Jewish Aging Group Sued by Madoff Trustee
The trustee charged with recovering assets lost in Bernard Madoff’s Ponzi scheme is suing the Jewish Association for Services for the Aged for $5.2 million.
The case, Picard v. Jewish Association, was filed in U.S. Bankruptcy Court, Southern District of New York in Manhattan on Oct. 14.
It is one of hundreds of “clawback” lawsuits filed by bankruptcy trustee Irving Picard in order to collect money received from the Ponzi scheme.
The New York-based association received the money, which it believed to be profits, over a six-year period, according to reports.
In a lawsuit filed last month against the owner of the New York Mets to claim back $1 billion received over a six-year period, a judge ruled that Picard could only seek to recover money received in the last two years.
Madoff pleaded guilty in 2009 to fabricating nearly $65 billion in profits to attract investors. He is serving a 150-year sentence at a federal prison in North Carolina.
Did you know that only 2% of Forward readers donate to support our nonprofit newsroom? That 2% make it possible for millions to read the Forward without a paywall or subscription — removing any barriers to the full and fair Jewish story.
But while the Forward is free to read, it isn’t free to produce. Big stories — like deep dives into the antisemitism data, political scoops or reporting trips to college campuses — take months of research and fact-checking. All while we keep you informed of what you need to know each day.
— Rachel Fishman Feddersen, Forward Publisher & CEO
Support our mission to tell the Jewish story fully and fairly.
