A Manhattan federal judge on Tuesday blocked an attempt by the trustee of the Bernie Madoff fund to claw back, ahead of trial, $86 million in allegedly fraudulent transfers an investor had received as part of Madoff’s Ponzi scheme.
U.S. Bankruptcy Judge Stuart M. Bernstein of the Southern District of New York nixed trustee Irving H. Picard’s motion for summary judgment on his fraudulent transfer claim to recover transfers from Legacy Capital Ltd.’s account with Bernard L. Madoff Investment Securities that were made within two years of its founder being arrested for securities fraud in 2008.
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