The New York Times is reporting investors withdrew some $12 billion from accounts at Bernie Madoff’s firm last year. Half of that $12 billion was taken just three months before Madoff was arrested in December on allegations of operating a Ponzi scheme. Madoff is currently in jail awaiting sentencing next month. Under federal law, the trustee handling Madoff’s bankruptcy can sue the investors to retrieve the money they withdrew.
$12B in Withdrawn Madoff Funds Could Be Retrieved
HeadlineMay 13, 2009