Forcing the accused into personal liquidation is a long honored tradition that used to be the first thing resorted to, even before the trappings of criminal procedure. What the hell happened here? Perhaps victims (and the rest of us) were too stunned to think of it before now?
A lawyer for victims of Bernard Madoff's $65 billion Ponzi scheme is seeking to force the fraudster into personal bankruptcy to ensure that all his assets are used to pay those from he stole.
"It's an important step to ensure that all Madoff assets are brought before the bankruptcy court to be used for victims of this massive fraud," Jonathan Landers, a lawyer with Milberg LLP, which represents more than 70 victims, said in a phone interview.
Whatever the case it seems somewhat difficult to imagine that the recovery levels will be high. We suppose you never know, but we sort of doubt the Bernster left all that much behind.
So much for the multi-0 balance at the correctional commissary, Berno.
Madoff's Victims Seek to Force Him Into Bankruptcy [Bloomberg]