Sep
06
Madoff Investors Recover 72% of Losses With New Trustee Deal
By-
Irish investment fund funneled $1.1 billion to Madoff’s scam
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Several related funds moved European cash to the Ponzi scheme
The Irish investment fund that helped open a floodgate of European cash for Bernard Madoff’s bogus securities firm in the early 1990s agreed to pay $687 million to victims of the fraud to resolve a trustee’s lawsuit — the biggest settlement in the case in six years.
The deal was struck with Dublin-based Thema International Fund Plc, part of a web of offshore entities linked to Austrian banker Sonja Kohn, an old friend of Madoff’s, and the Benbassat family of Swiss investment professionals. They gave Madoff vital access to cash as his Ponzi scheme began to lose steam, the trustee, New York attorney Irving Picard, has said…
Madoff Investors Recover 72% of Losses With New Trustee Deal
