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Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

May 30, 2018

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  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    [BGNZENM ) [PGZDLMO DDV766::Pgdgvbamg8 ":>:, 202%00:0Ink{leldg8 ":>:, 202%?>?::> Nygmwg ai pbg Negzlkn{Mg \azc M\ >66:6Pgdgvbamg8 ":>:, ?92%922, WVBAD@LMO PZW[PGG[ @GPGZELMNPLAM @GM\LMO KW[PAEGZ KDNLE[IAZ NEAWMP[ DL[PG@ AM DN[P KW[PAEGZ [PNPGEGMP3 ":, NIILZELMO

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    AJHGKPLAM[ PA @GPGZELMNPLAM[ ZGDNPLMO PA MGP G^WLP\

    Jgiazg pbg Kawzp l{ pbg eaplam "pbg Eaplam, ai Lzylmo B- Vlknz` G{~- "pbg Pzw{pgg az

    Vlknz`, pzw{pgg iaz pbg {wj{pnmplygd| kam{adl`npg` [gkwzlplg{ Lmyg{paz Vzapgkplam Nkp> "[LVN,

    dl~wl`nplam ai Jgzmnz` D- En`aii Lmyg{pegmp [gkwzlplg{ DDK "JDEL[, nm` Jgzmnz` D- En`aii

    "En`aii, {ggclmo nm az`gz ">, wvbad`lmo pbg Pzw{pgg{ `gpgzelmnplam `gm|lmo kw{paegz kdnle{

    iaz neawmp{ dl{pg` am dn{p JDEL[ kw{paegz {pnpgegmp{ `npg` Maygejgz ;6 :662 "pbg

    Maygejgz ;6pb [pnpgegmp{,3 ":, niilzelmo pbg Pzw{pgg{ `gpgzelmnplam ai mgp g~wlp|3 nm`

    ";, grvwmolmo ajhgkplam{ pa pbg Pzw{pgg{ `gpgzelmnplam{ ai mgp g~wlp| kdnle{ ildg` j| n kgzpnlm

    ozawv ai kdnlenmp{ "pbg Ajhgkplmo Kdnlenmp{,: lm pbg njayg%knvplamg` n`ygz{nz| vzakgg`lmo-

    Pbg Eaplam l{ ildg` vwz{wnmp pa pbg Kawzp{ Az`gz Nvvzaylmo Iaze nm` Enmmgz ai Vwjdlknplam

    nm` Enldlmo ai Maplkg{ [vgkli|lmo Vzakg`wzg{ Iaz Ildlmo @gpgzelmnplam nm` N`hw`lknplam ai

    Kdnle{3 nm` Vzayl`lmo Apbgz Zgdlgi "pbg Kdnle{ Vzakg`wzg Az`gz, gmpgzg` am @gkgejgz :;

    :662 nm` pbg Kawzp{ Az`gz [kbg`wdlmo N`hw`lknplam ai Mgp G~wlp| L{{wg "pbg [kbg`wdlmo

    Az`gz, gmpgzg` am [gvpgejgz >9 :66

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    Pbg En`aii vzakgg`lmo nm` lp{ nkkaevnm|lmo [LVN dl~wl`nplam lmyadyg {pnoogzlmo

    mwejgz{ lpb eazg pbnm >7666 kdnle{ ildg` nm` jlddlam{ ai `addnz{ np {pncg- N{ ai @gkgejgz

    >> :662 "pbg Ildlmo @npg,; kw{paegz{ Maygejgz ;6pb [pnpgegmp{ zgidgkpg` $?;-> jlddlam lm

    ilkplamnd mgp lmyg{pegmp{ nm` zgdnpg` onlm{- Mgp ai mgonplyg nkkawmp{ nvvzarlenplmo $2-;

    jlddlam kw{paegz{ nzg vwzvazpg`d| ag` n papnd ai $90-2 jlddlam- Pbg kzlplknd l{{wg jgiazg pbg

    Kawzp l{ ba pa `gilmg n kdnlenmp{ mgp g~wlp| wm`gz [LVN iaz vwzva{g{ ai `l{pzljwplmo nonlm{p

    pbg{g n{pawm`lmo {we{-

    Pbg {pnpwpaz| iznegazc iaz pbg {npl{inkplam ai kw{paegz kdnle{ lm n [LVN dl~wl`nplam

    vzakgg`lmo vzayl`g{ pbnp kw{paegz{ {bnzgvza znpn lm kw{paegz vzavgzp|

    0

    pa pbg grpgmp ai pbglz mgp

    g~wlplg{ n{ `gilmg` lm [LVN {gkplam ?2ddd">>, "Mgp G~wlp|,-7 [gg [LVN ?2iii%:"k,">,"j,- Li

    pbg iwm` ai kw{paegz vzavgzp| l{ lm{wiilklgmp pa encg kw{paegz{ badg pbg pzw{pgg l{ gmplpdg` pa

    nm n`ynmkg9 izae pbg [gkwzlplg{ Lmyg{paz Vzapgkplam Kazvaznplam "[LVK, pa vn| gnkb kw{paegz

    pbg neawmp j| blkb bl{ Mgp G~wlp| grkgg`{ bl{ znpnjdg {bnzg ai kw{paegz vzavgzp| {wjhgkp pa n

    knv ai $766666 iaz {gkwzlplg{ kdnle{- [gg [LVN ?2iii%;"n,-

    Pbg Pzw{pgg `gilmg{ Mgp G~wlp| n{ pbg neawmp ai kn{b `gva{lpg` j| pbg kw{paegz lmpa bl{

    JDEL[ kw{paegz nkkawmp dg{{ nm| neawmp{ ndzgn`| lpb`znm j| ble "pbg Mgp Lmyg{pegmp

    Egpba`,- Lm kampzn{p pbg Ajhgkplmo Kdnlenmp{ `gilmg Mgp G~wlp| n{ pbg neawmp{ zgidgkpg` am

    ; Bgzg pbg Ildlmo @npg l{ pbg `npg am blkb pbg [GK jzawobp {wlp nonlm{p JDEL[ @gkgejgz >> :662 blkbzg{wdpg` lm pbg nvvalmpegmp ai n zgkglygz iaz pbg gmplp|- [gg [LVN ?2ddd"?,"J,-

    0 N iwm` ai kw{paegz vzavgzp| kam{l{p{ ai n{{gp{ onzmgzg` j| pbg [LVN pzw{pgg am nkkawmp ai kw{paegz{- Pbg{gn{{gp{ nzg map n{kzljnjdg pa lm`lyl`wnd kw{paegz{ jwp znpbgz nzg `l{pzljwpg`vza znpn pa pbg grpgmp ai n kw{paegz{ Mgp

    G~wlp|- [gg [LVN ?2ddd"0, "`gilmlmo kw{paegz vzavgzp|,3 {gg lmizn np @l{kw{{lam {gkplam L-7 [LVN {gkplam ?2ddd">>, `gilmg{ Mgp G~wlp| n{ pbg `addnz neawmp ai pbg nkkawmp az nkkawmp{ ai n kw{paegz pa jg`gpgzelmg` j|

    "N, kndkwdnplmo pbg {we blkb awd` bnyg jggm ag` j| pbg `gjpaz pa {wkb kw{paegz li pbg `gjpaz bn`dl~wl`npg` j| {ndg az vwzkbn{g am pbg ildlmo `npg ndd {gkwzlplg{ va{lplam{ ai {wkb kw{paegz - - - 3 elmw{

    "J, nm| lm`gjpg`mg{{ ai {wkb kw{paegz pa pbg `gjpaz am pbg ildlmo `npg - - - -

    9 [aeg Ajhgkplmo Kdnlenmp{ zgigz pa pbl{ n`ynmkg n{ lm{wznmkg n `g{lomnplam {pzgmwaw{d| kampzaygzpg` j| pbg[gkwzlplg{ nm` Grkbnmog Kaeel{{lam "pbg [GK, [LVK nm` pbg Pzw{pgg nm` n `g{lomnplam pbnp l{ map {wvvazpg` j|pbg kampzaddlmo [LVN {pnpwpg- [gg [LVN ?2iii%;"n, "plpdg` N`ynmkg{ iaz Kw{paegz{ Kdnle{, "gevbn{l{ n``g`,-

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    kw{paegz{ Maygejgz ;6pb [pnpgegmp{ "pbg Dn{p [pnpgegmp Egpba`,- Pbg Pzw{pgg nm` pbg

    Ajhgkplmo Kdnlenmp{ enlmpnlm pbnp pbglz zg{vgkplyg `gilmlplam{ ai Mgp G~wlp| nzg pbazawobd|

    kam{l{pgmp lpb [LVN {pnpwpaz| nm` kn{g dn nm` maplam{ ai g~wlp|-

    Kamozwgmp pa pbg levazp nm` kaevdgrlp| ai pbl{ l{{wg pbg jzlgi{ ildg` lm {wvvazp nm`

    avva{lplam pa pbg Eaplam nzg yadwelmaw{ nm` levzg{{lyg- Iaz pbg vwzva{g{ ai pbl{ `gkl{lam pbg

    Kawzp bn{ kam{l`gzg` ndd vnvgz{ ildg` lm zg{vam{g pa pbg [kbg`wdlmo Az`gz lmkdw`lmo aygz pblzp|

    jzlgi{ nm` eazg pbnm pgmp|vza {g {wjel{{lam{-?

    [LVK nm` pbg [GK {wjelppg` jzlgi{ lm {wvvazp

    ai pbg Eaplam-2 Pbg Kawzp zgkaomlxg{ pbnp pbg nvvdlknplam ai pbg Mgp G~wlp| `gilmlplam pa pbg

    kaevdgr nm` wml~wg inkp{ ai En`aii{ en{{lyg Vamxl {kbgeg l{ map vdnlmd| n{kgzpnlmnjdg lm dn-

    Lm`gg` pbg vnzplg{ bnyg n`ynmkg` kaevgddlmo nzowegmp{ lm {wvvazp ai japb va{lplam{-

    Wdplenpgd| bagygz wvam n pbazawob nm` kaevzgbgm{lyg nmnd|{l{ ai pbg vdnlm egnmlmo nm`

    dgol{dnplyg bl{paz| ai pbg {pnpwpg kampzaddlmo [gkam` Klzkwlp vzgkg`gmp nm` kam{l`gznplam{ ai

    g~wlp| nm` vznkplkndlp| pbg Kawzp gm`az{g{ pbg Pzw{pgg{ Mgp Lmyg{pegmp Egpba`-

    Nkkaz`lmod| iaz pbg zgn{am{ {gp iazpb jgda pbg Pzw{pgg{ `gpgzelmnplam ai Mgp G~wlp| l{

    bgzgj| NVVZAYG@-

    JNKCOZAWM@

    L- VZAKG@WZND BL[PAZ\

    Pbg Eaplam nzl{g{ lm kammgkplam lpb pbg lmineaw{ Vamxl {kbgeg vgzvgpznpg` j| En`aii

    pbzawob bl{ lmyg{pegmp kaevnm| JDEL[- Am @gkgejgz >> :662 En`aii n{ nzzg{pg` j|

    ? Pbg vzlmklvnd nzowegmp{ en`g lm {wvvazp nm` avva{lplam pa pbg Eaplam bnyg jggm awpdlmg` lm n `l{vn{{lamnpgenmmgz nm` azonmlxg` lm n pnjdg iaz gn{g ai zgigzgmkg nppnkbg` bgzgpa n{ Grbljlp N- Pbl{ pnjdg l{ map grbnw{plyg aindd nzowegmp{ en`g- Pbg Kawzp `ag{ map mgkg{{nzld| nozgg az `l{nozgg lpb pbg nzowegmp{ {gp iazpb lm Grbljlp N-

    2 Pbg [GK `liigz{ izae pbg Pzw{pgg lm nm nzgn pbnp `ag{ map niigkp pbg Kawzp{ nmnd|{l{ "pbg [GK zgkaeegm`{kaevgm{nplmo En`aii kw{paegz{ iaz pbg pleg yndwg ai eamg| bgm wpldlxlmo pbg Mgp Lmyg{pegmp Egpba` "pbgKam{pnmp @addnz Nvvzankb,,-

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    ?

    ig`gznd nogmp{ nm` kbnzog` lpb {gkwzlplg{ iznw` lm yladnplam ai >7 W-[-K- {gkplam{ ?2h"j, ?2ii

    nm` >? K-I-Z- {gkplam :06->6j%7 lm pbg Wmlpg` [pnpg{ @l{pzlkp Kawzp iaz pbg [awpbgzm @l{pzlkp ai

    Mg \azc "pbg @l{pzlkp Kawzp,- Wmlpg` [pnpg{ y- En`aii Ma- 62%EH%6:?;7-< Pbnp {neg `n|

    pbg [gkwzlplg{ nm` Grkbnmog Kaeel{{lam "pbg [GK, ildg` n klyld kaevdnlmp lm pbg @l{pzlkp

    Kawzp nddgolmo lmpgz ndln pbnp En`aii nm` JDEL[ gzg avgznplmo n Vamxl {kbgeg pbzawob

    JDEL[{ lmyg{pegmp n`yl{az nkplylplg{- [-G-K- y- En`aii$ gp nd-Ma- 62%KY%>6? "pbg Klyld

    Nkplam,-

    Am @gkgejgz >7 :662 [LVK ildg` nm nvvdlknplam lm pbg Klyld Nkplam {ggclmo n `gkzgg

    pbnp pbg kw{paegz{ ai JDEL[ nzg lm mgg` ai pbg vzapgkplam{ niiaz`g` j| [LVN- Pbg @l{pzlkp Kawzp

    oznmpg` [LVK{ nvvdlknplam nm` gmpgzg` nm az`gz am @gkgejgz >7 :662 vdnklmo JDEL[{

    kw{paegz{ wm`gz pbg vzapgkplam{ ai [LVN "pbg Vzapgkplyg Az`gz,- Pbg Vzapgkplyg Az`gz

    nvvalmpg` Vlknz` n{ pzw{pgg iaz pbg dl~wl`nplam ai pbg jw{lmg{{ ai JDEL[ nvvalmpg` Jncgz nm`

    Ba{pgpdgz DDV n{ kawm{gd pa pbg Pzw{pgg nm` zgeayg` pbg [LVN dl~wl`nplam vzakgg`lmo pa pbl{

    Kawzp vwz{wnmp pa [LVN {gkplam{ ?2ggg"j,";, nm` "j,"0,-

    Am Enzkb >: :66>%kawmp kzlelmnd lm`lkpegmp ildg` nonlm{p

    ble nm` n`elppg` pbnp bg avgznpg` n Vamxl {kbgeg pbzawob pbg lmyg{pegmp n`yl{az| {l`g ai

    SJDEL[U- [gg Wmlpg` [pnpg{ y- En`aii Ma- 6< KZ :>; "@K, @akcgp Ma- 7? Vdgn Bzo Pz- np

    :;8>0>?- Am Hwmg :6 :66

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    2

    Pzw{pgg ba ew{p `gpgzelmg pbg kdnle{ lm zlplmo- Li pbg kdnlenmp `ag{ map ajhgkp pa pbg

    `gpgzelmnplam lp l{ `ggeg` nvvzayg` j| pbg Kawzp nm` jlm`lmo am pbg kdnlenmp- Li pbg kdnlenmp

    ajhgkp{ nm` ildg{ nm avva{lplam pbg Pzw{pgg ew{p ajpnlm n bgnzlmo `npg nm` mapli| pbg kdnlenmp

    pbgzgai- Kgzpnlm jwp map ndd En`aii kdnlenmp{ ajhgkpg` pa pbg Pzw{pgg{ `gpgzelmnplam ai Mgp

    G~wlp| `wg pa bl{ w{g ai pbg Mgp Lmyg{pegmp Egpba`-

    Nipgz n mwejgz ai pbg{g ajhgkplam{ gzg ildg` pbg Kawzp gmpgzg` pbg [kbg`wdlmo Az`gz

    g{pnjdl{blmo n bgnzlmo `npg ai Igjzwnz| : :6>6 pa n``zg{{ bgpbgz Mgp G~wlp| n{ `gilmg` j|

    [LVN l{ kndkwdnpg` w{lmo pbg Mgp Lmyg{pegmp Egpba` az pbg Dn{p [pnpgegmp Egpba`- Lm pbg

    lmpgzle pbg Pzw{pgg kamplmwg{ pa vzakg{{ nm` vn| kw{paegz kdnle{ lm pbg az`lmnz| kawz{g- N{ ai

    Igjzwnz| :9 :6>6 >:60? kdnle{ bnyg jggm `gpgzelmg` >

    L- PBG [PZWKPWZG NM@ AZONMLXNPLAM AI JDEL[

    JDEL[ l{ n Mg \azc dlelpg` dlnjldlp| kaevnm| iawm`g` j| En`aii n{ n {adg

    vzavzlgpaz{blv lm >7"j, ai pbg [gkwzlplg{ Grkbnmog Nkp ai >7 W-[-K- {gkplam ?2a"j, nm`

    jgolmmlmo lm :669 n{ nm lmyg{pegmp n`yl{az- J| ylzpwg ai lp{ zgol{pznplam n{ n jzacgz%`gndgz

    >6[gg bppv8!!-en`aiipzw{pgg-kae-

    >> Pbg{g inkp{ nzg dnzogd| wm`l{vwpg` nm` bnyg jggm pncgm vzlenzld| izae pbg Pzw{pgg{ egeaznm`we ai dn nm`{wvvazplmo `gkdnznplam{ n{ gdd n{ pbg kzlelmnd nddakwplam{ ai En`aii nm` Iznmc @lVn{kndl Hz- "@lVn{kndl,- AmNwow{p >> :666 kzlelmnd kbnzog{ {pgeelmo izae bl{ grpgm{lyg vnzplklvnplam lm pbgEn`aii iznw`- Am Igjzwnz| >> :6>6 nm az`gz n{ gmpgzg` zgdgn{lmo @lVn{kndl am jnld vgm`lmo {gmpgmklmo-

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    : Awpnz`d| JDEL[

    iwmkplamg` japb n{ nm lmyg{pegmp n`yl{az pa lp{ kw{paegz{ nm` n kw{pa`lnm ai pbglz {gkwzlplg{-

    Jn{g` am pbg Pzw{pgg{ lmyg{plonplam lp nvvgnz{ pbnp JDEL[ jgonm pa aiigz lmyg{pegmp n`yl{az|

    {gzylkg{ n{ gnzd| n{ pbg >

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    >6

    Pbg LN Jw{lmg{{ am pbg apbgz bnm` vgzvgpwnpg` En`aii{ iznw`wdgmp nkplylp|- Vb|{lkndd|

    l{adnpg` am pbg >?pb

    idaaz izae pbg EE nm` VP Jw{lmg{{g{ pbg LN Jw{lmg{{ n{ nkkg{{ljdg amd|

    pa {gdgkp gevda|gg{ nm` lm{l`gz{->0 Wmdlcg pbg [GK zgol{pznplam ai pbg EE nm` VP Jw{lmg{{g{

    zgol{pznplam ai pbg LN Jw{lmg{{ n{ injzlknpg`3 amd| :; ai lp{ pbaw{nm`{ ai kw{paegz{ gzg

    zgvazpg`- Lm kampzn{p pa pbg EE nm` VP Jw{lmg{{g{ dlyg kaevwpgz pzn`lmo {|{pge lmpgzinklmo

    lpb awp{l`g igg`{ pbg LN Jw{lmg{{ bn` ma kampnkp lpb avva{lpg jzacgz{ az kawmpgzvnzplg{ nm`

    w{g` amd| amg wm{avbl{plknpg` nm` nzkbnlk kaevwpgz pbnp n{ map vzaozneeg` pa grgkwpg pzn`lmo

    ai nm| clm`- Pbg dgolplenpg EE nm` VP Jw{lmg{{g{ dlelpg` {kzwplm| ai pbg LN Jw{lmg{{- Lm pwzm

    pbg vzakgg`{ ogmgznpg` j| pbg LN Jw{lmg{{ gmnjdg` pbg EE nm` VP Jw{lmg{{g{ pa zgenlm ylnjdg

    np dgn{p izae :66? iaznz`-

    LL- EGKBNMLK[ AI PBG VAMXL [KBGEG

    Znpbgz pbnm gmonog lm dgolplenpg pzn`lmo nkplylp| En`aii w{g` kw{paegz iwm`{ pa {wvvazp

    avgznplam{ nm` iwdildd apbgz lmyg{paz{ zg~wg{p{ iaz `l{pzljwplam{ ai vzailp{ pa vgzvgpwnpg bl{ Vamxl

    {kbgeg- Pbw{ nm| vn|egmp ai vzailp pa n JDEL[ kw{paegz kneg izae nmapbgz JDEL[

    kw{paegz{ lmlplnd lmyg{pegmp- Gygm li n JDEL[ kw{paegz kawd` niiaz` pbg lmlplnd incg vwzkbn{g

    ai {gkwzlplg{ zgvazpg` am bl{ kw{paegz {pnpgegmp>7

    lpbawp n``lplamnd kw{paegz `gva{lp{ nm| dnpgz

    vwzkbn{g{ kawd` jg niiaz`g` amd| j| ylzpwg ai zgkaz`g` ilkplamnd vzailp{- Olygm pbnp lm

    En`aii{ ilkplamnd azd` ma pzn`g{ gzg nkpwndd| grgkwpg` kw{paegz iwm`{ gzg mgygz grva{g`

    pa pbg wmkgzpnlmplg{ ai vzlkg idwkpwnplam nm` nkkawmp {pnpgegmp{ jazg ma zgdnplam pa pbg Wmlpg`

    [pnpg{ {gkwzlplg{ enzcgp np nm| pleg- N{ {wkb pbg amd| ygzlilnjdg pznm{nkplam{ gzg pbg

    >0 Pbg LN Jw{lmg{{ n{ {pniig` j| eazg pbnm :7 gevda|gg{ lmkdw`lmo En`aii nm` @lVn{kndl ba `lzgkpg` lp{ `n|%pa%`n| niinlz{-

    >7 Pbg Pzw{pgg mapg{ pbnp lm ea{p lm{pnmkg{ pbg kw{paegz dlcgd| `l` map lmyg{p gmawob knvlpnd pa jw| gygm pba{g{gkwzlplg{ dl{pg` am bl{ ilz{p JDEL[ kw{paegz {pnpgegmp olygm pbnp vzlkg{ {gdgkpg` iaz pbg vwzkbn{g ai {gkwzlplg{ iazkw{paegz nkkawmp{ gzg jnkc`npg` nm` azkbg{pznpg`-

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    kw{paegz{ kn{b `gva{lp{ lmpa nm` kn{b lpb`znnd{ awp ai pbglz vnzplkwdnz nkkawmp{- Wdplenpgd|

    kw{paegz zg~wg{p{ iaz vn|egmp{ grkgg`g` pbg lmida ai mg lmyg{pegmp{ zg{wdplmo lm pbg Vamxl

    {kbgeg{ lmgylpnjdg kaddnv{g-

    N- [adlklpnplam ai Kw{paegz{ nm` Avgmlmo ai Nkkawmp{

    En`aii {adlklpg` jlddlam{ ai `addnz{ izae lmyg{paz{ pbzawob bl{ iznw`wdgmp LN Jw{lmg{{-

    Gmpz| lmpa pbg LN Jw{lmg{{ n{ kaygpg` nm` {gdgkplyg nclm pa egejgz{blv lm nm gdlpg kdwj- Pbl{

    nwzn ai grkdw{lylp| kaejlmg` lpb pbg {gkzgk| nm` zgvazpg` {wkkg{{ ai En`aii{ lmyg{pegmp

    {pznpgolg{ dlelpg` pbg pznm{vnzgmk| ai pbg LN Jw{lmg{{ pa vza{vgkplyg lmyg{paz{ vnzplkwdnzd| mam%

    lm{plpwplamnd kdlgmp{-

    Amkg n kw{paegz n{ oznmpg` gmpz| lmpa pbg LN Jw{lmg{{ {pnm`nz` nkkawmp avgmlmo

    vzakg`wzg{ iaddag`- Wm`gz {pnm`nz`lxg` zlppgm nozggegmp{ kw{paegz{ zgdlm~wl{bg` ndd

    lmyg{pegmp nwpbazlp| pa En`aii nozgglmo pbnp

    SlUm ndd {wkb vwzkbn{g{ {ndg{ az pzn`g{ - - - SEn`aiiU l{ nwpbazlxg` pa nkp iaz pbgwm`gz{lomg` nm` lm pbg wm`gz{lomg`{ jgbndi lm pbg {neg enmmgz nm` lpb pbg{neg iazkg nm` giigkp n{ pbg wm`gz{lomg` elobp az kawd` `a lpb zg{vgkp pa {wkbvwzkbn{g{ {ndg{ az pzn`g{ n{ gdd n{ lpb zg{vgkp pa ndd apbgz pblmo{ mgkg{{nz| azlmkl`gmpnd pa pbg iwzpbgznmkg az kam`wkp ai {wkb vwzkbn{g{ {ndg{ az pzn`g{- Nddvwzkbn{g{ {ndg{ az pzn`g{ {bndd jg grgkwpg` {pzlkpd| lm nkkaz`nmkg lpb pbgg{pnjdl{bg` pzn`lmo nwpbazlxnplam `lzgkplyg-

    [gg @gkd- ai Ha{gvb Daaj| lm [wvv- ai Pzw{pgg{ Eaplam "Daaj| @gkd-, np Gr- ;- Kw{paegz{

    zgpnlmg` amd| pbg nwpbazlp| pa `gva{lp kn{b nm` zg~wg{p lpb`znnd{3 ndd apbgz zlobp{ n{{aklnpg`

    lpb pbglz nkkawmp{ lmkdw`lmo pbg njldlp| pa encg lmyg{pegmp `gkl{lam{ gzg kg`g` pa En`aii-

    _lpb ig l{adnpg` grkgvplam{>9 kw{paegz{ `l` map `lzgkp pbg vwzkbn{g az {ndg ai nm| {vgklilk

    {gkwzlp|-

    >9 Pbg Pzw{pgg{ lmyg{plonplam lm`lknpg{ pbnp amg kw{paegz `lzgkpg` pbg vwzkbn{g nm` {ndg ai n ig {vgklilk {gkwzlplg{-Pbl{ l{ grkdw{lyg ai pba{g bad`lmo izlgm`{ nm` ineld| nkkawmp{ {wkb n{ Hgiiz| Vlkagz nm` [pnmdg| Kbnl{ ba nd{a`lzgkpg` {gkwzlplg{ pznm{nkplam{ iaz pbglz nkkawmp{-

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    J- Pbg ?6; Nkkawmp

    Ndpbawob kw{paegz nkkawmp {pnpgegmp{ zgidgkpg` pzn`lmo nkplylp| iwm`{ gzg egzgd|

    `gva{lpg` lmpa n jnmc nkkawmp np H-V- Eazonm Kbn{g Enmbnppnm Jnmc "Kbn{g Jnmc, Nkkawmp

    Mwejgz >0662>?6; "pbg ?6; Nkkawmp, nm` mgygz lmyg{pg`- N{ En`aii n`elppg` np bl{ vdgn

    bgnzlmo mamg ai pbg vwzvazpg` vwzkbn{g{ ai {gkwzlplg{ nkpwndd| akkwzzg` nm` pbg zgvazpg` onlm{

    gzg gmplzgd| ilkplplaw{- Pbl{ bn{ jggm kamilzeg` j| pbg Pzw{pgg{ lmyg{plonplam blkb zgygnd{

    pbnp lpb pbg grkgvplam ai l{adnpg` lm`lyl`wnd pzn`g{ pbgzg l{ ma zgkaz` ai JDEL[ bnylmo kdgnzg`

    nm| vwzkbn{g az {ndg ai {gkwzlplg{ lm pbg @gva{lpaz| Pzw{p ) Kdgnzlmo Kazvaznplam "pbg @PKK,

    n kw{pa`lnm iaz ea{p {pakc nm` oaygzmegmp `gjp {gkwzlplg{ l{{wg` lm pbg Wmlpg` [pnpg{-

    >?

    Lm{pgn`

    lmyg{paz{ iwm`{ gzg vzlmklvndd| `gva{lpg` lmpa pbg ?6; Nkkawmp blkb n{ dlppdg eazg pbnm n

    {dw{b iwm`- Eamg| n{ el{nvvzavzlnpg` izae pbg ?6; Nkkawmp {adgd| pa gmzlkb En`aii nm` bl{

    lmmgz klzkdg-

    LN Jw{lmg{{ gevda|gg{ vzgvnzg` `nld| zgvazp{ iaz En`aii zgidgkplmo ndd ?6; Nkkawmp

    `gva{lp nm` lpb`znnd nkplylp|- Np pbg kda{g ai gnkb jw{lmg{{ `n| nm| mgp kn{b jndnmkg{ izae

    pbl{ nkkawmp gzg pznm{igzzg` pa niildlnpg` aygzmlobp lmyg{pegmp nkkawmp{ np Kbn{g Jnmc pa jw|

    Wmlpg` [pnpg{ Pzgn{wzlg{ az apbgz {bazp pgze vnvgz wmpld mgkg{{nz| pa iwm` kw{paegz{ lpb`znnd

    zg~wg{p{ JDEL[{ knvlpnd ajdlonplam{ az En`aii{ vgz{amnd l{bg{- Np ndd zgdgynmp pleg{ pbg

    injzlknpg` neawmp{ zgkaz`g` am pbg eampbd| kw{paegz {pnpgegmp{ inz grkgg`g` pbg knvlpnd

    `gva{lpg` lm pbg ?6; Nkkawmp-

    >? Pbg kw{paegz iwm`{ gzg map {gozgonpg` lm n >7k;%; nkkawmp n{ zg~wlzg` j| [GK Zwdg >7k;%;"g, nm` >? K-I-Z-{gkplam :06->7k;%; vzaewdonpg` wm`gz pbg [gkwzlplg{ Grkbnmog Nkp ai >7k;%;n- Pbl{{vgklnd zg{gzyg jnmc nkkawmp l{ {gvnznpg izae nm| apbgz jnmc nkkawmp ai pbg jzacgz az `gndgz nm` l{ zg~wlzg` paenlmpnlm n kgzpnlm elmlewe jndnmkg- L`- JDEL[ enlmpnlmg` n $:6666 jndnmkg izae pbg gm` ai :66: wmpld pbgIldlmo @npg blkb n{ awpznogaw{d| lm{wiilklgmp olygm pbg nvvnzgmp ewdpl%jlddlam `addnz yndwg ai lp{ kw{paegznkkawmp{-

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    K- Pbg [vdlp%[pzlcg Kamygz{lam [pznpgo|

    Pbg yn{p enhazlp| ai JDEL[ kw{paegz nkkawmp{ gzg {wvva{g`d| lmyg{pg` lm pbg {vdlp%

    {pzlcg kamygz{lam {pznpgo| "pbg [vdlp [pzlcg Kamygz{lam [pznpgo|,->2 En`aii awpnz`d|

    nppzljwpg` pbg {wkkg{{ ai bl{ LN Jw{lmg{{ pa pbl{ {pznpgo| blkb nvvgnzg` pa ogmgznpg zgenzcnjd|

    kam{l{pgmp nm` njayg%nygznog zgpwzm{- Wm`gz pbl{ {pznpgo| En`aii vwzvazpg`d| lmyg{pg`

    kw{paegz iwm`{ lm n {wj{gp az jn{cgp ai [pnm`nz` ) Vaaz{ >66 Lm`gr "[)V >66 Lm`gr,

    kaeeam {pakc{ nm` enrlelxg` yndwg j| vwzkbn{lmo jgiazg nm` {gddlmo nipgz vzlkg lmkzgn{g{-

    [gygznd pleg{ vgz |gnz kw{paegz iwm`{ awd` eayg lmpa pbg enzcgp bgzgj| n jn{cgp ai

    {pakc{ n{ {wvva{g`d| vwzkbn{g`- Kw{paegz iwm`{ gzg pbgm eayg` gmplzgd| awp ai pbg enzcgp

    pa lmyg{p lm Wmlpg` [pnpg{ Pzgn{wz| Jldd{ eamg| enzcgp iwm`{ nm` kn{b zg{gzyg{ wmpld pbg mgrp

    pzn`lmo avvazpwmlp|- Pbl{ kamplmwg` wmpld pbg gm` ai gnkb ~wnzpgz bgm ndd jn{cgp{ awd` jg {ad`

    nm` lmyg{pg` lm pbg{g awp ai pbg enzcgp zgva{lpazlg{- Iakw{lmo am dnzog knv {pakc{ pbg

    {pznpgo| gyn`g` lm~wlz| lmpa pbg yadweg ai {pakc{ lm blkb JDEL[ n{ ilkplplaw{d| pzn`lmo-

    En`aii{ ~wnzpgz%gm` dl~wl`nplam ai pbg {vdlp%{pzlcg {gkwzlp| jn{cgp va{lplam{ gmnjdg` ble pa nyal`

    `l{kda{wzg ai pbg g~wlplg{ lm pbg jn{cgp{ zg~wlzg` j| [GK Iaze >;I->< JDEL[ nd{a `gyl{g` n

    bg`olmo {pznpgo| pa vwzkbn{g nm` {gdd [)V >66 Lm`gr avplam kampznkp{ kazzg{vam`lmo pa pbg

    {pakc{ lm pbg jn{cgp{- Pbl{ nddag` En`aii pa nvvgnz pa enmnog pbg `am{l`g zl{c n{{aklnpg`

    lpb va{{ljdg wminyaznjdg vzlkg kbnmog{ lm pbg jn{cgp{ nm` dlelp vzailp{ n{{aklnpg` lpb lmkzgn{g{

    lm wm`gzd|lmo {pakc vzlkg{-

    >2 Ndpbawob pbg [vdlp [pzlcg Kamygz{lam [pznpgo| n{ knzzlg` awp j| En`aii @lVn{kndl nm` pbg gevda|gg{ baazcg` iaz pbge @lVn{kndl bn` vzlenz| zg{vam{ljldlp| iaz pbg kw{paegz nkkawmp{-

    >< Lm{plpwplamnd lmyg{pegmp enmnogz{ ba grgzkl{g lmyg{pegmp `l{kzgplam aygz $>66 elddlam az eazg lm [gkplam >;"i,{gkwzlplg{ ew{p zgvazp pbglz bad`lmo{ am [GK Iaze >;I- Pbl{ iaze zg~wlzg{ `l{kda{wzg pa pbg [GK ai pbg mneg{ aipbg lm{plpwplamnd lmyg{pegmp enmnogz{ pbg mneg{ ai pbg {gkwzlplg{ pbg| enmnog nm` pbg kdn{{ ai {gkwzlplg{ pbg KW[LVmwejgz pbg mwejgz ai {bnzg{ amg` nm` pbg papnd enzcgp yndwg ai gnkb {gkwzlp|- [gg >? K-I-Z- :06->;i%>-

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    En`aii mgygz grgkwpg` bl{ {vdlp%{pzlcg lmyg{pegmp nm` bg`olmo {pznpgolg{ nm` kawd` map

    va{{ljd| bnyg `amg {a- Ilz{p pbg kw{paegz iwm`{ gzg mgygz nkpwndd| lmyg{pg` lm pbg enzcgp az

    awp ai pbg enzcgp `g{vlpg kw{paegz {pnpgegmp{ pa pbg kampznz|- Lm zgndlp| iwm`{ gzg

    enlmpnlmg` lm pbg ?6; Nkkawmp np Kbn{g Jnmc- [gkam` nkkaz`lmo pa pbg Pzw{pgg{ lmyg{plonplam

    nm wmzgndl{plk mwejgz ai avplam pzn`g{ awd` bnyg jggm mgkg{{nz| pa levdgegmp pbg [vdlp [pzlcg

    Kamygz{lam [pznpgo| jgknw{g pbgzg gzg lm{wiilklgmp vwp nm`!az kndd avplam kampznkp{ nynldnjdg np

    pbg Kblknoa Janz` Avplam{ Grkbnmog pa vzavgzd| bg`og pbg yadweg ai {gkwzlplg{ va{lplam{

    zgidgkpg` am pbg kw{paegz{ {pnpgegmp{- Lm n``lplam amg ai pbg eamg| enzcgp iwm`{ lm blkb

    kw{paegz zg{awzkg{ gzg nddgog`d| lmyg{pg` pbzawob JDEL[ n{ zgidgkpg` am kw{paegz

    {pnpgegmp{ n{ Il`gdlp| Jzacgznog [gzylkg{ DDK{ Il`gdlp| [vnzpnm W-[- Pzgn{wz| Eamg|

    Enzcgp Iwm`- Il`gdlp| Jzacgznog [gzylkg{ DDK bagygz bn{ nkcmadg`og` pbnp lp `l` map

    gygm aiigz lmyg{pegmp avvazpwmlplg{ lm nm| {wkb eamg| enzcgp iwm` izae :667 iaznz`-

    \gp En`aii {wkkg{{iwdd| kzgnpg` pbg lddw{lam pbnp bl{ pzn`lmo nkplylp| n{ dgolplenpg nm`

    bl{ [vdlp [pzlcg Kamygz{lam [pznpgo| n{ giigkplyg- Lm az`gz pa `a {a En`aii nm` n {gdgkp ozawv

    ai gevda|gg{ n{{gejdg` bl{pazlknd vzlkg nm` yadweg `npn iaz gnkb {pakc lpblm pbg jn{cgp- W{lmo

    pbl{ `npn pbg| {pznpgolkndd| {gdgkpg` {pakc{ nipgz pbg inkp np inyaznjdg vzlkg{ pa gm{wzg vzael{g`

    kam{l{pgmp nmmwnd zgpwzm{ ai jgpggm >6%>?'- Pbg| eamlpazg` pbg jn{cgp{ pa encg kgzpnlm pbnp

    pbg {gdgkpg` {pakc{ |lgd`g` zgpwzm{ pbnp gzg mglpbgz njayg maz jgda pbg `g{lzg` znmog- Pbl{

    vznkplkg ai jnkc`nplmo nddag` En`aii pa gmolmggz pzn`g{ am pbg vgzigkp `npg{ np pbg jg{p

    nynldnjdg vzlkg{ pa ownznmpgg {wkb zg{wdp{- Kam{g~wgmpd| ndd `akwegmpnplam zgdnpg` pa pbl{

    {pznpgo| lmkdw`lmo az`gz plkcgp{ pzn`g{ nm` kw{paegz {pnpgegmp{ gzg mgkg{{nzld| kamkakpg` j|

    En`aii- Lm inkp pbg Pzw{pgg{ lmyg{plonplam zgygndg` enm| akkwzzgmkg{ bgzg vwzvazpg` pzn`g{

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    gzg awp{l`g pbg grkbnmog{ vzlkg znmog iaz pbg pzn`g `npg-:6 Np jappae pbg JDEL[ kw{paegz

    {pnpgegmp{ gzg jaow{ nm` zgidgkpg` En`aii{ inmpn{| azd` ai pzn`lmo nkplylp| zgvdgpg lpb

    iznw` nm` `gyal` ai nm| kammgkplam pa enzcgp vzlkg{ yadweg{ az apbgz zgndlplg{-

    @- Mam%[vdlp%[pzlcg Kamygz{lam Kw{paegz Nkkawmp{

    _bldg pbg enhazlp| ai kw{paegz{ gzg {wvva{g`d| lmyg{pg` lm pbg [vdlp [pzlcg Kamygz{lam

    [pznpgo| n{ ai pbg Ildlmo @npg pbgzg gzg iggz pbnm :07 nkplyg mam%{vdlp {pzlcg kamygz{lam

    JDEL[ kw{paegz nkkawmp{ "pbg Mam%[vdlp [pzlcg Nkkawmp{, az zawobd| 7' ai papnd nkplyg

    JDEL[ nkkawmp{- Pbg Mam%[vdlp [pzlcg Nkkawmp{ gzg bgd` j| `gyapg` kw{paegz{ {wkb n{

    [pnmdg| Kbnl{ Hgiiz| Vlkagz nm` En`aii ineld| egejgz{ nm` gevda|gg{ nm` zgvazpg`

    wmw{wndd| blob znpg{ ai zgpwzm lm grkg{{ ai pbg kam{l{pgmp >6%>?' ogmgznpg` iaz [vdlp [pzlcg

    Kamygz{lam [pznpgo| nkkawmp{- Iaz grnevdg pbg Pzw{pgg nddgog{ pbnp Kbnl{{ ineld| nm`

    kazvaznpg nkkawmp{ ogmgznpg` nmmwnd zgpwzm{ n{ blob n{ ;66' nm` Vlkagz{ ogmgznpg` nmmwnd

    zgpwzm{ n{ blob n{

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    dlelpg` mwejgz ai {gkwzlplg{ gmpzw{pg` pa JDEL[ j| kgzpnlm kw{paegz{ pzn`lmo lm pbg Mam%[vdlp

    [pzlcg Nkkawmp{ `l` map pncg vdnkg-

    G- Pbg N[!066 Kaevwpgz [|{pge

    Pa enmnog vwzvazpg` {vdlp%{pzlcg pzn`g nkplylp| pbg LN Jw{lmg{{ w{g` nm nzkbnlk kaevwpgz

    {|{pge pbg N[!066 kam{l{plmo ai nm LJE kaevwpgz nm` kw{pae {aipnzg `nplmo pa pbg gnzd|

    > @PKK zgkaz`{ izae :66:%:662 gzg en`g nynldnjdg pa pbg Pzw{pgg-

    :: Pbg Pzw{pgg{ lmyg{plonplam lm`lknpg{ pbnp JDEL[ vzayl`g` kw{paegz {pnpgegmp{ lm gdgkpzamlk iaze pa amd| pa ailp{ pbaw{nm`{ ai kw{paegz{ zgvzg{gmplmo amd| {lr nkkawmp{- Gygm pbawob pbg{g {pnpgegmp{ gzg gdgkpzamlk pbg|

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    kw{paegz{ nddag` JDEL[ n``lplamnd pleg pa kamkakp pzn`lmo zgkaz`{ nm` `gdn| pbg `gdlygz| ai

    lmiazenplam pbgzgj| inkldlpnplmo En`aii{ {kbgeg-

    LLL- KDN[[LILKNPLAM AI KDNLENMP[

    Wm`gz pbg Pzw{pgg{ Mgp G~wlp| kndkwdw{ pbg Ajhgkplmo Kdnlenmp{ indd lmpa pbzgg

    kdn{{lilknplam{ nkkaz`lmo pa pbglz zg{vgkplyg `gva{lp nm` lpb`znnd bl{pazlg{-:; Pbg ilz{p ozawv ai

    Ajhgkplmo Kdnlenmp{ lpb`zg iwm`{ izae JDEL[ lm nm neawmp pbnp grkgg`{ pbglz lmlplnd

    lmyg{pegmp{ nm` {wj{g~wgmp `gva{lp{ "pbg Mgp _lmmgz{,- N kw{paegz lm pbl{ knpgoaz| zgkglyg`

    n iwdd zgpwzm ai bl{ vzlmklvnd n{ gdd n{ {aeg vzailp blkb kam{l{pg` lm zgndlp| ai apbgz

    kw{paegz{ lmyg{pegmp{- Wm`gz pbg Mgp Lmyg{pegmp Egpba` pbg{g kw{paegz{ bnyg xgza Mgp

    G~wlp| nm` pbw{ ma nddag` kdnle{-

    N {gkam` knpgoaz| ai kw{paegz{ lpb`zg dg{{ eamg| izae JDEL[ pbnm pbg| `gva{lpg`

    lpb mgp lmyg{pegmp neawmp{ aygz pbg $766666 {pnpwpaz| dlelp "Aygz pbg Dlelp{ Mgp Da{gz{,-

    Nkkaz`lmo pa pbg Pzw{pgg{ Mgp Lmyg{pegmp Egpba` nm Aygz pbg Dlelp{ Mgp Da{gz bn{ va{lplyg

    Mgp G~wlp| nm` pbw{ nm nddag` kdnle iaz pbg neawmp lmyg{pg` dg{{ pbg neawmp lpb`znm- Pbg

    Aygz pbg Dlelp{ Mgp Da{gz{ ldd zgkglyg iwdd $766666 n`ynmkg{ izae [LVK n{ pbglz zg{vgkplyg

    vza znpn {bnzg{ ai kw{paegz vzavgzp| ldd jg lm{wiilklgmp pa {npl{i| pbglz Mgp G~wlp| kdnle{-

    N pblz` knpgoaz| ai kw{paegz{ {leldnzd| lpb`zg dg{{ eamg| pbnm pbg| `gva{lpg` lpb

    mgp lmyg{pegmp neawmp{ wm`gz pbg $766666 {pnpwpaz| dlelp "Wm`gz pbg Dlelp{ Mgp Da{gz{,

    "paogpbgz lpb Aygz pbg Dlelp{ Mgp Da{gz{ Mgp Da{gz{,- Nm Wm`gz pbg Dlelp{ Mgp Da{gz

    zgkglyg{ n [LVK n`ynmkg nonlm{p bl{vza znpn {bnzg ai kw{paegz vzavgzp| lm pbg neawmp ai bl{ mgp

    lmyg{pegmp- Pbl{ l{ {a gygm pbawob bl{ Maygejgz ;6pb

    [pnpgegmp en| zgidgkp n jndnmkg blobgz

    kam{l{pg` egzgd| ai `npn ildg{- Ma JDEL[ kw{paegz bn` zgnd%pleg nkkg{{ pa bl{ nkkawmp lmiazenplam nm` pzn`lmo`npn n{ ma {wkb lmiazenplam az `npn grl{pg` jgknw{g ma pzn`lmo nkpwndd| paac vdnkg-

    :; Iaz vwzva{g{ ai pbl{ `gkl{lam pbg Kawzp ldd n`avp pbg Pzw{pgg{ maegmkdnpwzg lpb zgonz` pa bl{ kdn{{lilknplam aikdnlenmp{-

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    pbnm $766666- Pbg{g kw{paegz{ nzg map gmplpdg` pa n iwzpbgz `l{pzljwplam izae pbg iwm` ai

    kw{paegz vzavgzp| jgknw{g pbglz Mgp G~wlp| kdnle{ ldd jg iwdd| {npl{ilg` j| pbg [LVK n`ynmkg-

    Lm ogmgznd Mgp _lmmgz{ ldd jg kamkgmpznpg` neamo gnzd| lmyg{paz{ bldg n kzlplknd en{{ ai Mgp

    Da{gz{ ldd jg iawm` neamo dnpgz lmyg{paz{-:0

    @L[KW[[LAM

    L- PBG BL[PAZ\ AI [LVN

    N- Ogmgzndd|

    N{ n jnkc`zav iaz pbg Kawzp{ zgylg ai pbg Mgp G~wlp| l{{wg lm pbl{ [LVN vzakgg`lmo n

    jzlgi aygzylg ai pbg bl{paz| nm` vwzva{g ai pbg {pnpwpg ldd vzayl`g bgdviwd kampgrp- Kamozg{{

    gmnkpg` [LVN lm >

  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    > ; nm` 7 nm` {wjkbnvpgz{ L nm` LL ai kbnvpgz ? ai

    Plpdg >>-,3Lm zg N`dgz Kadgenm Kdgnzlmo Kazv >,

    kkk"n,">, iii%;"n,- Bagygz pbg{g n`ynmkg{ kaygz amd| pbg neawmp j| blkb pbg mgp g~wlp| ai

    gnkb kw{paegz grkgg`{ bl{ znpnjdg {bnzg ai kw{paegz vzavgzp|- [LVN ?2iii%;"n,- Li pbg neawmp

    ai pbg [LVK n`ynmkg pncgm paogpbgz lpb pbg {wj{g~wgmp kw{paegz vzavgzp| `l{pzljwplam grkgg`{

    pbg kw{paegz{ Mgp G~wlp| [LVK zgkawv{ pbg grkg{{- Lm giigkp [LVK jgkaeg{ {wjzaonpg` pa pbg

    kdnle{ ai kw{paegz{ pa pbg grpgmp lp bn{ {wvvdlg` n`ynmkg{ nm` knmmap {ggc zgkaygz| izae

    kw{paegz vzavgzp| wmpld nipgz pbg nddaknplam pbgzgai pa kw{paegz{- [LVN ?2iii%;"n, :"k,">,-

    :9 [LVN {gkplam ?2iii%;"n,">, `lyl`g{ kw{paegz kdnle{ lmpa kdnle{ iaz kn{b nm` kdnle{ iaz {gkwzlplg{ lm az`gz pa`l{plmowl{b pbg kw{pa`lnd iwmkplam{ ai n jzacgz%`gndgz lpb zg{vgkp pa {gkwzlplg{ izae pbg jzacgz%`gndgz{ `gva{lpaz|%dlcg iwmkplam{ lpb zg{vgkp pa kn{b `gva{lp{- Lm zg Mg Pleg{ [gk{- [gzy{-$ Lmk- ;?> I-;` 92 29 ":` Klz- :660,-_bgm gdloljdg kdnle{ iaz kn{b nzg gmplpdg` pa n $>66666 n`ynmkg izae [LVK bldg kdnle{ iaz {gkwzlplg{ nzg gmplpdg`pa n $766666 n`ynmkg izae [LVK- [gg [LVN ?2iii%;"n,">,-

  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    :6

    J- [LVK Vn|egmp{ Nzg Lmgrpzlknjd| Kammgkpg` pa Vn|egmp{ izae Kw{paegz

    Vzavgzp|-

    Kampznz| pa pbg kampgmplam ai enm| Ajhgkplmo Kdnlenmp{:? vgzelpplmo n kw{paegz pa

    zgkaygz [LVK vn|egmp{ jn{g` am ilmnd nkkawmp {pnpgegmp{ awd` lm inkp niigkp pbg dlelpg` neawmp

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    pbg ind{g vzgel{g pbnp En`aii kw{paegz{ nzg {pnpwpazld| gmplpdg` pa nm n``lplamnd {awzkg ai

    zgkaygz| lm pbg iaze ai [LVK lm{wznmkg {gvnznpg nm` nvnzp izae kw{paegz vzavgzp| `l{pzljwplam{-

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    n`ynmkg{ lmgrpzlknjd| plg` pa l{pzljwplam{ ai kw{paegz vzavgzp|- [LVN vzayl`g{ pbnp8

    Lm az`gz pa vzayl`g iaz vzaevp vn|egmp nm` {npl{inkplam aimgp g~wlp| kdnle{ ai kw{paegz{ aipbg `gjpaz [LVK {bndd n`ynmkg pa pbg pzw{pgg {wkb eamg|{ map pa grkgg` $766666 iaz gnkbkw{paegz n{ en| jg zg~wlzg` pa vn| az apbgzl{g {npl{i| kdnle{ iaz pbg neawmp j| blkb pbgmgp g~wlp| ai gnkb kw{paegz grkgg`{ bl{ znpnjdg {bnzg ai kw{paegz vzavgzp| - - - -

    [LVN ?2iii%;"n,">, "gevbn{l{ n``g`,- [LVK vn|egmp{ pbgzgiazg {gzyg amd| pa zgvdnkg el{{lmo

    kw{paegz vzavgzp| nm` knmmap jg n{kgzpnlmg` lm`gvgm`gmpd| ai pbg `gpgzelmnplam ai n kw{paegz{

    vza znpn {bnzg ai kw{paegz vzavgzp|- Nkkaz`lmod| pbg [LVN {pnpwpg ag{ map ndda jliwzknplam ai

    pbg kdnle{ vzakg{{ lpb kw{paegz{ zgkaygzlmo [LVK vn|egmp{ jn{g` am pbg Dn{p [pnpgegmp

    Egpba` nm` zgkaygzlmo kw{paegz vzavgzp| {bnzg{ jn{g` am pbg Mgp Lmyg{pegmp Egpba`-

    LL- VDNLM DNMOWNOG NM@ DGOL[DNPLYG BL[PAZ\ [WVVAZP PBG MGP

    LMYG[PEGMP EGPBA@

    Olygm pbnp JDEL[ nkkawmp {pnpgegmp{ vwzvazp {gkwzlplg{ va{lplam{ papndlmo nm

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    kw{paegz{ nm` [LVK- Zg{adwplam ai pbl{ l{{wg jgolm{ bgzg ndd {wkb lm~wlzlg{ ew{p jgolm8 lpb

    pbg dnmownog ai pbg {pnpwpg lp{gdi- W-[- y- Zam Vnlz Gmpgz-$ Lmk- 02< W-[- :;7 :0> ">

  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

    21/53

    :>

    nd{a Kamm- Mnp- Jnmc y- Ogzenlm 76; W-[- :0>, "gevbn{l{ n``g`,-

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    {gkwzlplg{ va{lplam{ l{ pbg kw{paegz{ nkkawmp {pnpgegmp n{ ai pbg Ildlmo @npg az lm pbl{ kn{g bl{

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    {wvvazp{ pbl{ va{lplam- B-Z- Zgv- Ma- ">

  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    ::

    Bagygz pbg Kawzp nozgg{ lpb pbg Pzw{pgg halmg` j| pbg [GK nm` [LVK pbnp pbg

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    pnm`ge lpb [LVN {gkplam ?2iii%:"j, blkb zg~wlzg{ pbg Pzw{pgg pa `l{kbnzog Mgp G~wlp| kdnle{

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    :2 LmMg Pleg{ L pbg [GK {pnpg` pbnp pbg [LVN pzw{pgg {awobp pa pzgnp kdnle{ n{ kdnle{ iaz kn{b lpb n $>66666dlelp am [LVK n`ynmkg{- Mg Pleg{ L ;?> I-;` np ?0- Bgzg maplpb{pnm`lmo n kn{b kaevamgmp zgidgkpg` am

  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    :;

    dnmownog ai pbg [LVN {pnpwpg {wvvazp{ n`avplam ai pbg Mgp Lmyg{pegmp Egpba` lm `l{pzljwplmo

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    EN@AII KDNLENMP[

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    :

  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    :0

    nyal`nmkg vzayl{lam{ j| {leldnzd| `l{kzg`lplmo pznm{igz{ ai vwzgd| ilkplplaw{ neawmp{ nm`

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    ;6

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    I-;` np >00-

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  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    :7

    J- Pbg Mgp Lmyg{pegmp Egpba` @ag{ Map Kampzn`lkp pbg LZ[{ Pzgnpegmp ai

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    Klz- >

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    :9

    il`g ewpwnd iwm`{-;> Mg Pleg{ L ;?> I-;` np ?>- Znpbgz pbnm lmyg{pg` pbg kw{paegz iwm`{

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    bnyg bnvvgmg` bn` pbg pznm{nkplam{ jggm grgkwpg`- L`-

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    :?

    zg{vam{g pbg [LVN pzw{pgg halmg` j| [LVK ildg` n eaplam iaz nm az`gz wvbad`lmo bl{

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    iaz pbg [gkam` Klzkwlp- L`-

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    Kdnlenmp{ bn` kdnle{ iaz {gkwzlplg{ map kdnle{ iaz kn{b- Klplmo [LVK{ [gzlg{ 766 Zwdg{

    ;:

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    bad`lmo- Lm{pgn` pbg kawzp wvbgd` pbg halmp va{lplam ai pbg [LVN pzw{pgg [GK nm` [LVK pbnp

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    ;: Pbg{g zwdg{ nvvd| pa `gpgzelmg bgpbgz n {gkwzlplg{ pznm{nkplam olyg{ zl{g pa n kdnle iaz kn{b az n kdnle iaz{gkwzlplg{ am pbg ildlmo `npg ai n [LVN dl~wl`nplam vzakgg`lmo- [gg >? K-I-Z- ;66-766%;66-76;-

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    :2

    G~wlp| kdnle{ am pbge awd` jg lzznplamnd nm` wmazcnjdg-;;L`- np 22- Nkkaz`lmod| pbg

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    yndwg am pbg ildlmo `npg n{ leva{{ljdg- Mg Pleg{ LL 09; I-;` np >::, lpb zgonz` pa bgpbgzkdnlenmp{ bn` kdnle{ iaz kn{b az iaz {gkwzlplg{ pbg kawzp iawm` lm n dgmopb| `l{kawz{g pbnp pbg [GKn{ gmplpdg` pa n`gozgg ai `gigzgmkg n `gdljgznplyg inkpaz map da{p am pbg Kawzp- [gg Mg Pleg{ L ;?> I-;` np 2:%2;-

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    : I-;` np 22 "~waplmo Jz- iaz Nelkw{ Kwznlg [GK np >9,- Lm n``lplam pbg kawzp

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    ;0 N{ `l{kw{{g` {wvzn np Inkpwnd Bl{paz| {gkplam LL vnzp K Il`gdlp| [vnzpnm W-[- Pzgn{wz| Eamg| Enzcgp Iwm`n{ zgidgkpg` am kw{paegz nkkawmp {pnpgegmp{ np pleg{ bgm Il`gdlp| Jzacgznog [gzylkg{ DDK n{ map aiigzlmovnzplklvnplam lm nm| {wkb iwm` iaz lmyg{pegmp-

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    ;6

    Pbg Ajhgkplmo Kdnlenmp{ nzg nd{a kdgnzd| `l{plmowl{bnjdg izae pbg Zgnd [gkwzlplg{

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    - - -

    SVUgzelpplmo kdnlenmp{ pa zgkaygz map amd| pbglz lmlplnd knvlpnd lmyg{pegmp jwp nd{a pbg vbam|lmpgzg{p vn|egmp{ pbg| zgkglyg` nm` zaddg` lmpa nmapbgz pznm{nkplam l{ lddaolknd- Ma amg `l{vwpg{pbnp pbg lmpgzg{p vn|egmp{ gzg map lm inkp lmpgzg{p np ndd jwp gzg egzgd| vazplam{ ai apbgz ylkple{/

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    ;>

    wmenmlvwdnpg` lpb`znnd{ nm` `gva{lp{ nm` zgiw{g{ pa vgzelp En`aii pa nzjlpznzld| `gkl`g ba

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    nkkawmp {pnpgegmp{ nm` enzcgp pzn`lmo zgndlp| pbg Kawzp ilm`{ pbnp pbg Ajhgkplmo Kdnlenmp{ nm`

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    {gkwzlplg{ va{lplam{ {bam am kw{paegz{ dn{p nkkawmp {pnpgegmp{-

    Y- G^WLP\ NM@ VZNKPLKNDLP\ INYAZ PBG MGP LMYG[PEGMP

    EGPBA@

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    pa amg vnzp| az nmapbgz maplam{ ai inlzmg{{ nm` pbg mgg` iaz vznkplkndlp| nd{a {wvvazp pbg Mgp

    Lmyg{pegmp Egpba`-

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    l{ n xgza%{we oneg;9

    g~wlp| `lkpnpg{ pbnp pbg Kawzp levdgegmp pbg Mgp Lmyg{pegmp Egpba`- [gg

    Kwmmlmobne y- Jzam :97 W-[- > >; ">

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    ;:

    b|vapbgplknd-;? Lmyg{paz > lmyg{pg` $>6 elddlam enm| |gnz{ noa lpb`zg $>7 elddlam lm pbg

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    zgidgkp{ n jndnmkg ai $:6 elddlam- Lmyg{paz : lmyg{pg` $>7 elddlam lm pbg ilmnd |gnz ai pbg kaddnv{g

    ai En`aii{ Vamxl {kbgeg lm g{{gmkg iwm`lmo Lmyg{paz >{ lpb`znnd nm` bl{ ilkplplaw{ dn{p

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    elddlam lm kw{paegz iwm`{ nm` pbnp pbg En`aii {kbgeg `zg lm 76 lmyg{paz{ ba{g ilkplplaw{ dn{p

    nkkawmp {pnpgegmp{ zgidgkpg` jndnmkg{ papndlmo $>66 elddlam jwp ba{g mgp lmyg{pegmp{ papndg`

    amd| $76 elddlam-

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    awd` jg gmplpdg` amd| pa >6' ai bl{ $>7 elddlam nkkawmp jndnmkg nm` n $766666 [LVK

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    eamg|- Gevda|lmo pbg Dn{p [pnpgegmp Egpba` awd` |lgd` n oza{{d| lmg~wlpnjdg awpkaeg-

    Lm kampzn{p wm`gz pbg Mgp Lmyg{pegmp Egpba` Lmyg{paz > awd` map bnyg n Mgp G~wlp|

    kdnle nm` awd` map jg gmplpdg` pa n [LVK n`ynmkg jgknw{g bg ndzgn`| lpb`zg eazg pbnm bg

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    $;-7 elddlam n {lomlilknmpd| eazg hw{p zg{wdp-

    ;?[gg Pzw{pgg{ Zgvd| Jz- lm [wvv- ai pbg Eaplam np >2>

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    ;;

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    g~wlp|- Kwmmlmobne :97 W-[- np >;-

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    encg{ pbl{ ygz| valmp lm bl{vza {g dgppgz jzlgi8

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    - - -

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    ;2 Kaevgm{nplmo En`aii lmyg{paz{ am pbg jn{l{ ai ilkplamnd nkkawmp {pnpgegmp{ dgn`{ pa nm n``lplamnd lmg~wndlp| n{ lpgmnjdg{ pbg pblgi pa `lkpnpg ba zgkglyg{ n dnzogz vzavazplam ai pbg n{{gp{ kaddgkpg` j| pbg Pzw{pgg- En`aii {bawd`map jg gmplpdg` pa nnz` pa g~wndd| `g{gzylmo kdlgmp{ blobgz nm` dagz zgpwzm{ jn{g` {adgd| am bl{ ble-

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    ;0

    - - -

    Pbg l`gn pbnp jgknw{g En`aii n{ n jzacgz `gndgz pbg n{{gp{ zgkaygzg` j| pbg pzw{pgg{bawd` jg zgpwzmg` pa lmyg{paz{ lm vzavazplam pa pbglz dn{p eampbd| {pnpgegmp awd`giigkplygd| encg pbg pzw{pgg vgzvgpznpg bl{ am Vamxl {kbgeg$ jgknw{g pbg mgp lmmgz{awd` nonlm zgkglyg eamg| vwp lmpa pbg {kbgeg j| pbg mgp da{gz{- Pbl{ l{ {a jgknw{g nm|

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