New York - Judge Denies Request From Madoff Victims |
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Published on: March 1, 2010 08:05 PM
By: AP
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Judith Welling, a victim of Bernard Madoff's Ponzi scheme, speaks to reporters last year after announcement of Madoff being jailed Photo: AFP/GETTY IMAGES New York - A New York bankruptcy judge has rejected a legal challenge by Bernard Madoff’s victims over how they should be compensated.
The investors in Mr. Madoff’s firm had argued that they are owed $64.8 billion reflected on fictitious account statements.
Judge Burton Lifland on Monday upheld a formula being used by trustee Irving Picard, who is overseeing the liquidation of Mr. Madoff’s assets.
The trustee has said claims should be based on how much money the victims actually invested, minus what they withdrew.
The 71-year-old Mr. Madoff was sentenced last year to 150 years in prison for orchestrating an epic Ponzi scheme that wiped out life savings and entire charities.
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Read Comments (5) — Post Yours »
1
Mar 01, 2010 at 07:20 PM Phill Says:Report as Inappropriate
I agree with the judge on this - why should people get money based on phony info?
2
Mar 01, 2010 at 07:17 PM Shaul in Monsey Says:Report as Inappropriate
These fools that were parted with their money have some nerve asking for principal plus "profit." They are lucky to be getting anything. That's what a scheme is - you lose. It was their greed tha got them in trouble to begin with, buying into ol' Bernie's super-returns and the "kuvid" that went along with being a Madoff investor.
3
Mar 01, 2010 at 09:08 PM Anonymous Says:Report as Inappropriate
For a change a judge with common sense. These so called "Madoff Victims" want to be made whole for their foolishness and greed. Hopefully next time, they will excercise some due dillegence and be happy if they can make a modest return on legitimate investments.
4
Mar 02, 2010 at 12:14 AM Anonymous Says:Report as Inappropriate
The lawyer that convinced them he could win this one is the winner here
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Mar 02, 2010 at 10:48 AM Jimmy37 Says:Report as Inappropriate
As heartbreaking the stories are, the judge is completely right. The returns are completely false. Just because a person thought they had more money, doesn't make it the truth. If thinking one was rich would make it true, then every stock investor would be a billionaire.
The only fair way to deal with this problem is the one being used. No one got investment returns. Clawing back excessive cash, where possible and practical, also makes sense. It's real chutzpah to insist on getting money you never really had.