LexisNexis® CLE On-Demand features premium content from partners like American Law Institute Continuing Legal Education and Pozner & Dodd. Choose from a broad listing of topics suited for law firms, corporate legal departments, and government entities. Individual courses and subscriptions available.
Irving Picard, the trustee in the Madoff case, was in
court last week as a panel of three judges heard arguments on whether net
winners in the Madoff case ought to be able to collect money from the
government. Net winners are those who took more cash out of Madoff's funds than
they put in. Apparently, there are several of these guys who think they should
get more money. Hmmmm.....
had this to say about the case: "The judges' decision is likely to
determine which Madoff customers may collect up to $500,000 apiece from the
Securities Investor Protection Corp., an industry association created under
federal law to insure investors in failed brokerages. It is also expected to
affect how to divide billions of dollars Mr. Picard is recovering through legal
settlements with people who withdrew money from the Ponzi scheme."
Now, it seems just a bit greedy to me that investors who got more money from
Madoff than they put in would also be trying to collect from the taxpayers
simply because Madoff sent them a statement showing they had more fictitious
profits than they had already withdrawn!
Read the article in its entirety on Mark and Aaron
Zimbelman's blog, FraudBytes
more information about LexisNexis products and solutions connect with us
through our corporate site.