Former Lawyer for SEC Waiting for Settlement to be Approved

Irving Picard is a trustee who sought money from David Becker and his two brothers for defrauded Madoff investors. David Becker is the former top lawyer at the Securities and Exchange Commission who participated in discussions over payouts to Madoff victims and had a financial stake in the outcome.

The three Becker brothers inherited money from the estate of their mother Dorothy after she died in 2004. The money they inherited was gained from Dorothy’s investment in Bernard Madoff’s Ponzi scheme.

The brothers agreed to pay $556,017 to settle the case with Picard. There is a hearing scheduled for April 3 in Manhattan to get the settlement approved.

See Former SEC General Counsel Settles Claim Over Madoff Profits Inherited from Mom, ElderLawAnswers, Mar. 1, 2012.