Madoff Trustee Demands Investors Return $735 Million
By Christopher Scinta, Linda Sandler and David Voreacos, Bloomberg.com (4/23/09)
The trustee liquidating Bernard Madoff’s defunct money management firm told 223 investors to return as much as $735 million or face legal action, said a person familiar with the matter.
“The trustee demands that you immediately return such amounts to the trustee for the benefit of all defrauded creditors” of Bernard L. Madoff Investment Securities LLC, according to a copy of the letter obtained by Bloomberg News.
Trustee Irving Picard mailed the so-called clawback letters to customers who redeemed investments over the past six years, the maximum period for which he can seek recovery under New York law, according to the person. Picard contacted mostly individuals, not so-called feeder funds, the person said. The 223 letters constitute the bulk of expected clawback letters, according to the person.
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In L’Affaire Madoff, the Spotlight Swings to Peter
From WSJ Law Blog
…A judge in Nassau County, New York on Wednesday temporarily froze Peter’s assets in a lawsuit brought by a Brooklyn Law School student who claims he lost a nearly $500,000 investment in Madoff Securities. Click here and here for stories from the WSJ and NYT.