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Dadparvar
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The US Supreme Court denied certiorari in HSBC Holdings v. Irving H. Picard on Monday, a case concerning whether the liquidation trustee of Bernie Madoff’s estate can seize overseas funds.
Madoff was convicted in 2009 of defrauding investors through a Ponzi scheme.
Last year the US Court of Appeals for the Second Circuit allowed the Bernard L. Madoff Investment Securities LLC liquidation trustee, Irving Picard, to collect assets that had been transferred overseas from Madoff’s Ponzi scheme. The Second Circuit overruled the original decision of US District Judge Jed Rakoff, who held that once the assets left the US, they were unobtainable according to the US Bankruptcy Code.
In December the Supreme Court asked US Solicitor General to submit an amicus brief to provide the Department of Justice’s opinion on the matter. The brief urged the Supreme Court to deny certiorari.
It took eight years from the time Madoff was convicted for the DOJ to begin providing restitution to Madoff’s victims, at which time Picard argued that victims could not be made whole without seizing the overseas assets.
The post Supreme Court declines to reconsider ruling allowing Madoff trustee to go after $3B in foreign assets appeared first on JURIST - News - Legal News & Commentary.
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Madoff was convicted in 2009 of defrauding investors through a Ponzi scheme.
Last year the US Court of Appeals for the Second Circuit allowed the Bernard L. Madoff Investment Securities LLC liquidation trustee, Irving Picard, to collect assets that had been transferred overseas from Madoff’s Ponzi scheme. The Second Circuit overruled the original decision of US District Judge Jed Rakoff, who held that once the assets left the US, they were unobtainable according to the US Bankruptcy Code.
In December the Supreme Court asked US Solicitor General to submit an amicus brief to provide the Department of Justice’s opinion on the matter. The brief urged the Supreme Court to deny certiorari.
It took eight years from the time Madoff was convicted for the DOJ to begin providing restitution to Madoff’s victims, at which time Picard argued that victims could not be made whole without seizing the overseas assets.
The post Supreme Court declines to reconsider ruling allowing Madoff trustee to go after $3B in foreign assets appeared first on JURIST - News - Legal News & Commentary.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.