Oct 1, 2009 2:51 pm US/Eastern
Madoff Trustee Seeks $7B From Fla. Philanthropist
WASHINGTON (CBS) ―
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Bernard Madoff
U.S. Marshals Service
A trustee trying to recover Bernard Madoff's assets for jilted investors now says a Florida philanthropist should return more than $7 billion that he received from Madoff.
That's $2 billion more than the trustee said Jeffry M. Picower should return when he first sued him in federal bankruptcy court in Manhattan.
Picower has asked that the lawsuit be dismissed, saying it is unsupported by the facts.
Trustee Irving Picard says Picower's effort at dismissal is "little more than a public relations exercise designed to cast Picower as an innocent victim of Madoff's scheme."
Madoff is serving a 150-year prison sentence after he admitted losing billions of dollars for thousands of clients over a half-century career that saw him rise to be a Nasdaq chairman.
The watchdog of the Securities and Exchange Commission has recommended a new system for handling the thousands of tips and complaints the agency receives and other changes to prevent another breakdown like the one that allowed Bernard Madoff's massive fraud to go undetected for 16 years.
"It's a lack of sophistication, and a lack of knowledge. A lack of expertise," says Carter. "So it may suggest that in terms of recruiting and engaging and retaining staff, they need people who are better prepared to deal with the Madoffs of the world."
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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