged $50 billion Ponzi scheme came to light last month. Earlier this week, Mr. Madoff provided the Securities and Exchange Commission with information on the amounts and whereabouts of his firm’s assets, though the report’s contents haven’t been made public yet. On Thursday, Bloomberg News reported that former hedge fund manager and New York Sun co-owner Michael Steinhardt lost about $2 million investing with Ezra Merkin, who is emerging as a key player in the scandal because he invested $1.8 billion with Mr. Madoff on behalf of wealthy New Yorkers and institutions. New York University claims to have lost $24 million and a New York state Supreme Court judge is scheduled to hold a hearing Tuesday on the school’s lawsuit against Mr. Merkin and his Ariel Fund and Gabriel Capital. New York Law School, which invested $3 million with Mr. Merkin, has also sued Mr. Merkin, his investment firm Ascot Partners, and accounting firm BDO Seidman. Responses from Mr. Merkin, Ascot, and BDO Seidman to the law school’s suit are due Tuesday.

4 comments:

Anonymous said...

There's going to be a lot more people like these folks. Did Madoff jump yet?

Anonymous said...

This is all very sad. Madoff should be in jail.

Anonymous said...

Going to fund the filling of the NY legal trough. They have to be aware that they can lose more money.

Deepak said...

It is very unfortunate that a securities scandal of the magnitude of $50 billion should unfold especially during the current troubled times. It is surprising as to how this escaped the regulatory authorities all these years. We are learning with every incident and let us learn how to ensure that this type of scam does not recur in future.

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               Video of 1st Hearing on Court 'Ethics' Corruption
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