Posted by Yi-Xin Jin (Lily)
Now that Bernard Madoff has admitted scamming billions of dollars from investors. Victims of the Madoff scandal are looking for ways to recoup their money. The investors who have lost billions of dollars are not only suing Madoff and his firms but also the firms that sold access to Madoff’s asset-management business. These firms’ auditors and administrators are also on the radar of the lawyers who represents the investors.
The cheated investors of the Madoff scandal are also looking into recovering their money through a special bankruptcy trustee. According to Mathew Gluck, a Manhattan attorney representing more than 100 of Madoff scandal victims, “said in an interview that he is considering filing an involuntary bankruptcy petition against Madoff, 70, as a way of trying to ensure that investors have a clear shot at Madoff's personal assets." However, the federal prosecutors are aiming to use “draconian forfeiture” powers to seize the assets owned by Madoff and his wife, Ruth, and this may dealy the funds getting to investors. Madoff told the public that the total value of all the assets owned by him and his wife totaling more than 823 million and this is a combination of his business and personal assets. This figure is not even close to the damage cause by the scandal.
Sources:
No comments:
Post a Comment