Madoff Trustee Strikes $860 Million Deal With Kingate Funds
- The funds lost $750 million in principal in Ponzi scheme
- They were among the fraudster’s biggest offshore “feeders”
Bernard Madoff leaves federal court in New York on March 10, 2009.
Photographer: Jin Lee/Bloomberg
This article is for subscribers only.
The trustee liquidating Bernard Madoff’s defunct investment-advisory business said he had reached an $860 million settlement with a pair of offshore funds that shunted money to the con man’s company for years.
Irving Picard reached the accord with the liquidators for Kingate Global Fund Ltd. and Kingate Euro Fund Ltd., he said in a statement Wednesday. The arrangement essentially forces the funds to use their recoveries from the Madoff bankruptcy case to finance the settlement.