Bernie Madoff has two investement funds in Ireland that received $380 million in false profits. The money has not been recovered.
U.S.-based Trustee Irving Pickard, who has been hired to track down the missing funds, told a New York Bankruptcy Court that the Dublin-based funds were used by Madoff to hide money he gained from his New York scams.
The two funds, which he did not name, were so-called "feeder funds." A company called Thema International Fund in Dublin has since had fifty claims filed against it in Ireland.
Thema, for its part, has sued HSBC Bank claiming the bank "failed as a custodian for monies it lost in Madoff's massive Ponzi or pyramid scheme."
Madoff, 71, is serving a 150-year sentence for running the world's largest Ponzi scheme, which defrauded investors out of billions of dollars.
Now, Packard has issues several subpoenas in connection with the Irish probe.
“The trustee is continuing to investigate these funds and related entities,” Picard said in the filing. Bloomberg News reported that Pickard has filed 14 lawsuits against various feeder funds, looking to win $15 billion in fake profits from the fraud.
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Switch to the desktop site to post a comment.Downunderyan | Dec 06, 2009, 11:59 PM EST
Madoff by name and 'Made Off' (with the loot, well almost) by nature. Another US Neo Con(man) who contributed to the downfall of the world's financial system. Obviously, the lamentable excuse for a government that has presided over Ireland for decades and 'liberated' it from 'oppressive and unnecessary regulation', facilitated Madoff and his like to stash their ill-gotten gains in an Irish banking safe haven. Nudge, nudge, wink, wink, say no more, know what I mean? No doubt, Madoff was well-known and good friends with the late Irish crook, otherwise known as Prime Minister, Charlie Haughey.