Caribbean Net News – Cayman Islands hedge fund Harley International Ltd withdrew $425 million from swindler Bernard Madoff in the three months before his arrest, according to a lawsuit seeking more than $1 billion from the fund.

The lawsuit on Tuesday by trustee Irving Picard, who is spearheading a global search to return money to thousands of defrauded customers, is one of several against funds that fed Wall Street’s biggest investment scheme over 20 years.

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NineMSN – The trustee overseeing the liquidation of disgraced financier Bernard Madoff’s assets sued another investment fund on Tuesday, claiming it owes Madoff’s victims more than $US1 billion ($A1.32 billion) it withdrew from his firm.

The complaint in Manhattan bankruptcy court alleges Harley International Ltd knew or should have known that the fortune came out of the pockets of victims of Madoff’s giant Ponzi scheme.

Of the $US1 billion ($A1.32 billion) total, the private, overseas hedge fund withdrew $US425 million ($A560.61 million) during the three months before his arrest last year.

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