Posted on 04/23/2009 7:21:00 AM PDT by TigerLikesRooster
Madoff Trustee Seeks to Recover Funds Withdrawn by Investors
Thursday April 23, 2009, 10:01 am EDT
BOCA RATON, Fla., April 23 /PRNewswire/ -- The latest chapter in the complex and sordid saga of Bernard Madoff began recently as the bankruptcy trustee in the case took steps aimed at recovering over $400 million withdrawn by investors prior to the scheme becoming public.
That action is called a clawback, and, if successful, could result in the investors being forced to return the money to the trustee who would eventually distribute it among all those who were cheated by Madoff. The action -- filing suits to recover a total of $405 million -- was taken by Irving Picard, acting as trustee for Madoff's firm.
"It seems likely those are the first of many suits that will follow," observed Allan R. Lipman, an attorney who practices in both New York and Florida and who has written widely about issues confronting those with residences in both of those states. A published list of Madoff investors reveals a concentration in Palm Beach, Broward and Dade Counties in Florida and in Manhattan, Long Island and Westchester in New York State.
(Excerpt) Read more at finance.yahoo.com ...
Ping!
Of course, bailout specialists, short speculators, and corporate lawyers would be doing pretty well in the current period.
if these investors were unaware of the scam,
and they withdrew their money in good faith,
how would they be culpable?
If you unknowingly buy a stolen car, the police take it back just the same. And you’re SOL.
Oh goody, thousands of (formerly) rich liberals, fighting with each other over who stole what, from whom. :-)
Have looked all over the house cannot not find one ounce of concern.
If you knowingly buy it for two low a price they will take it back and put you in jail.
They wouldn't be "culpable" (they won't be prosecuted), but the courts will still take back the stolen money, which was transferred to them, and return it to the rightful owners.
This is a lawyer's dream. It is so complicated, that the money will all be eaten up by legal fees, and the lawyers will walk away with it.
I wonder how many liberal charities are going to be shut down because of this?
I am almost sure that it is a lot more than a few.
I looked over the Madoff charity list, and I noticed something peculiar. His favorite type of charity was anyone trying to prevent juvenile criminals from being punished in any way for anything.
It didn’t matter what the crime was, even serious violent felonies. Apparently Madoff has a “thing” against punishing children under any circumstances.
This was so obvious, I wonder if some of those charities were set up just because they knew Madoff would dump money into them. He likely has some serious psychological thing going on about that.
As you suggest, not all charities are benign. Some are for funding terrorists, others for purely monetary gain, and still others for nursery of left-wing nuts.
http://www.freerepublic.com/focus/f-news/2151886/posts?page=38#38
Here are the lists of the left wing groups Madoff nailed. They continue on down the page, and are not just limited to this one post.
Thanks. That’s a long list.
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