Madoff Investors Rush for Reimbursement Claims Deadline

Reimbursement Claims Deadline Beaten

Summary: There’s a last-minute rush from investors, including even those who drove coming from Mexico to Dallas in order to beat July 2 deadline. According to officials, the number of claims in Madoff fraud already climbed to 15,000 on Friday.

Claimants walked, mailed, and e-mailed their claims to New York and Dallas central processing office of Mr. Irving Picard, the only trustee appointed by federal Bankruptcy Court in recovering assets to distribute to defrauded investors.

It will be up to the staff of Picard at Baker Hostetler to sort out the valid claims deserving of a special fund up to $500,000. Picard’s counsel, David Sheehan, said “We have loads of work to do.”

Previously, officials reported that 8,000 claims were received with Ponzi scheme where Bernard L. Madoff received a prison term sentence of 150 years. Valid claims will be reimbursed from Securities Investor Protection Corporation, the nonprofit group advancing funds to the cheated investors.

So far, there were 543 claims approved to receive payments – this total to $231 million. However, since there are 15,000 claims yet to be reviewed, other investors may have to wait for a few months more to find out if they have eligible claims.

Officials said that some investors were very reluctant in filing claims because they’re afraid that Picard would sue them due to the money they withdrew (if it exceeded the amount they placed in their accounts). However, Sheenan said that they’re pleasantly surprised about the volume of claims – according to the investigator, there were 1,400 claims filed within 48 hours before the final deadline.

COMMENT

Madoff Investors Rush for Reimbursement Claims Deadline

Reimbursement Claims Deadline Beaten

COMMENT

Recent Articles

Recent Business News

Popular News