Article 3 the asset-backed securities shall be issued a the trustee of a special purpose trust, representing the beneficiary shares of the special purpose trust.

第三条资产支持证券由特定目的信托受托机构发行，代表特定目的信托的信托受益权份额。

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Jeffry Picower, who died in 2009, was the biggest beneficiary of the Bernard L. Madoff Investment Securities fraud.

FORBES: Madoff Was Not Jeffry Picower's First Ponzi Scheme Experience