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Madoff Trustee Reaches $625 Million Settlement, Sues Mets Owner

One of Bernard Madoff’s first clients, along with 19 family members, settled potential lawsuits by agreeing to forfeit $625 million in profits from the con man’s investment fraud.

Carl Shapiro, a Boston-based philanthropist, held an account with Bernard L. Madoff Investment Securities LLC beginning in 1961. His son-in-law, Robert Jaffe, is the former vice president of Cohmad Securities Corp., a feeder fund that shared offices with Madoff’s firm.