NJ News You Need to Know
Steven J. Dundas
Conditional Reprieve for IDT
NEWARK — IDT Corp. said the New York Stock
Exchange will continue to list its common stock and
class B common stock conditionally as the Madoff Fraud Means Business
company works to comply with listing criteria for For CPAs, Lawyers in New Jersey
the exchange. Shares of the telecommunications,
An alleged $50 billion stock swindle may mean business for
energy and services company were below the $1
accountants and lawyers in New Jersey.
minimum bid price; in response, the company said The CPA firm Marcum & Kliegman LLP, which has offices in
it will execute a one-for-three reverse stock split Roseland and elsewhere, announced it formed a task force to
Jan. 20, and will expand its stock repurchases to advise investors “who may have been defrauded” by Bernard L.
25 million shares. Since June 2006, IDT has Madoff and his alleged pyramid scheme.
repurchased 15 million shares. – João Pierre S. Ruth The task force “will focus on the tax and accounting, as well as
the non-tax issues facing those who invested with Madoff and his
firm,” according to the announcement.
Meanwhile, Burt Ross, the former Fort Lee mayor who in 1974
turned down a $500,000 bribe from mob-connected developers
burn’s Short Hills section, and Jersey ming is sent as data packets, rather
City-based Garden State Develop-
Plug Pulled on Web than traditional transmission means.
who later went to jail, said he lost $5 million in the scandal.
“Sure, I lost a big chunk of my n