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Tag: June 29

Feds Says it Could Take Several Years to Locate, Liquidate and Distribute Madoff’s Assets

By Allan Lengel
ticklethewire.com

It’s likely to take several years before the government and the trustee
Bernie Madoff

Bernie Madoff

locate, liquidate and distribute swindler Bernie Madoff’s assets, according to a U.S. Attorney motion filed  Friday morning.

“Given the size and scope of the defendant’s fraud, the efforts of the Government and the SIPA (Security Investment Protection Act) Trustee to recover assets, liquidate them if necessary, and distribute them to victims, are expected to continue for several years,” according to U.S. Attorney motion filed Friday morning.

The motion, filed by assistant U.S. Attorneys Lisa A. Baroni and Marc Litt, asked that the judge go forward with the June 29 sentencing and requested 90 more days to “determine whether restitution by Court-ordered schedule is practicable, and if so, the contents of such schedule.”

“While the government and SIPA Trustee have sought to identify as many victims as possible as well as precise loss, we will not have identified each victim of the Madoff fraud or ascertained the precise losses of each identified victim as” of the June 29 sentencing date, the govenrment wrote.

Read Government’s Motion on Assets