Madoff Trustee Sets Sights on Socialite Couple's Swanky Greenwich Village Condo
Bernie Madoff's Ponzi scheme fallout continues as trustee targets power couple's luxurious condo.
The infamous Ponzi scheme orchestrated by Bernie Madoff is still causing chaos and destruction, as the estate's trustee, Irving Picard, sets his sights on a lavish Greenwich Village condo owned by a New York power couple. According to the New York Post, Picard, who has already recovered nearly $15 billion for Madoff's defrauded investors, is now pushing for attorney Malcolm Sage and his wife, cosmetics executive Lynne Florio, to give up two of the three units they combined at 45 Christopher Street decades ago.
Back in 2022, a court deemed Sage as one of the rare "net winners" from Madoff's $65 billion fraud, having profited $16.9 million from the scheme. However, Picard is determined to claw back every bit of money he can for the victims, and the couple's luxurious condo is now in his crosshairs.
According to court filings, Picard is arguing that Sage and Florio's condo, which has an estimated value of $8 million, should be returned to the Madoff estate as it was purchased with "fictitious profits" from the Ponzi scheme. The trustee is also seeking interest and legal fees on top of the condo's value.
The couple's attorney, however, is fighting back, arguing that the condo was purchased with legitimate funds and that Picard's attempt to claw it back is "unfair and unjust." The attorney also claims that the couple has already repaid the Madoff victims by forfeiting their other properties, including a $1.5 million Hamptons home and a $1.4 million New Jersey house.
Despite their efforts, Picard is