Sky News – A US town has edged closer towards clawing back its losses to Wall Street swindler Bernard Madoff, securing a court order for £17m in assets.

The town of Fairfield in Connecticut suffered losses of about £28m from its pension fund to what has been called the biggest Ponzi scam in history.

Some 1,500 members who are trying to recover retirement money were granted the order to chase the assets from Madoff’s relatives and business partners.

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Tags: assets, business partners, connecticut, losses, pension-fund, ponzi scam, relatives, retirement money, sky news, swindler, town of fairfield, wall street

UnionLeader.com – For sheer toe-curling embarrassment, it may be a while before Wall Street does better than the Bernard Madoff scandal. Here was a rogue who practically telegraphed his unreliability by hiring a tiny, no-name audit firm, by reporting monthly investment results that never fluctuated and by claiming a trading strategy that could not possibly have been implemented given the billions of dollars he managed.

And yet, despite these warnings, the rich, the famous and the supposedly sophisticated entrusted their money to Madoff, who defrauded them with the most laughably crude of methods — an old-fashioned Ponzi scam.

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Tags: audit firm, bernard madoff, billions of dollars, embarrassment, investment results, money, ponzi scam, scandal, trading strategy, wall street