Buyer of Maine properties sued Madoff over loss

Posted July 14, 2009, at 11:17 a.m.

PORTLAND, Maine — A New York developer who wants to build a 30-story tower now that’s bought the Portland Press Herald’s downtown properties is trying to recover about $2 million invested indirectly with the now-defunct company managed by Bernard Madoff, court documents show.

John Cacoulidis, president of Grand Metro Builders of New York Corp., claims an investment firm overseeing money for his company’s retirement plan improperly invested it with Bernard L. Madoff Investment Securities LLC. He and his wife, Phyllis, are plaintiffs in a class-action lawsuit.

Madoff was sentenced to prison for defrauding investors.

In an interview with the Portland Press Herald, Cacoulidis downplayed the impact of the loss on his family, calling it “small stuff.” He said it would have no bearing on his ability to invest in property in Portland.

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