Asset Search News Roundup: July 18, 2009
Attempts to recover assets connected to securities fraud are the subject of this "Asset Search News Roundup":
- Pages 27-30 of trustee Irving Picard's July 9, 2009 report, outline some of the efforts to recover offshore assets related to Mr. Bernard Madoff's Ponzi scheme / securities fraud. So far, Mr. Madoff's offshore assets have been identified in: Bermuda, England, France, Gibraltar, Ireland, Luxembourg, Spain, Switzerland, the Bahamas, the British Virgin Islands and the Cayman Islands. The July 9th report was also mentioned at "Madoff Trustee Tells Judge of $1.08 Billion Found for Victims" and in "Bad News for Madoff Victims: Too Many Claims, Not Enough Money".
- Requiring investors to return monies, (i.e. applying clawback), may be another way to recover assets arising from securities fraud, as mentioned by the article "Clawback Caused By A Ponzi Scheme". As more fully set forth in that article, In re: Bayou Group LLC, et. al., 396 B.R. 810 (Bkrtcy S.D.N.Y. 2008), deems monies paid-out to some investors to be presumptively fraudulent and possibly subject to clawback.
Copyright 2009 Fred L. Abrams
