Irving Picard, the trustee appointed by the bankruptcy court to identify Bernard Madoff’s assets, has reportedly found assets in the British territory of Gibraltar. The Daily News reports that David Sheehan, an attorney working for Picard, has asked Bankruptcy Judge Burton Lifland to let the trustee hire some English lawyers familiar with Gibraltar law to track down the property.
“The trustee has become aware of assets that he believes to be customer property located within that country and requires counsel to pursue such property,” Sheehan stated in a motion filed with the court. According to the Daily News, Gibraltar has a “reputation as a haven for online gambling and lax corporate oversight.”
