Madoff Trustee Hits 123 With False Profit Suits

Irving Picard, the enterprising trustee in charge of repaying victims of Bernie Madoff’s Ponzi scheme, filed 123 claims Tuesday against

Irving Picard, the enterprising trustee in charge of repaying victims of Bernie Madoff’s Ponzi scheme, filed 123 claims Tuesday against investors who made money off the racket, the Financial Times reports.

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Mr. Picard, who has until Dec. 11 to file claims against false profiteers, isn’t done shaking people down:

More lawsuits are expected to come against managers, custodians and sponsors of feeder funds that invested with Mr Madoff. So far, Mr Picard has recovered $1.5bn and has filed lawsuits seeking more than $17.5bn.

Big-time players also haven’t excaped Mr. Picard’s gaze. He recently smacked UBS and others with a $2 billion fraud lawsuit.

mtaylor [at] observer.com | @mbrookstaylor

Madoff Trustee Hits 123 With False Profit Suits