Bad News for Madoff Victims: Too Many Claims, Not Enough Money

Many of the victims of Ponzi scammer Bernard Madoff's $65 billion fraud are in dire straits, and there may not be enough money to go around, according to a report filed in U.S. Bankruptcy Court in the Southern District of New York yesterday. The filing, from court-appointed trustee Irving Picard, who is tasked with liquidating Madoff's assets, reports that at least 15,400 claims have been filed by victims. There was a flurry of filings just before the July 2 deadline. The fund's hardship...Full Story
Commenting on this article is closed.