Trustee liquidating Madoff’s firm insists that small investors
with fictitious profits will not be expected to return all their money.
No elderly Jewish victim of Bernard Madoff who made money from his Ponzi scheme will be asked to sell her diamond engagement ring or home in order to repay the fictitious profits made, according to the trustee liquidating Madoff’s investment firm.
“No, that is not what we’re looking for,” said the trustee, Irving Picard. “Those type of people sound like they should be filing hardship applications.”
NEW YORK (JTA) -- The estate of one of the largest beneficiaries of Bernard Madoff’s multibillion dollar Ponzi scheme, Jeffrey Picower, has agreed to return $7 billion to Madoff’s victims.
The figure is the difference between the amount of cash that Picower, a Jewish investor, put into his account with Madoff and the amount that he withdrew, The New York Times reported. The deal was set to be announced at a news conference on Friday.