A hearing over a conflict of interest in Madoff case postponed

A hearing over a conflict of interest in Madoff case postponed
A judge postponed a hearing that should be held on Wednesday over a potential conflict of interest involving Ira Sorkin, a lawyer of accused swindler Bernard Madoff, reports Reuters. No new date was set for the hearing and no reasons were given though both U.S. prosecutors and Sorkin consented to it. The hearing was called at the request of U.S. prosecutors over a potential conflict of interest for Sorkin in his representation of two accountants in a 1992 case brought by the U.S. Securities and Exchange Commission.

As it turns out the accountants, Frank Avellino and a partner, Michael Bienes, invested with Madoff. In a deal with the SEC, Avellino shut down his firm, returned money to investors and paid a $350,000 fine. Besides, Sorkin said earlier that the hearing would also address his father having had a retirement account with Madoff before he died in 2001.

In this regards, Sorkin provided an explanation saying that he never made investments into the Madoff’s projects. His father just had a retirement account that was passed to his mother when the father died in 2001. Sorkin confirmed that he received her mail for several years before her death in 2007.