Madoff Family May Keep $ 82m The Mets Into Force
by Bernard L. Madoff “s family would keep about $ 82 million "other investors” money," according to a decision that limits a trustee to redeem the owners of the New York Mets just two years to withdraw the Ponzi scheme, according to a court filing.
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Relatives of the prisoners were $ 141 million during the six years before Madoff’s firm went bankrupt in 2008, less than $ 59 million was taken in the two years preceding the bankruptcy, the trustee Irving Picard, said in a statement. Many other investors trying to cling to “stolen” money belonging to the fictitious business customers who took the losses in the fraud, he said.
Picard wrote about Madoff family court papers filed after US District Judge Jed Rakoff told him to explain why a second investor, James Greiff should not hold the money, he said it made “good faith “the Ponzi scheme. Rakoff is the number of cases against Madoff include Picard meet the owners and the Mets Greiff.
The trustee’s argument “is good for two reasons,” said Nancy Rapoport, a bankruptcy law professor at the University of Nevada, Las Vegas, in an e-mail. “It sets the amount of money in front compromised and the center, and explains how it would be easy for people to hide behind fake securities transactions to circumvent bankruptcy law. “
Attempted suicide
Ruth Madoff, the swindler’s wife, told CBS News that he and Bernard were so upset for his crimes, who tried to commit suicide together by taking a sedative Ambien CBS seconds. Their son Mark committed suicide last year.
Rakoff, to Picard, said: “These arguments relate to questions about how to integrate the values and bankruptcy laws.” Under securities law, some withdrawals from an agent can be protected from recovery, he said.
Arguing that the operations should not be protected from clawbacks, Picard said his case against Peter Madoff, brother of swindler. And ‘an example of “securities operations outrageous” that the property, when brought to the fictitious profits, he said.
“Peter Madoff maintained at least two accounts BLMIS he invested $ 32,146 – including a grand total of only $ 14 after December 1995 – but it has repurchased $ 16,252,004,” said Picard.
Charles Spada, a lawyer, Peter Madoff, did not immediately respond to e-mail seeking comment on the speech of Picard.
“Presumed Income”
In one account, Peter Madoff has generated a “profit presumed” nearly 9 million based on a fictitious transaction with Microsoft Corp stock “despite the lack of money or securities must be invested,” said Picard. Member Madoff family were “insiders” of the Madoff firm, who has held key positions, he said.
If Rakoff of two years to apply to J. Ezra Merkin, Picard described as “a sophisticated investment manager who was a close business and social associate of Madoff,” he would get about $ 180 million from $ 500 million for the manager trying to recover.
In an amended complaint filed in 2009, Picard said Merkin and his funds took $ 495 million from Madoff’s firm during the six years prior to its collapse, including $ 314 million was withdrawn in the last two years.
A district judge examined according to Picard to recover $ 34 million from Merkin funds into bankruptcy, Kimba Wood, said that his theories.
“Investors innocent ‘
Picard said Rakoff Greiff who accused him of abuse, it is not right.
“Hiding behind the veil of” innocent investor “Greiff is to keep the money he now knows was stolen by other customers,” Picard said the judge.
“This is a public embarrassment,” said Helen Chaitman, a lawyer Greiff, in an e-mail. “Picard has a fiduciary duty to Mr. Greiff in the Law of Securities Investor Protection. However, attacks an innocent victim. “
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