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SECURITIES INVESTOR PROTECTION CORP. v. BLMIS. LLC

No. 12 MC 115 (JSR).

476 B.R. 715 (2012)

SECURITIES INVESTOR PROTECTION CORPORATION, Plaintiff, v. BERNARD L. MADOFF INVESTMENT SECURITIES LLC, Defendant. In re Madoff Securities. Pertains to the Following Cases: Picard v. Greiff, 11 Civ. 3775. Picard v. Blumenthal, 11 Civ. 4293. Picard v. Goldman, 11 Civ. 4959. Picard v. Hein, 11 Civ. 4936; and cases listed in Appendix A.

United States District Court, S.D. New York.

Supplementing Opinion May 15, 2012.

Attorney(s) appearing for the Case

Oren J. Warshavsky, Nicholas J. Cremona, Tatiana Markel, Baker & Hostetler, New York, NY, for Plaintiff Irving H. Picard, Trustee.

Helen Davis Chaitman, Becker & Poliakoff, LLP, New York, NY, for Greiff Defendants.

Jonathan M. Landers, Jennifer Young, Milberg LLP, New York, NY, for Blumenthal Defendants.

Richard J. Levy, Jr., David C. Rose, Pryor Cashman LLP, New York, NY, for Blumenthal Defendants.

Carole Neville, SNR Denton US LLP, New York, NY, for Hein Defendants.

OPINION AND ORDER

JED S. RAKOFF, District Judge.

A "Ponzi" scheme, by definition, involves the use of funds received from new victims to pay monies transferred to prior victims who seek to withdraw the promised returns on their investments. A perennial issue when the scheme topples is whether and to what extent such transferred funds can be recaptured by a representative of the debtor's estate or otherwise. See generally In re Bernard L. Madoff...

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