Madoff Trustee Sues 43 New Defendants

Wednesday, 21 Jul 2010 09:31 AM

 

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The trustee overseeing the liquidation of Bernard Madoff's financial advisory firm has sued 43 new defendants affiliated with a hedge fund firm that fed money to the now-imprisoned Ponzi schemer.

Irving Picard, the trustee, said the new defendants include 24 affiliates of Fairfield Greenwich Group, and 19 "individual partners and principal wrongdoers" within the hedge fund firm who received hundreds of millions of dollars "for orchestrating Fairfield Greenwich Group's extraordinary role in the scheme."

Picard is trying to recover money for victims of Madoff's estimated $65 billion Ponzi scheme. He filed his amended complaint on Tuesday evening with the U.S. bankruptcy court in Manhattan.

Madoff, 72, is serving a 150-year sentence in a North Carolina federal prison.

© 2014 Thomson/Reuters. All rights reserved.

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