Frauds & Scandals

Payout to Madoff victims tops $7.2 billion

Mon Feb 9, 2015/Reuters The trustee liquidating Bernard Madoff’s firm on Monday said he is distributing another $355.8 million to the swindler’s victims, bringing the total payout to more than $7.2 billion. Irving Picard, the trustee, said the payout began on Feb. 6, and covers claims by fraud victims with […]

BDC Stakeholders Adopts Four Resolutions on ABCON Crisis

By InvestAdvocate Lagos (INVESTADVOCATE)-Bureaux De Change (BDC) operators have adopted four (4) resolutions to resolve the lingering leadership crisis in the Association of Bureaux De Change Operators of Nigeria (ABCON). This is contained in statement made available to InvestAdvocate at the weekend coming on the heels of stakeholders meeting of […]

Special Report: Anatomy of Nigeria’s $20 billion ‘leak’

Feb 06, 2015/Reuters By Tim Cocks and Joe Brock In late 2013, Nigeria’s then central bank governor Lamido Sanusi wrote to President Goodluck Jonathan claiming that the state oil company had failed to remit tens of billions of oil revenues it owed the state. After the letter was leaked to Reuters and a local […]