Bloomberg – Investors who put money in hedge funds that fed money to Bernard Madoff’s business should be denied claims for repayment because they weren’t direct customers of the con man’s firm, the Securities Investor Protection Corp. said in a bankruptcy court filing.
The government-chartered agency overseeing the liquidation of Madoff’s business asked a U.S. Bankruptcy Court judge in Manhattan to uphold the decision of trustee Irving Picard to deny claims by investors in 16 funds.
