Madoff Trustee Hits Jewish Group With Clawback Suit

Law360, New York (March 2, 2011, 7:48 PM EST) -- Irving Picard, the trustee for Bernard L. Madoff's defunct investment firm, sued the American Jewish Congress on Tuesday in New York to recover more than $9.4 million in phony profits the advocacy group and two related entities allegedly took from Madoff's Ponzi scheme.

Picard's adversary proceeding, filed in the U.S. Bankruptcy Court for the Southern District of New York, claims the AJC and two affiliated charities withdrew money from Madoff that exceeded their actual investments with the convicted fraudster.

“The defendants have received $9,406,829 of other...
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