Ruling in Madoff Case

During the six years before Bernard L. Madoff’s money-management firm went bankrupt in 2008, Madoff’s family withdrew $141 million from the firm (less than $59 million was taken during the two years preceding the bankruptcy).

A recent ruling limited the bankruptcy trustee to claiming only two years of withdraws from the Ponzi scheme. This ruling allows Madoff’s family to keep almost $82 million of the money they withdrew.

Currently, Maddoff is serving a 150 year sentence for his involvement in the largest Ponzi scheme in American history.

See Linda Sandler, Ruling Would Give Madoff Family $28M: Trustee, Bloomberg, Oct. 27, 2011.

Special thanks to Son Trinh (2012 J.D. Candidate, Texas Tech University School of Law) for bringing this article to my attention.