Investors who took money out have to return it (some just rolled it over).
Claw & Disorder, NY Post | May 3, 2009 | James Doran
FR Posted May 04, 2009 PM by CutePuppy
Hundreds of victims of Ponzi scamster Bernie Madoff are spitting mad at Irving Picard, the court-appointed trustee of Madoff's estate, over what they claim is the capricious way he is moving to clawback money.
The group of 350 victims claims: * Picard -- whose job is to collect as much of the $23 billion lost during the decades-long Madoff fraud -- is demanding repayment from victims facing an "undue hardship," even though he promised not to do so. * The trustee refuses to speak with them when they reach out to him with questions or problems * They are being shortchanged on any possible insurance recovery because Picard is using the money people originally invested ($23 billion) instead of final, fraudulent account balances (an amount Madoff claimed totaled $65 billion).
"We have already lost everything we had to Madoff," said Debbie Brown, one of more than 200 victims who recently got a letter from Picard demanding the return of monies she withdrew from her Madoff account over the years. "To find out that they want to clawback hundreds of thousands of dollars we no longer have is just terrible," said the 49-year-old woman, whose parents opened the account for her when she was a young girl. "I don't know what we are going to do."
Brown, an administrative assistant married to an auto mechanic, with two kids of college age, was stunned last month to receive the letter from Picard demanding more than $440,000 she withdrew from her accounts over the years. She used much of the money to pay for her daughter's tuition. (Excerpt) Read more at nypost.com ...
Perhaps the Brown woman should take in laundry. If she spent 400 grand on one daughter she should get busy making some $$ for the other two