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Madoff Must Provide Asset Accounting By Tomorrow
By
Jen Chung
Published Dec 30, 2008
Modified Dec 30, 2008
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By
Jen Chung
Published Dec 30, 2008
Modified Dec 30, 2008
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It's time for billion-dollar Ponzi schemester Bernard Madoff to come clean... or at least as clean as he can: According to the NY Times, a judge has "established Wednesday as the deadline for Mr. Madoff to provide federal securities regulators with a full accounting of his and his New York firm’s assets — from real estate to art works to bank accounts."
The judge, Judge Louis L. Stanton of United States District Court, was also asked to expand the definition of a customer, as one victim pointed out that people who invested with "feeder funds" that then invested with Madoff would not be considered customers. Daniel Goldenson wrote, "Please consider broadening access to SIPC for all individuals who lost so much or all of their life savings. This was an intertwined system of deceit and theft within our financial markets that has left retirees like ourselves having to sell our homes and raise money any way we can.”
A court-appointed trustee gained access to Madoff's brokerage firm's funds as it oversees Madoff Investment Securities' liquidation. The law firm representing the trustee said, "The estate requires the funding to get to the sale of certain assets, which we hope to bring before your honor in the very near future," and was granted $28 million to cover its expenses. The trustee will reportedly be sending out claim forms to customers by January 9.
One couple who may be expecting claim forms: Kevin Bacon and Kyra Sedgewick. Bacon's rep Allen Eichorn confirmed to Daily Intel that they "had investments with Mr. Madoff — no further specifics or comment beyond that." And of rumors that "they'd lost everything except for their checking accounts and the land they own," Eichorn said, "Please, let's not speculate or rely on hearsay."
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Bernard Madoff
investment
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ponzi scheme
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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