Tuesday, June 23, 2015

Supreme Court Deals $4 Billion Blow To Madoff Recovery Efforts

Supreme Court Deals $4 Billion Blow To Madoff Recovery Efforts

The Supreme Court refused to consider an appeal brought by the court-appointed bankruptcy responsible for recovering assets for Bernard Madoff's massive Ponzischeme, instead leaving intact an appellate decision that prevents the recovery of "false profits" by Madoff profiteers beyond the two-year period preceding the collapse of Madoff's scheme.  Irving Picard, the court-appointed trustee, had estimated that an adverse ruling could result in the inability to recover an additional $4 billion for the benefit of the thousands ensnared by Madoff's historic fraud. (read more here)
Post a Comment