Bloomberg Law
Nov. 22, 2016, 8:19 PM UTC

Koch Brothers Among Investors Who Can Keep Madoff Billions

Bloomberg Media

By Erik Larson, Bloomberg News

Billionaire brothers Charles and David Koch’s company fought for years to hold on to millions of dollars in profit from Bernard Madoff’s Ponzi scheme. That battle just paid off, and victims won’t like it.

Koch Industries and dozens of other former Madoff customers are poised to keep as much as $2 billion they gleaned from the con man’s bogus securities transactions after U.S. Bankruptcy Judge Stuart Bernstein in Manhattan ruled the cash is out of reach of a trustee recovering money for victims.

The ruling on Monday underscores that even eight years after the ...

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