Madoff Trustee Says Clawbacks May Target Charities

Law360, New York (September 1, 2009, 3:00 PM EDT) -- The liquidator in charge of recouping all the ill-gotten gains connected to Bernard L. Madoff Investment Securities LLC is not ruling any organization out from his clawback actions, leaving even charities well within his grasp.

On Monday, liquidator Irving Picard indicated to The Boston Globe that charities would not be left untouched, even if they were unaware of the $65 billion Ponzi scheme and made a profit innocently.

"We will look at charities on a case-by-case basis before determining what action may be appropriate," he said,...
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