Abu Dhabi Wealth Fund Sued by Madoff Trustee in Bid to Recoup $300 Million
The liquidator for Bernard L. Madoff’s firm sued the Abu Dhabi Investment Authority, seeking to recover $300 million for victims of the confidence man’s Ponzi scheme.
Irving Picard, the Madoff firm’s trustee, said the sovereign wealth fund withdrew the money from Fairfield Sentry, a so-called feeder fund to Madoff’s fraud, in a complaint filed today in U.S. Bankruptcy Court in Manhattan.
Picard said he has the authority to take back the transfers made to the Abu Dhabi authority as he works to recover money for Madoff customers. Madoff is serving a 150-year sentence in a prison in North Carolina.
Erik Portanger, a spokesman for Abu Dhabi Investment Authority, didn’t immediately respond to an e-mail seeking comment.
The case is Picard v. Abu Dhabi Investment Authority, 11- 02493, U.S. Bankruptcy Court Southern District of New York (Manhattan).
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