Home -> Law Blog Directory -> Legal News Blogs -> JURIST - The Paper Chase

OR PHONE (866) 635-1838 for Bankruptcy Help, (866) 635-6190 for Divorce,
(866) 635-2689 for Personal Injury or (866) 635-9402 for Criminal Defense

Find a Local Lawyer

Bankruptcy (866) 635-1838
Divorce (866) 635-6190
Personal Injury (866) 635-2689
Criminal Defense (866) 635-9402

Legal News

: JURIST - The Paper Chase

Federal judge moves to protect Madoff assets from bankruptcy creditors

By Bernard Hibbitts (editor) and University of Pittsburgh School of Law students.

ADVERTISEMENTS

[JURIST] Judge Denny Chin of the US District Court for the Southern District of New York issued a restraining order Monday that protects from bankruptcy more than $100 million in assets of financier Bernard Madoff. Chin signed the order to protect assets that will likely be forfeited by Madoff to the US government as a result of his guilty plea to securities fraud charges stemming from his alleged multi-billion dollar Ponzi scheme. The order comes on the same day that a federal bankruptcy judge appointed an interim trustee to oversee Madoff's assets ahead of attempts by injured investors to recoup losses suffered in the scheme. Madoff remains in custody following his plea. Last month, Madoff pleaded guilty to security fraud charges for his alleged involvement in a multi-billion dollar Ponzi scheme. In February, Madoff consented to a partial judgment with the SEC over civil charges brought by the SEC to obtain a preliminary injunction and asset freeze against him. The same day, then-SEC Division of Enforcement Director Linda Thomsen announced she was stepping down from her post. In the week following Madoff's charges, then-SEC Chairman Christopher Cox said that he would launch an immediate investigation into how the fraud allegedly perpetrated by Madoff went undetected for so long.

Full post as published by JURIST - The Paper Chase on April 21, 2009 (boomark / email).