U.S. District Judge Jed Rakoff told the trustee liquidating Bernard Madoff’s firm to explain why investor James Greiff shouldn’t keep money he says he took from the Ponzi scheme “in good faith.” The trustee, Irving Picard, has sued about 5,000 investors who, he conceded, didn’t know of the fraud, according to Helen Chaitman, a lawyer for Greiff. Picard has said he did so because it’s “equitable” to take back fictitious profits to pay investors who lost money. Read San Francisco Chronicle report here.
