Madoff trustee ups claim against investor Picower
Legal News Center
Investor Jeffry Picower, described as the biggest beneficiary of Bernard Madoff's fraud, is now being sued for $7.2 billion, $2 billion more than the trustee in the case demanded in May.
Picower, newly listed as one of the 400 wealthiest Americans by Forbes magazine, was complicit in the fraud, trustee Irving Picard said in court documents on Wednesday responding to the investor's motion to dismiss his lawsuit.
"Picower makes the paradoxical argument that he could not have been complicit in the Ponzi scheme because he made too much money from it," Picard wrote in the filing in U.S. Bankruptcy Court in New York.
"The unusual, if not unlawful activity in his accounts, including one negative net cash balance of approximately $6 billion at the time of Madoff's arrest, was clear evidence that something was seriously amiss."
Picower, 67, of Palm Beach, Florida, was listed 371st and worth $1 billion on the Forbes list published this week.
Related listings
-
Conn. land vacant 4 years after court OK'd seizure
Legal News Center 09/28/2009Weeds, glass, bricks, pieces of pipe and shingle splinters have replaced the knot of aging homes at the site of the nation's most notorious eminent domain project.There are a few signs of life: Feral cats glare at visitors from a miniature jungle of ...
-
Fallen money-market fund makes $1B distribution
Legal News Center 09/24/2009A money-market mutual fund that held more than $60 billion before it notoriously "broke the buck" a year ago said Wednesday it will hand out $1 billion in a fifth distribution to investors from the fund's remaining assets.The $1 billion distribution,...
-
Calif. courts shuttered Wednesday to save money
Legal News Center 09/17/2009The doors are closed at the California Supreme Court, the tiny courthouse in Alpine County and every state courthouse in between in an unprecedented attempt to close a historic budget deficit.The Judicial Council, which oversees California's courts, ...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.