Madoff Scam Latest
Anyone who withdrew money from their "investment" in the now disgraced Bernie Madoff Securities scam at any time during the last six years may have to pay it all back, Bloomberg are reporting.
Complex US bankruptcy laws authorise trustees to reclaim monies paid out from such a scheme to "spread the burden" across all the scheme's investors.
And New York state law allows them to go back up to six years to do it, apparently.
This means that anyone who withdrew funds at any time during this period would have to prove that they did so in "good faith" and without any knowledge of suspicion or fraud.
Looks like the only people that are going to get fat out of this one are the lawyers.
Complex US bankruptcy laws authorise trustees to reclaim monies paid out from such a scheme to "spread the burden" across all the scheme's investors.
And New York state law allows them to go back up to six years to do it, apparently.
This means that anyone who withdrew funds at any time during this period would have to prove that they did so in "good faith" and without any knowledge of suspicion or fraud.
Looks like the only people that are going to get fat out of this one are the lawyers.