Fort Lauderdale, Fla., millionaire George Levin, whose Banyon Investors Fund was the primary feeder fund that funneled about $830 million into Scott Rothstein's Ponzi scheme, has agreed to surrender the bulk of his assets under a bankruptcy settlement.
John Genovese, representing the trustee for the defunct Rothstein Rosenfeldt Adler law firm, announced the settlement in court Friday. It still must be approved by U.S. Bankruptcy Judge Raymond Ray following a hearing to allow any other creditors to dissent.
In what appears to be the largest settlement to date in the case, the former hedge fund manager has agreed to give up most of his 29 properties and business interests.
Under terms of the settlement, Levin, 70, and his wife, Gayla Sue, will keep their primary home, a Fort Lauderdale waterfront home valued at $4.2 million, and $750,000 in jewelry and personal effects.
The value of the 29 assets was not disclosed, but Levin has stated in financial papers he is worth $100 million to $200 million.