Wednesday, August 17, 2011

Give me back what wasn't mine

"NEW YORK (CNNMoney) -- A federal judge shot down an appeal from investors in Bernard Madoff's scheme, dismissing their opinion that they're entitled to the amount of money that the Ponzi schemer said they were worth.
The ruling applies to investors who believe they should be compensated not just for the money they invested with Madoff, but for the amount of money he said they were worth.
Madoff's statements typically said that the balance had grown significantly since the original deposit, even though the money wasn't actually invested and, in many cases, simply disappeared.
With his ruling, Judge Jacobs sided with Irving Picard, an attorney appointed by U.S. Bankruptcy Court in Manhattan to track down the money and assets lost to Madoff in the largest pyramid scheme in history.
Picard is only recognizing net equity claims, meaning claims from investors who deposited more than they withdrew and are seeking to get their deposits back."

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