Madoff Liquidator May ‘Claw Back’ Charities’ Fake Profits

Bloomberg reports:

Irving Picard, the liquidator for Bernard Madoff’s investment business, said he might sue charities that took out more money than they invested with the imprisoned con man to force them to return the difference.

As trustee, Picard by law must file so-called clawback suits against investors that profited from the fraud at Bernard L. Madoff Investment Securities LLC, even if they weren’t aware of his $65 billion Ponzi scheme. Charities aren’t exempt from such “avoidance actions,” Picard said yesterday in an e-mail.