Madoff Trustee Gets Control of London Assets

Prosecutors had objected to giving trustee Irving Picard power of attorney

Tuesday, Mar 24, 2009  |  Updated 7:15 PM EDT
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Bernard Madoff & His Victims

AP

Bernard Madoff will be sentenced June 16.

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A judge has given a court-appointed trustee authority over one of jailed financier Bernard Madoff's foreign assets.

Federal Judge Louis Stanton signed the order after a hearing Monday in Manhattan. Prosecutors had objected to giving trustee Irving Picard power of attorney over Madoff's share of the London wing of his business. Picard is seeking to locate Madoff's assets.

A lawyer for Picard had argued that the authority was necessary to boost his authority in British courts and because he sometimes needed to act quickly to protect assets overseas.

Madoff is in prison awaiting a June sentencing after admitting that he cost thousands of investors billions of dollars over several decades.

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