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Frank Lautenberg

Madoff indirect investors lose U.S. court appeal

People who lost money by investing in funds that funneled their money to Bernard Madoff's Ponzi scheme are not entitled to recover for their losses, in the manner that direct victims of the massive fraud can recover, a federal appeals court ruled on Friday.The decision by the 2nd U.S. Circuit Court of Appeals in New York is a victory for Irving Picard, the trustee liquidating Bernard L Madoff Investment Securities LLC and seeking money for its former customers.Picard, a partner at Baker & Hostetler, persuaded the court that "indirect" investors who lost money in the fraud were not Madoff customers who could recover from the bankruptcy estate.Madoff, 74, is serving a 150-year prison sentence, and Picard had estimated that customers lost $17.3 billion of principal in the fraud.The appeal was brought by 17 investors who had invested in limited partnerships known as Spectrum Select. These in turn sent their money to two Rye Select hedge funds overseen by Tremont Group Holdings Inc.Tremont ...

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