Madoff trustee Irving Picard is seeking the return of $7.2 billion in profits from Madoff investor Jeffrey Picower. Picower, reportedly the single biggest beneficiary of Madoff’s scam, allegedly made the profits over a 30 year period.
The Deal reports that in court papers filed on Thursday, Picard alleges that Picower should have known the massive returns he was getting from Madoff (as as high as 950%) were improper. Picard alleges that Picower received more than $2.4 billion during the past six years alone. Picower argues that the trustee’s figures are incorrect, and that he is a victim just like many other Madoff investors.
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[…] previously discussed here, Madoff trustee Irving Picard sued Picower for the return of $7.2 billion in profits resulting from […]