Industry
Investment holding
6 organizations and 25 assessed claims in investment holding.
Organizations
- 1Malaysia Development BerhadMalaysia. 4 claims, 3 cases.
- Abraaj GroupUnited Arab Emirates. 4 claims, 4 cases.
- Archegos Capital Management LPUnited States. 4 claims, 2 cases.
- Bernard L. Madoff Investment Securities LLCUnited States. 4 claims, 2 cases.
- Galleon Group LLCUnited States. 4 claims, 2 cases.
- Icahn Enterprises L.P.United States. 5 claims, 2 cases.
Claims
- Supported13
- Partly supported4
- Contradicted1
- Outdated3
- Unresolved3
- Opinion1
- Supported77The SIPA Trustee reported recoveries of about US$15.509 billion for BLMIS customers and that distributions reached 72.015% of each allowed claim.Bernard L. Madoff Investment Securities LLCCompany statement, 11 December 20252 records citedCorporate status
- Supported90The US Attorney for the Southern District of New York said that Archegos founder Bill Hwang was convicted in July 2024 and sentenced to 18 years in prison with more than US$9 billion in restitution.
- Outdated75News reports in November 2024 said Bill Hwang was sent to prison for 18 years for the Archegos fraud.
- Outdated80IEP's financial statements showed distributions declared of US$1.00 per LP unit for the third quarter of 2024.
- Partly supported77IEP said in September 2024 that the SEC found no fraud, no inflation of its net asset value and no impropriety in its distributions.
- Opinion54The May 2023 Hindenburg report described IEP's economic structure as ponzi-like.
- Supported85The Hindenburg report said Icahn had pledged 181.4 million units, about 60% of his IEP holdings, for personal margin loans.
- Unresolved42The Hindenburg report said Icahn had been using money taken in from new investors to pay dividends to old investors.
- Partly supported66Dawn reported in March 2023 that Abraaj founder Arif Naqvi lost his final UK challenge to extradition and would be sent to the United States for trial.
- Supported79The Federal Court of Malaysia on 23 August 2022 unanimously upheld the conviction and 12 year jail sentence of former prime minister Najib Razak in the SRC International case.
- Supported86The SEC alleged in April 2022 that Bill Hwang entered into total return swaps with no economic purpose other than to drive up the prices of the underlying stocks.
- Supported82The SEC said Archegos grew to more than US$36 billion in capital with about US$160 billion in market exposure at its peak in March 2021.
- Supported88The US Securities and Exchange Commission said that former Abraaj managing partner Sivendran Vettivetpillai pleaded guilty to federal criminal charges and settled SEC charges over the Abraaj conduct.
- Supported88The Dubai Financial Services Authority said on 30 July 2019 that it fined two Abraaj entities a total of about US$314.6 million for deceiving investors and the regulator.
- Unresolved76The US Securities and Exchange Commission said on 11 April 2019 that Abraaj founder Arif Naqvi and Abraaj Investment Management Limited misappropriated money from the Abraaj Growth Markets Health Fund.
- Unresolved77The US Department of Justice announced on 1 November 2018 that Low Taek Jho, known as Jho Low, was indicted for conspiring to launder billions of dollars embezzled from 1MDB and that he remained at large.
- Supported84The US Department of Justice said in July 2016 that it was seeking to recover more than US$1 billion in assets it alleged were traceable to the misappropriation of more than US$3.5 billion from 1MDB.
- Contradicted91On appeal Raj Rajaratnam argued that the FBI wiretaps used against him were unlawfully authorized and that his conviction should be reversed.
- Supported90The SEC said in November 2011 that a federal court ordered Raj Rajaratnam to pay a US$92.8 million civil penalty in its insider trading case.
- Partly supported74The SEC said the US$92.8 million penalty against Raj Rajaratnam was the largest ever assessed against an individual in an SEC insider trading case.
- Supported94The US Attorney for the Southern District of New York said in October 2011 that Galleon founder Raj Rajaratnam was convicted on all 14 counts and sentenced to 11 years in prison for insider trading.
- Supported82The SEC Office of Inspector General found that the agency received credible complaints about Madoff but never performed a thorough investigation and could have uncovered the scheme before he confessed.Bernard L. Madoff Investment Securities LLCOfficial report, August 20093 records citedMarket conduct
- Supported96Prosecutors said Bernard Madoff pleaded guilty to an eleven-count criminal information in March 2009 and was sentenced in June 2009 to 150 years in prison with forfeiture of US$170,799,000,000.
- Outdated88At the March 2009 plea a prosecutor said that given the nature and length of the scheme, victims might recover only a small fraction of their losses.Bernard L. Madoff Investment Securities LLCRegulator statement, 12 March 20093 records citedCorporate status
- Partly supported62The Edge Malaysia reported that Jho Low, in a statement of defence, said the October 2019 settlement with the US Department of Justice did not constitute an admission of guilt or any wrongdoing.1Malaysia Development BerhadPress report, 28 January (year not shown on page)4 records citedMoney laundering