BusinessBusiness RecoveryMadoff UK liquidators target vintage Aston Martin

Madoff UK liquidators target vintage Aston Martin

Grant Thornton says Madoff Securities International Limited funds were used to make numerous large purchases for the Madoffs, including yachts, houses and automobiles

Grant Thornton liquidators have made a successful appeal to the US Bankruptcy
Court to have a vintage Aston Martin Bernard Madoff bought his brother targeted
for seizure.

Mark Byers, Andrew Hosking and Steve Akers said the classic car, worth
$235,000 (£157,000) was purchased for Peter Madoff using funds of Madoff
Securities International Limited, the UK company that had been owned and
operated by the convicted fraudster.

MSIL was a trading operation in London that principally traded for the
benefit of the Madoff family. MSIL funds were used to make numerous large
purchases for the Madoffs, including yachts, houses and automobiles, the firm
said in a statement today.

The trio sought recognition of their right to act for MSIL under Chapter 15
of the Bankruptcy Code, which allows foreign liquidators to obtain assistance in
the U.S. Courts in investigating, locating and seizing assets that belong to
non-U.S companies.

‘We are grateful for the recognition and assistance of the U.S. courts,” said
Akers. ‘We hope to be able not only to obtain assets for the benefit of
creditors, but also to use the discovery processes that US courts provide to
assist foreign liquidators to learn as much as we can about the assets of Madoff
International for the benefit of victims of this enormous fraud.’

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