The US trustee dismantling the remnants of Bernard Madoff's empire is suing two of the disgraced Wall Street financier's feeder funds for the return 255 million dollars. Irving Picard, the government appointed liquidator, filed a complaint with the US Bankruptcy Court in New York against the British Virgin Islands-registered Kingate Global Fund and Kingate Euro Fund.
The complaint, filed Friday, says that Kingate subsidiaries received payments of 100 million dollars and 155 million dollars from Madoff in the weeks before Madoff's Ponzi scheme collapsed last December. Picard says the transfers should be distributed among Madoff's thousands of victims because Madoff's remaining assets will not be enough to reimburse investors.
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