Boston Globe: Now $1bn Madoff money found - Spear's Magazine

Boston Globe: Now $1bn Madoff money found

NEW YORK – The assets of Bernard L. Madoff Investment Securities LLC that investigators have tracked to Gibraltar are worth about $75 million, raising to $1 billion the amount a trustee has recovered for investors, a lawyer said.

From the Boston Globe:

NEW YORK – The assets of Bernard L. Madoff Investment Securities LLC that investigators have tracked to Gibraltar are worth about $75 million, raising to $1 billion the amount a trustee has recovered for investors, a lawyer said.

David Sheehan, a lawyer for Irving Picard, who was appointed by the Securities Investor Protection Corp. to unwind Madoff’s businesses, also said yesterday that French authorities may soon seek to seize Madoff’s French chateau, valued at $1.6 million.

Sheehan’s disclosure came at a court hearing where he urged a judge to award SIPC, which is conducting a broad investigation of the assets of Madoff Securities, a power of attorney over Madoff’s UK unit. SIPC is a government-backed corporation to cover losses when brokerages fail. US prosecutors investigating Madoff urged US District Judge Louis Stanton in New York to hold the power in escrow and not to grant it to Picard. Stanton didn’t rule.

To read the full article, visit boston.com
 



 

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