Madoff’s trail of woe continues
Trustee in tangled case is still returning cash to investors.
So here it is nearly a decade after Bernie Madoff’s Big Burn and still the trustee is finding money for swindled investors. It was announced this week that bankruptcy trustee Irving Picard struck a deal with J. Ezra Merkin, a money manager whose Ascot Partners parked cash from its investors — including universities and pension plans — directly with Madoff.
After taking his fee, of course.
Because money from those investors was directed to Madoff by somebody