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JewishJournal.com

February 4, 2009

Did Madoff cost this guy more in his divorce?

http://www.jewishjournal.com/blog/item/did_madoff_cost_this_guy_more_in_his_divorce_20090204/

This makes sense. Whether the man will prevail in court, we’ll have to see.

From Reuters:

A New York lawyer who invested millions of dollars with accused swindler Bernard Madoff sued his ex-wife on Tuesday for the return of part of their divorce settlement, saying he was misled about his actual worth.

Steven Simkin and Laura Blank held $5.4 million in a Madoff account, according to a statement provided by Bernard L. Madoff Investment Securities at the time of the couple’s separation in 2004, the lawsuit filed in New York State Supreme Court said.

Simkin paid Blank, his wife of 30 years, half as part of their uncontested divorce settlement, the lawsuit said. That meant she avoided losses caused by Madoff’s alleged fraud.

“Unknown to Steven and Laura, the ‘account,’ whose valuation was critical to the parties’ agreement, was a sham and fiction,” the lawsuit said.

“Laura obtained a windfall and Steven did not receive an equitable share of the couple’s joint assets ... It is only fair and equitable for Laura to shoulder some of that harm.”

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