Indirect Investors May Get Cut Of Reclaimed Madoff Fund
NEW YORK (CBSNewYork/AP) — Manhattan U.S. Attorney Preet Bharara said Monday that more than 10,000 people whose indirect investments with Bernard Madoff prevented them from eligibility for billions of dollars will get to make claims against a $2.35 billion fund.
Bharara said Monday the government’s rules for disbursing the money allows defrauded victims to join the recovery.
He said eligibility will be open to those who invested with Madoff through feeder funds, investment groups and other pooled investment vehicles. Claims to the money must be made by Feb. 28.
The Madoff fraud was revealed five years ago when Madoff ran out of money to continue a multi-decade fraud that lost about $20 billion of investor money.
Madoff, who pleaded guilty in 2009, is currently serving at 150-year prison sentence for running the largest Ponzi scheme in history.
You May Also Be Interested In These Stories
- Loretta Lynch Sworn In As New US Attorney General
- Nepal Earthquake Death Toll Soars Past 4,000
- Coyote Spotted Hiding Behind Bush At Middle Village, Queens Home
- Crews Rescue Frightened Cat Stranded On New Jersey Highway
(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)