Madoff Trustee May Get Picower’s $5 Billion as Appeal Shelved

The liquidator of Bernard Madoff’s firm may gain access to $5 billion from investor Jeffry Picower’s estate to pay defrauded customers after an investor lawyer said he wouldn’t appeal the key court ruling allowing it.

Jim Beasley, an attorney who represented Madoff investor Adele Fox, said today in an interview he wouldn’t challenge a decision allowing Madoff trustee Irving Picard access to the funds. Picard said today that he may be able to access the money by July 16 if there are no further challenges.

Madoff was convicted of masterminding the largest Ponzi scheme in U.S. history and is serving a 150-year prison sentence.

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net

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