Reuters reports that the trustee seeking money for victims of imprisoned swindler Bernard Madoff has reached an agreement with the U.S. Internal Revenue Service (IRS) to recover $326 million that was earlier transferred to the agency by Madoff's firm purportedly on behalf of foreign account holders, court documents showed.
The settlement money will eventually be distributed to Madoff's customers who have valid claims, according to the court filing.
The trustee, Irving Picard, in the course of his investigation, identified certain payments made by Madoff and his firm supposedly on behalf of foreign account holders. Picard said in the court filing that payments were made on behalf of 145 foreign accountholders totaling about $330 million. The IRS had erroneously refunded about $4.2 million to two of the foreign accountholders, according to the court filing….
Read more at http://www.reuters.com/article/2011/11/23/us-madofftrustee-irs-idUSTRE7AM0BQ20111123
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