Comment on Trustee: No evidence Madoff bought any securities

Trustee: No evidence Madoff bought any securities

By TOM HAYS The trustee in charge of untangling the mess brought on by the Bernard Madoff scandal told investors Friday there was no indication the disgraced money manager bought securities for his clients."We have no evidence to indicate securities were purchased for customer accounts," said Irving Picard, the court-appointed trustee overseeing the liquidation of Madoff's assets.He told a meeting for investors that he has recovered $650 million so far and noted that victims could qualify for up to $500,000 in funds from the Securities Investor Protection Corp., also known as the SIPC.Madoff was arrested in December after investigators said he confessed to his sons that he had swindled investors of $50 billion in a Ponzi scheme.

 

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