Nearly $950 mln recovered from Madoff firm

NEW YORK - About $946 million has been recovered from the firm of accused swindler Bernard Madoff so far, a lawyer for the trustee overseeing the firm’s liquidation said in court on Wednesday.

By (Reuters)

Published: Wed 4 Feb 2009, 10:57 PM

Last updated: Thu 2 Apr 2015, 3:53 AM

“It is our intention to designate those funds as customer property,” Richard Bernard, lawyer for trustee Irving Picard, told U.S. Bankruptcy Court Judge Burton Lifland in New York. “It is our intention to have all these funds, and funds from assets we are able to collect, to go into the customer fund and distribute to the victims.”

Bernard told the court that at Tuesday’s close of business, $111.4 million in cash had been recovered from banks and other financial institutions where Bernard L. Madoff Investment Securities LLC had accounts. He said a further $300 million in securities had been recovered in addition to $535 million from banks that was announced last week.

Wall Street investment manager Madoff was arrested on Dec. 11 and charged with securities fraud after he confessed to running a scheme with possible losses of up to $50 billion.

The case is Securities Investor Protection Corporation v Bernard L. Madoff Investment Securities LLC 08-01789 in U.S. Bankruptcy Court for the Southern District of New York (Manhattan).

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