June 23, 2024


Advocacy. Mediation. Success.

Second Circuit: Madoff Ponzi Scheme Customers Did Not Receive Fictitious Profit Payments "For Value"

In the most up-to-date chapter of a lot more than a ten years of litigation involving initiatives to recuperate fictitious gains paid to selected buyers of Bernard Madoff’s defunct brokerage business as aspect of the biggest Ponzi plan in record, the U.S. Court of Appeals for the Second Circuit held in In re Bernard L. Madoff Investment Securities LLC, 976 F.3d 184 (2nd Cir. 2020) (“Madoff”), that the buyers did not have a defense to avoidance and restoration mainly because they gained the payments “for price.” The Second…
By: Jones Day