Saturday, April 11, 2009

Investors Can Force Bankruptcy in Madoff Case


Article by Tom Hays
Posted by Kaitlin Lanier

A Manhattan judge has given investors a green light to go after Bernard Madoff's personal property by forcing the disgraced financier into bankruptcy.

In a ruling in federal court on Friday, U.S. District Judge Louis L. Stanton lifted a temporary order barring involuntary bankruptcy for Madoff while the government continues its pursuit of his ill-gotten gains.

Victims of the massive fraud would benefit from a bankruptcy court's "orderly and equitable administration of his individual estate," the judge wrote.

Madoff, 70, pleaded guilty last month to federal charges that he cheated investors of billions of dollars over several decades with a gigantic Ponzi scheme that paid longtime investors with money from new investors. He is jailed, awaiting a June sentencing for charges that carry a sentence of up to 150 years in prison.

Click here to read more.

No comments:

Post a Comment