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IN RE BERNARD L. MADOFF INV. SECURITIES LLC

Docket No. 19-0429-bk(L) August Term, 2019.

976 F.3d 184 (2020)

IN RE: BERNARD L. MADOFF INVESTMENT SECURITIES LLC. Irving H. Picard, Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, and Bernard L. Madoff, Plaintiff-Appellee, v. Emanuel Gettinger, South Ferry Building Company, Abraham Wolfson and Zev Wolfson, United Congregations Mesora, South Ferry #2 LP, Turtle Cay Partners, Coldbrook Associates Partnership, individually and in its capacity as general partner of Turtle Cay Partners, the Estate of Marianne Lowrey, James Lowrey, in his capacity as general partner of Turtle Cay Partners, personal representative of the Estate of Marianne Lowrey, trustee for Marianne B. Lowrey Trust, and Successor Partner Coldbrook Associates Partner, Aaron Wolfson, Defendants-Appellants, Abraham Adeff, Goldi Appelgrad, Simcha Appelgrad, David G. Aviv, B.F. & W. Realty Company, Miriam Beren, Zelda Elbaum, Razel Faskowitz, Roslyn Gettinger, Morris Goldstein, Samuel Goldstein, Mr. Israel Grossman, Kalman Halpern, Zevi Harris, Joseph Katz, Bessie Kaufman, David Kaufman, A. Trust, A.N. Trust, A.O.N. Trust, AA. Trust, Aaron Trust, Abraham Trust, Abraham N. Trust, AL. Trust, Alisa Trust, Defendants, Securities Investor Protection Corporation, Intervenor.

United States Court of Appeals, Second Circuit.

Decided: September 24, 2020.

Attorney(s) appearing for the Case

Seanna R. Brown ( David J. Sheehan , Amy E. Vanderwal , on the brief), Baker & Hostetler LLP, New York, NY, for Plaintiff-Appellee.

Richard A. Kirby ( Beth-Ann Roth , on the brief), RK Invest Law, PBC, Washington, DC, for Defendants-Appellants.

Helen Davis Chaitman , Chaitman LLP, for Amici Curiae good faith defendants in similar adversary proceedings.

Kenneth J. Caputo ( Kevin H. Bell , Nathanael S. Kelley , on the brief), Securities Investor Protection Corporation, Washington, DC, for Intervenor.

Before: Walker, Cabranes, and Sack, Circuit Judges.

This appeal concerns transfers of fictitious profits in a Ponzi scheme. The defendants-appellants were customers of Bernard L. Madoff Investment Securities LLC ("BLMIS") who, at the time BLMIS collapsed, had received funds from the brokerage in excess of their principal investment. These funds — unbeknownst to the defendants...

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