No trickery occurred on this Bernie Madoff deal.
Convicted Ponzi-schemer, Bernie Madoff, made an investment that actually made money legitimately, reports the New York Post. An investment Madoff made years ago in a small biotech firm, Stemline Therapeutics, that is reported to have more than doubled in value. Madoff ‘s original investment of $2.2 million is now worth $5.5 million on paper. The firm went public last Tuesday.
That’s good news for Madoff’s burned investors, who stand to benefit if Irving Picard — the court-appointed trustee tasked with clawing back money for victims — succeeds in grabbing those shares. According to a lawsuit Picard filed against a Madoff family fund, the Stemline shares “rightfully belong to... customers.”