Tuesday, December 1, 2009

Madoff's Investors Next in Line to Pull Shifty Moves

Some of Madoff's victim's are claiming that they deserve to be paid back more money than they actually lost.

"Thousands of long-term investors, including elderly people who lived for decades on withdrawals from their Madoff accounts, do not qualify for S.I.P.C. payments because they withdrew considerably more over time than they originally entrusted to Mr. Madoff, Barry Lax, a lawyer for the plaintiffs, said."

A lot of Madoff's investors are arguing that they should receive an amount reflecting the fictional account balances that Madoff had fabricated. Do these people really deserve to receive money that never actually existed or belonged to them, especially if they withdrew more over time than they originally payed in?

1 comment:

Dominic & Sue said...

Your statements show a considerable lack of knowledge of the situation and the SIPC rules.

Yes, victims ARE entitled (by Federally mandated law) to receive payments from SIPC for the amount they were told they had on their last account statement, dated 11/30/08 (up to $500,000).