Settlement Reached Between Madoff and Ivy Asset Management
By: Big 2 News Staff
Updated: November 15, 2012
The New York Attorney General says he's reached a multi-million dollar
settlement with a firm accused of steering clients to invest with Ponzi schemer
Bernie Madoff.
Madoff is currently serving a 150-year sentence for the scheme, four years after his arrest.
The office of New York Attorney General Eric Schneiderman says Ivy Asset Management has agreed to pay $210 million to hundreds of its clients.
That's most of the $236 million those clients lost in the scheme.
The third-party investors didn't have federal protection of their investments because they gave money through a feeder fund, instead of investing in Madoff's firm directly.
Madoff is currently serving a 150-year sentence for the scheme, four years after his arrest.
The office of New York Attorney General Eric Schneiderman says Ivy Asset Management has agreed to pay $210 million to hundreds of its clients.
That's most of the $236 million those clients lost in the scheme.
The third-party investors didn't have federal protection of their investments because they gave money through a feeder fund, instead of investing in Madoff's firm directly.
