Investors who profited from Bernard Madoff’s massive Ponzi scheme even though they knew nothing of it must still pay back their profits, an appeals court decided Thursday.
The 2nd U.S. Circuit Court of Appeals in Manhattan upheld lower-court decisions in cases filed by Irving Picard, a court-appointed trustee who has recovered money for cheated investors for over a decade.
Madoff, 82, is serving a 150-year prison sentence imposed after he pleaded guilty to federal charges in 2009.
His bid to be released early on grounds that he is dying was rejected this year. Thousands of investors lost billions of dollars through his multi-decade fraud.
Madoff customers who received millions of dollars more than their original investments fought in court to hang on to their profits, arguing through their lawyers that they had receive the payouts in good faith and that too much time had passed to let Picard recover the money.
A three-judge panel of the 2nd Circuit concluded, however, that the investors were not entitled to “fictitious” profits that actually was money belonging to other customers.
It noted that the investors were permitted to retain the principal of their investments.
Picard has reported recovering over $14.3 billion US for investors who lost over $17.5 billion US that they invested. The collapse of the Ponzi scheme left many investors severely damaged financially because they were told their investments had grown much larger than what they started with.
First Nations Health Authority honours Dr. Bonnie Henry for 'kind, calm' COVID leadership – BC News – Castanet.net
Dr. Bonnie Henry, B.C.’s medical health officer, has been honoured by the First Nations Health Authority for her unwavering leadership during the COVID-19 pandemic.
In a post to social media, FNHA thanked Henry for her “kind, calm, and reasoned” leadership during difficult times.
The post noted that matriarchs from the FNHA, the First Nations Health Council, and the First Nations Health Directors Association gathered earlier this week, Oct. 19, mostly virtually, to honour Henry with a ceremony of songs, dance, words and gifts.
One of the gifts, presented by Dr. Shannon McDonald, FNHA Acting Chief Medical Officer, was a silver pendant created by Heiltsuk Nation artist Sheldon William, which Henry can be seen holding in the above photo.
In an FNHA video update on COVID, McDonald said Indigenous communities had responded “very effectively to the recommendations that were put forward about staying home.”
“First nations did that very well from a family environment, all the way to a community environment where they locked down their community and really restricted the number of people that were coming and going,” she said.
Although, she highlighted that younger people were still going out and hanging out with friends, and hadn’t “quite gotten the message.”
As of Oct. 23, there were 176 cases of covid in First Nations communities across B.C., according to Indigenous Services Canada.
In the video, McDonald advised people to continue keeping their bubbles small and to stay home as much as possible, echoing Henry’s message “less faces, bigger spaces.”
“Be kind, be calm and be safe, what Dr. Bonnie says regularly, is a big piece of what we need to do.”
The FNHA is working to reform the way health care is delivered to B.C. First Nations through direct services and collaboration with provincial partners, and are working with both provincial and federal partners to actively monitor and respond to the pandemic.
BCCDC flags 8 Vancouver flights for possible COVID-19 exposure – BC News – Castanet.net
The BC Centre for Disease Control is warning airline passengers they may have been exposed to COVID-19 on multiple recent Vancouver flights.
Eight new flights have been added to the BCCDC’s list of affected flights:
- Oct. 15: Air Canada 8187, Vancouver to Fort St. John (Rows 2 – 6)
- Oct. 19, Air Canada 8484, Vancouver to Edmonton (Rows 7 – 13)
- Oct. 14: Air Canada 299, Winnipeg to Vancouver (Rows 21 – 27)
- Oct. 16: WestJet 714, Vancouver to Toronto (Rows 17 – 23)
- Oct. 17: WestJet 139, Calgary to Vancouver (Rows 1 – 7)
- Oct. 11: WestJet 141, Edmonton to Vancouver (Rows 1 – 6)
- Oct.14: Aeromexico 696, Mexico City to Vancouver (Not reported)
- Oct. 16: WestJet 725, Toronto to Vancouver (Rows 2 – 8)
Any travellers returning to B.C. are encouraged to check the public health agency’s website for updates about flights identified for the risk of exposure. Those travelling from outside of Canada, meanwhile, must arrive prepared with a 14-day self-isolation plan.
Another store in Orchard Park Mall calls it quits – KelownaNow
Yet another Canadian retailer has called it quits in 2020.
This time it’s Montreal-based fashion retailer Le Chateau, which has occupied a storefront in Orchard Park Mall for decades.
On Friday, the company announced it will be closing 123 stores and cutting 1,400 employees who work in stores and at the company’s head office.
After 60 years in operation, Le Chateau Inc. is seeking court protection from creditors to allow it to liquidate its assets and close its stores.
The company said it has spent much of the COVID-19 pandemic trying to refinance or sell the business to a third party that would keep it in operation, but was unsuccessful.
“Its already evident impact on consumer demand for Le Chateau’s holiday party and occasion wear, which represents the core of our offering, has diminished Le Chateau’s ability to pursue its activities,” the company said.
“Regrettably, these circumstances leave the company with no option other than to commence the liquidation process.”
The company’s application comes after several other Canadian retailers have shuttered or downsized operations in the wake of the pandemic.
Reitmans Canada Ltd., Aldo Group Inc., DavidsTea Inc., Mountain Equipment Co-operative, Moores the Suit People Corp. and Laura’s Shoppe Inc. are among the dozens of retailers that have all filed for CCAA.
With files from the Canadian Press.
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