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In Re: Bernard L. Madoff Inves
Case Number:
19-443
Court:
Nature of Suit:
Companies
Sectors & Industries:
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September 24, 2020
2nd Circ. Says Madoff Trustee Entitled To $41M Ponzi Profits
The Second Circuit Court of Appeals affirmed a lower court decision Thursday that ordered clients of the Bernie Madoff Ponzi scheme to return $41 million in fraudulent profits to the trustee overseeing the funds' bankruptcy estate, saying they were not entitled to keep anything more than their principal investment in the fund.
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March 31, 2020
Madoff Investors Ask 2nd Circ. To Keep $41M In Ponzi Profits
Investors who profited off Bernie Madoff's multibillion-dollar fraud scheme told a wary Second Circuit panel on Tuesday that they should be able to keep the tens of millions in proceeds, arguing that bankruptcy law dictates the money is rightfully theirs.