“Bernie Madoff of Bay Ridge” victims sue banks

A group of victims of Brooklynite Philip Barry’s “Ponzi scheme” is suing the banks he used to pull off the decades-long scam for more than $36 million, according to the New York Post.

Barry, dubbed the “Bernie Madoff of Bay Ridge,” stole from mostly blue-collar workers and eldery retirees over the course of 30 years, and was sentenced to 20 years in a federal prison in June of 2011.

Officials said in 2009 that the money manager put some of the swindled money into real estate investments that did not pan out and some into a pornography business.

Now, victims are now seeking $11.1 million in damages and another $25 million in punitive damages from JPMorgan Chase, M&T Bank, HSBC and TD Bank – four banks they claim were in the know about the $40 million scheme and turned a blind eye whilst collecting thousands of dollars in bank fees.

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