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Madoff Trustee Sues Standard Chartered Financial Services

The trustee liquidating Bernard Madoff’s defunct firm sued Standard Chartered Financial Services (Luxembourg) SA to recoup about $329.7 million allegedly received from the so-called feeder fund Fairfield Sentry Ltd.

Irving Picard, the trustee, filed the suit today in U.S. Bankruptcy Court in Manhattan to recover what he called “customer property” from companies that invested with Fairfield Sentry.

All the transfers to the entities sued were derived from investments made with Bernard L. Madoff Investment Securities LLC by Fairfield Sentry, a fund managed by Fairfield Greenwich Group, Picard said. Madoff is serving a 150-year prison sentence for running the biggest Ponzi scheme in history.

The funds were “subsequent transfers of customer property” made to the defendants, according to Picard’s complaint.

Standard Chartered is incorporated and organized under the laws of Luxembourg, Picard said.

The case is Picard v. Standard Chartered Financial Services (Luxembourg) SA, 12-01565, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

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