The trustee for the victims of Ponzi scheme fraudster Bernard Madoff has filed an $80m case in London's High Court of Justice against the swindler's UK operations.
Irving H. Picard filed the complaint jointly with Stephen J. Akers, liquidator of Madoff Securities International Ltd. (MSIL) against all of the former directors of MSIL, including Madoff's brother, Peter, and sons Mark and Andrew, among former company directors. The $80m complaint includes personal claims brought against company directors and officers for breaching their duties to MSIL by making fraudulent payments to various Madoff-related entities. These include payments for luxury goods and services enjoyed by Madoff and his family, including a yacht, a home in the south of France...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
