Bernard Madoff Investors Challenge Payback Formula
NEW YORK (AP/WCBS 880) — Dozens of people who recouped more than their investments in imprisoned financier Bernard Madoff’s business have asked a federal court in New York City to force a trustee to include fictitious profits when considering how victims get paid back.
They’re challenging a federal bankruptcy judge’s March ruling that investors are owed only the money they invested with Madoff’s firm and not the $65 billion reflected on fictitious statements.
Their request was filed late Monday with the federal appeals court in Manhattan. Their court papers say those who were paid back more than they invested could now face lawsuits seeking to claim their assets.
Madoff is serving a 150-year sentence after admitting his multi-decade fraud.
A spokesman for the trustee hasn’t returned a phone message seeking comment.
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