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Developer To Pay $62M To Madoff Victims

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Developer To Pay $62M To Madoff Victims

Long Island-based developer Edward Blumenfeld and trustee Irving Picard reached a deal in court for Blumenfeld to return $62M in phony profits to victims of the Bernie Madoff ponzi scheme. Bloomberg writes that Irving Picard filed a lawsuit in 2010 accusing the RE pro and his wife of earning $40M in fake trading profits from Madoff investments and receiving an $11M transfer from the notorious con man, who they considered a friend, just before his December 2008 arrest. Blumendfeld was one of several prominent New York families who'd invested with Madoff. The Wilpons, who co-own the Mets, and the Rechlers, were also affected by the scheme.

Related Topics: Bernie Madoff, Irving Picard