Madoff Cohmad Clawback Lawsuit Settles For $32 Million
November 4, 2016, New York – Victims of Bernard Madoff’s Ponzi scheme will soon receive another $32.1 million under a new settlement deal with Madoff trustee Irving Picard and Cohmad Securities Corp. Picard accused Cohmad of siphoning huge sums into the Madoff’s defunct brokerage, Bernard L. Madoff Investment Securities LLC (BLMIS). The settlement represents the amount transferred by BLMIS to Sonny Cohn, Marilyn Cohn and Marcia Cohn of Cohmad Securities, as withdrawals from their investment advisory accounts during the six-year period before the BLMIS liquidation filing. “Cohmad” is a contraction of “Cohn” and “Madoff.” Cohmad Securities, founded by Madoff and his friend and former neighbor Maurice “Sonny” Cohn, allegedly spent more than 20 years recruiting high-net-worth clients into the Madoff’s Ponzi scheme.
With this settlement, the total recovery for Madoff customers will reach $11.49 billion. According to the trustee’s estimate, the customers lost $17.5 billion in total in the Madoff Ponzi scheme. The cases are Picard v Cohmad Securities Corp et al., U.S. Bankruptcy Court, Southern District of New York, No. 09-ap-01305; and In re Bernard L. Madoff Investment Securities LLC in the same court, No. 08-01789
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