An investor with the convicted fraudster Bernard L. Madoff was turned back in his argument that the withdrawal and re-investment of $7 million shouldn’t be subject to the clawback action being pursued by the Securities Investor Protection Act-appointed trustee Irving Picard in a partial summary judgment order handed down by Southern District Bankruptcy Judge Stuart M. Bernstein on Thursday.
Bernstein rejected the affirmative defense in the case, captioned Picard, Trustee for Liquidation of BLMIS v. Lustig Family 1990 Trust, 10-04417-smb, posed by David Lustig, who initially controlled two accounts invested with Madoff.
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