Picard seeks to recover transfers made to Safra from so- called feeder funds that invested with Madoff, according to a complaint filed yesterday in U.S. Bankruptcy Court in Manhattan.
Safra “knew or should have known of numerous irregularities concerning investing” through Madoff given its background and its own investments with the convicted Ponzi-scheme operator, Picard said in the complaint.
Picard has filed hundreds of lawsuits to recover money for victims of Madoff’s fraud. Madoff pleaded guilty to masterminding the biggest Ponzi scheme in history and is serving a 150-year sentence in a federal prison in North Carolina.
The case is Picard v. Safra National Bank of New York, 11- 01885, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
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