Friday, February 20, 2009

Confirmed: Madoff Made Off With Billions

Bernard Madoff enters federal court Jan. 14 in New York City

Every one who made money from Madoff investments took it from a new investor. According to The New York Times, those who took out more than they put in “have to recognize that they got someone else’s money,” said David J. Sheehan, a lawyer working with the Securities Investor Protection Corporation (SIPC).

Irving Picard, a trustee at the SIPC, is working hard to recover money for investors. He said today "the disgraced financier did not buy any securities for his clients in at least the last 13 years."

Irving Picard

“We have no evidence to indicate securities were purchased for customer accounts,” the trustee, Irving H. Picard, said at the first gathering of Mr. Madoff’s clients and other creditors at the federal bankruptcy courthouse in Lower Manhattan."

According to The Wall Street Journal, Mr. Picard "has said he will sue investors to retrieve profits they earned, particularly if they took their money out because they were suspicious".

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