Madoff Trustee Seeks $95 Million From Kuwait Bank, Funds
This article is for subscribers only.
The liquidator of Bernard Madoff’s firm sued the National Bank of Kuwait S.A.K. in one of five lawsuits demanding return of about $95 million in funds withdrawn from a so-called feeder fund to the Ponzi scheme.
The Kuwait bank withdrew $18.7 million from Fairfield Sentry Ltd., one of the larger feeder funds, taking money that belonged to customers of the jailed con man, trustee Irving Picard said in a complaint posted on his website yesterday. Separately, he sued Delta National Bank & Trust Co. for $20.6 million and demanded $26.8 million from Unifortune Asset Management Sgr SpA with smaller amounts from two other fund companies.