Another Madoff linked hedge fund sued

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.

Read Complete Article


About the HedgeCo News Team

The Hedge Fund News Team stays on top of breaking news in the Hedge Fund industry on an hourly basis. Signup to HedgeCo.Net to recieve Daily or Weekly news updates from our team.
This entry was posted in Syndicated and tagged , , , , , , , , , , , , , , , . Bookmark the permalink.

Comments are closed.