Madoff Client Ordered To Pay Back $3M In Fake Profits

By Vince Sullivan (March 24, 2021, 6:35 PM EDT) -- A client of the notorious Ponzi scheme run by Bernard L. Madoff must return nearly $3 million in fictitious profits it received from the scheme after a New York federal judge found in favor of the trustee overseeing the Madoff fund's liquidation.

U.S. District Court Judge John G. Koeltl granted summary judgment to Irving H. Picard, the trustee for the Substantively Consolidated SIPA Liquidation of Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff, and ordered JABA Associates to fork over $2,925,000 in payouts it received in the two years before Madoff's scheme crumbled in December 2008.

Judge Koeltl said...

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