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A trustee responsible for the liquidation of convicted fraudster Bernard Madoff’s former investment firm has taken further legal action against a number of financial institutions including Swiss banks.
Irving Picard has said that private Swiss banks should have known that Madoff was involved in fraudulent activities, for which he was arrested in 2008.
Picard wants to confiscate $354 million from EFG Bank, $179 million from Lombard Odier and around $10 million from Vaud Cantonal Bank.
The trustee aims to return the money to Madoff’s creditors, and has already sued hundreds of individuals and companies to regain the illegally obtained funds.