The victims of a Ponzi scheme run by a lawyer who apparently killed his wife and daughters and then committed suicide last year could recoup some of their losses following a court battle over a $5 million insurance policy the lawyer took out in his name.

Nassau County, N.Y., Surrogate John Riordan last week directed the insurance policy’s proceeds be transferred to the public administrator overseeing the estate of William Parente rather than relatives of Parente’s wife, Betty. Mr. Parente allegedly murdered his wife and two daughters before taking his own life in April 2009.

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