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Legal Opinion

In re: Bernard L. Madoff Investment Securities LLC

Court of Appeals for the Second Circuit

Decided December 8, 2014No. 12-2557-bk(L), 12-2497-bk(con), 12-2500-bk(con), 12-2616-bk(con), 12-3422-bk(con), 12-3440-bk(con), 12-3582-bk(con), 12-3585-bk(con)PublishedCited by 186 opinions

1Opinion of the Court

BARRINGTON D. PARKER, Circuit Judge:

Bernard L. Madoff orchestrated a massive Ponzi scheme through the investment advisory unit of Bernard L. Madoff Investment Securities LLC (“BLMIS”). After the scheme collapsed, Irving H. Picard (the “Trustee”) was appointed trustee for BLMIS pursuant to the Securities Investor Protection Act, 15 U.S.C. § 78aaa et seq. (“SIPA”). Under SIPA, a trustee is empowered to “recover” (or claw back) money paid out by the debtor, as long as the money “would have been customer property” had the payment not occurred, and the transfers could be avoided under the…

2Cases cited17 opinions

  1. Shaw v. Delta Air Lines, Inc.Supreme Court of the United States · 1983
  2. Pennsylvania Department of Public Welfare v. DavenportSupreme Court of the United States · 1990
  3. United States v. GonzalesSupreme Court of the United States · 1997
  4. Merrill Lynch, Pierce, Fenner & Smith Inc. v. DabitSupreme Court of the United States · 2006
  5. Securities & Exchange Commission v. ZandfordSupreme Court of the United States · 2002

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3Cited by186 opinions

  1. Trustees of the Upstate New York Engineers Pension Fund v. Ivy Asset ManagementCourt of Appeals for the Second Circuit · 2016
  2. Picard v. Legacy Capital Ltd. (In re Bernard L. Madoff Investment Securities LLC)United States Bankruptcy Court, S.D. New York · 2016
  3. Sec. Investor Prot. Corp. v. Bernard L. Madoff Inv. Sec. LLC (In re Madoff)United States Bankruptcy Court, S.D. New York · 2019
  4. Fairfield Sentry Ltd. v. Theodoor GGC Amsterdam (In re Fairfield Sentry Ltd.)United States Bankruptcy Court, S.D. New York · 2018
  5. In re MadoffUnited States Bankruptcy Court, S.D. New York · 2015

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