Participants in the Madoff investment scandal the receiver assigned to Madoff's Ponzi scheme, extracted a settlement from Tremont worth over one billion dollars. A $1 billion class-action federal lawsuit was filed in Colorado against Fiserv, Inc. of Brookfield, Wisconsin whose subsidiaries were custodians for pension or IRA accounts and invested with Madoff. The complaint alleges Fiserv failed "to hold and safeguard assets entrusted to it" by about 800 Madoff customers who had been told to hire Fiserv to handle their accounts with him. Fiserv is accused of breach of fiduciary duty, fraud, negligence and aiding and abetting breach of fiduciary. Fiserv sold its investment account administration
Philatelic investment its location. There have been a number of scandals in this area over the years. In Ireland in the 1950s, Paul Singer, a Bratislavian Doctor of Philosophy, ran a Ponzi scheme under the name "Shanahan Stamp Auctions". The scheme collapsed when a mysterious robbery took place at the company's office on 9 May 1959, the eve of a major auction, when more than ₤300,000 worth of stamps went missing. Singer was charged with fraud, but was acquitted and vanished. In the 1970s, the bursting of a speculative bubble left investors unable to realise their investment at the price they had