Madoff Trustee Strikes Another Deal

Oct 23 2014 | 5:12am ET

A Bernard Madoff investor has settled with the receiver recovering assets for the Ponzi schemer’s victims.

Edward Blumenfeld, a prominent New York real-estate developer, and his family will pay $32.75 million and hand over a $29.35 million claim against the Madoff estate, receiver Irving Picard said in a court filing last week. Picard had been suing Blumenfeld for $88 million as well as to junk his claim against Madoff’s firm.

Of the $88 million Blumenfeld withdrew from Madoff’s firm in the six years before his 2008 arrest, about $27 million were phony profits, Picard said.

The settlement will go before a judge on Nov. 18.

Picard has recovered some $9.8 billion of the $17.3 billion Madoff stole from clients.

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