Mel Weiss built his reputation as a famous battler against securities fraud. His firm, formerly known as Milberg Weiss LLP, represented investors in an uncountable number of securities class action cases. So there’s a bitter irony to the news that Weiss himself may be a victim in the largest securities fraud ever—Bernie Madoff’s Ponzi scheme.
Maybe it’s more of a bitter sweet irony. Weiss is now serving time on federal charges for some fraud of his own. He plead guilty to charges stemming from accusations that his firm had paid off plaintiffs to induce them to sue. Depending on how these things go, he could potentially find himself serving time alongside the man who victimized him.
It’s tempting to say that maybe if Weiss had spent a little more time attending to his own affairs rather than chasing clients to lodge class action suits against corporate America, he would be better off today.
Of course, the list published late last night seems to include general creditors as well as people who invested with Madoff. So it’s possible Weiss has some other claim against Madoff. Weiss couldn’t be reached for comment because he’s in jail.