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.”