Saturday, 28 November 2015
Last updated 21 hours ago
Aug 24 2009 | 11:30am ET
Irving Picard, the court-appointed trustee in the Bernard Madoff fraud case, took his battle to recoup money for Madoff’s victims back to court last week.
Picard is seeking default notices against a pair of offshore hedge funds. He told the U.S. Bankruptcy Court in Manhattan that the Primeo Fund, based in the Cayman Islands, and the Alpha Prime Fund, based in Bermuda, had failed to respond to his lawsuits. Picard is seeking some $230.7 million from the two funds.
Ignoring Picard’s clawback lawsuits is becoming something of an epidemic of late. Two other Madoff feeder funds, Harley International and Vizcaya Partners, have also failed to respond to his lawsuit, the trustee said last month. Picard is seeking $1.07 billion from Harley and $150 million from Vizcaya.
The lawsuits, which seek to recoup the money both funds withdrew prior to Madoff’s arrest in December, also name HSBC Holdings, which served as custodian for both Alpha Prime and Primeo. Picard is not seeking a default notice against the British bank.
Madoff pleaded guilty in March to running a $65 billion Ponzi scheme, and was sentenced to 150 years in prison.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…