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May 13, 2009

$12B in Withdrawn Madoff Funds Could Be Retrieved
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The New York Times is reporting investors withdrew some $12 billion from
accounts at Bernie Madoff’s firm last year. Half of that $12 billion was
taken just three months before Madoff was arrested in December on
allegations of operating a Ponzi scheme. Madoff is currently in jail
awaiting sentencing next month. Under federal law, the trustee handling
Madoff’s bankruptcy can sue the investors to retrieve the money they
withdrew.



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