Posted by: Keun H. Maeng
Written by: The Associated Press
A small group of investors took Bernard L. Madoff to bankruptcy court on Monday, saying the disgraced financier bilked them out of nearly $64 million.
A Manhattan judge cleared the way for the newly filed Chapter 7 petition last week by granting a request from the same investors to lift a temporary order barring bankruptcy for Mr. Madoff. They had argued that a bankruptcy case was needed to protect their rights amid a scramble to seize his assets.
Mr. Madoff, 70, pleaded guilty last month to federal charges that his secretive investment advisory service was a multibillion-dollar Ponzi scheme in which he paid longtime clients with money from new ones. He is in jail awaiting a June sentencing for charges that carry a sentence of up to 150 years in prison.
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