Madoff investors ordered to return false profits

[sixmile]

http://finance.yahoo.com/news/Madoff-investors-ordered-to-apf-15027879.html?sec=topStories&pos=5&asset=&ccode=

The trustee trying to unravel Bernard Madoff's massive pyramid scheme is threatening legal action to recover $735 million from investors who unwittingly made money off the swindle.

For decades, Madoff paid out steady profits to his clients, telling them the money had been earned in the stock market. The gains, though, were fictitious, and Madoff pleaded guilty last month to stealing funds from some investors to pay bogus profits to others.

In recent days, court-appointed trustee Irving Picard has sent letters to 223 investors, ordering them to return money they withdrew from their accounts at Bernard L. Madoff Investment Securities in the six years before the scheme collapsed.

"These amounts were paid to you at the expense of other customers while BLMIS was insolvent," said one letter, sent to an investor who gradually withdrew $975,000 between 2003 and 2008. "The Trustee demands that you immediately return such amounts to the Trustee for the benefit of all defrauded creditors."

Investors who don't return the money could face legal action, the letters said.

[MineralMan]

1. Yeah, right....it's a play, and it won't play.

Have your attorney contact that attorney and tell him to piss off.

[closeupready]

2. Aww! So sorry, Ruthie - this means YOU.

:rofl:

[rucky]

3. I don't know if that's a fair way to handle it or not.

All of his victims should at least recover their initial investment.

[SoCalDem]

4. Give them back the taxes they paid on their "profits", and make them return the "fake money"

If a guy robs a bank and "pays off" a debt to you, with the bank-loot, the police will take it from you..