IRS To Hand Over $326M In False Madoff Taxes

Law360, New York (November 23, 2011, 12:38 PM EST) -- The Internal Revenue Service agreed to turn over $326 million that the trustee liquidating Bernard L. Madoff's investment firm said was used to mask Madoff's massive fraud, according to a settlement agreement filed Tuesday.

Irving H. Picard, the trustee overseeing the litigation, said Bernard L. Madoff Investment Securities LLC made a total of $330 million in payments to the IRS claiming that they were federal income tax withholdings on dividend payments to foreign account holders, according to a motion filed in New York bankruptcy court. The...
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