August 13, 2022
By Rachel Scharf (March 16, 2022, 1:50 PM EDT) — The Second Circuit appeared skeptical Wednesday of a Bernie Madoff investor’s attempt to hold on to $3 million in fictitious profits from the notorious Ponzi scheme based on claims that the funds came out of Madoff’s personal bank accounts.

During oral arguments, counsel for JABA Associates LP urged the appellate court to reverse a summary judgment order requiring it to return $2.9 million worth of payouts from the last two years of Madoff’s fraud to Irving H. Picard, the liquidating trustee for Bernard L. Madoff Investment Securities LLC.

Lance Gotthoffer of Chaitman LLP said Picard does not have the authority to…

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