So now there's a class action suit seeking claims overhaul.
The customers say that, by law, they should be given credit for the full value of the securities shown on the last account statements they received before Mr. Madoff’s arrest in mid-December, even though they were bogus and none of the trades were ever made. According to court filings, those account balances add up to more than $64 billion. - NYTimes
TAXPAYERS would have to cover if SIPC can't. Geez, I wanna be a Madoff customer too.
"I had a call yesterday from a guy who said, 'I've taken out more money then I originally put in, but I still had $1 million left with Madoff. Should I file a $1 million claim?'" said Steven Caruso, a New York attorney specializing in securities and investment fraud.
"I'm hard-pressed to give advice in that situation," Caruso said.
Among the options: Get in line with other victims looking for restitution. Keep quiet and hope nobody notices. Return the money. Or hire a lawyer and fight to keep profits that were probably fraudulent. - http://www.accountingnet.com/x64396.xml
Seems like most are following option 1.
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