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.

Topics:  we   tom hays   bernard   irving picard   securities investor protection   corp   nasdaq   july 2.at   david sheehan   a ponzi   queens   exchange   commission   raymond spungin   staten island   sec he   montauk   n.y   palm beach   fla   madoff   picard   sec   sipc   ponzi   manhattan   trustee   evidence   bought   investors   million   assets   told   claims   investigators   office   liquidation   cash   stock   recovery   accounts   criminal   thousands   reviewing   firm   meeting   alleged   house   scheme   dollars   victims   called   personal   lost   fraud   

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More World News