FRAUDULENT CONVEYANCES Nassau Academy of Law CLE Live ...

FIRST CAUSE OF ACTIONTURNOVER AND ACCOUNTING - 11 U.S.C. § 54252. The Trustee incorporates by reference the allegations contained in the previousparagraphs of this Complaint as if fully rewritten herein.53. The transfers constitute property of the estate to be recovered and administered by theTrustee pursuant to section 541 of the Bankruptcy Code and 15 U.S.C. §§ 78fff-2(c)(3)4 and78lll(4).54. As a result of the foregoing, pursuant to section 542 of the Bankruptcy Code and15 U.S.C. § 78fff-2(c)(3), the Trustee is entitled to the immediate payment and turnover from thedefendant of any and all transfers made by BLMIS, directly or indirectly, to the defendant.55. As a result of the foregoing, pursuant to section 542 of the Bankruptcy Code, theTrustee is also entitled to an accounting of all such transfers received by Mrs. Madoff fromBLMIS, directly or indirectly.SECOND CAUSE OF ACTIONFRAUDULENT TRANSFERS - 11 U.S.C. §§ 548(a)(1)(A), 550, AND 55156. The Trustee incorporates by reference the allegations contained in the previousparagraphs of this Complaint as if fully rewritten herein.57. The Two-Year Transfers were made on or within two years before the Filing Date.58. The Two-Year Transfers were made by BLMIS with the actual intent to hinder,delay, or defraud some or all of BLMIS’s then-existing or future creditors.-17-