Arab Today, arab today madoff fund lawyer sues bnp for 1 bn
Last Updated : GMT 02:27:30
Arab Today, arab today
Arab Today, arab today

Madoff fund lawyer sues BNP for $1 bn

Arab Today, arab today

Arab Today, arab today Madoff fund lawyer sues BNP for $1 bn

New York - AFP

The liquidator of the collapsed Madoff Ponzi scheme has sued French bank BNP Paribas to recover nearly $1 billion he says BNP may have gotten from the investment fund, court papers showed Friday. Irving Picard, charged with trying to recover some of the tens of billions of dollars that former Wall Street fund manager Bernard Madoff bilked from investors, filed the suit Thursday in a New York court. The court filing said Picard was seeking to recover money transferred to a unit of the French bank, BNP Paribas Arbitrage, by Harley International (Cayman) Ltd, a so-called \"feeder fund\" that handled money moving to and from Madoff\'s operation. \"Based on the trustee\'s investigation to date, approximately $975,460,092 of the money transferred from (the Madoff group) to Harley was subsequently transferred by Harley to defendant BNP Arbitrage,\" Picard\'s filing said. Madoff, now in prison on a 150-year sentence, took in some $65 billion in savings from thousands of clients over decades, building a reputation as a shrewd investment manager by paying out fake \"profits\" to some investors from the new cash of others. In fact, he had made few of the investments and none of the profits he had been reporting to clients, who included families, charities, major banks, Hollywood moguls and savvy financial players. The pyramid, or Ponzi, fraud scheme collapsed in 2008, wiping out numerous family fortunes, and Picard has been tasked with recovering as much of the money as possible for investors.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today madoff fund lawyer sues bnp for 1 bn Arab Today, arab today madoff fund lawyer sues bnp for 1 bn

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday