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Madoff Made No Trades

By Mark H. Astarita, Esq.

"We have no evidence to indicate securities were purchased for customer accounts"And there it is. That statement, from the court appointed Madoff Trustee tells the story, and is the death knell for Madoff investors. There is no money, there are no securities, there were no trades.And that means no SIPC funds, no discovery of missing securities, no government funded recovery. We discussed this months ago, and unfortunately it looks like it will be the case. SIPC Disappointment Down the Road for Madoff Investors. The Trustee is busy recovering assets, $950 million so far, but a far cry from the billions that were lost.And the second part of the story, the lawsuits against investors with profits are on the way. Yes, as we posted months ago,(Investors as Defendants) the Trustee is going to attempt to recover profits from investors who had profits...continue to full post

Full post as published by SECLaw.com on February 23, 2009 (boomark / email).