Yearning To Be A Madoff Victim

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We may actually have a group of people who are green with envy at the cushy situation the Madoff victims are currently in. After unleashing a plague of boy bands on the world, Lou Pearlman graduated to the equally objectionable business of running a $300 million Ponzi scheme. Now, the trustee in Pearlman's bankruptcy is looking to hit up victims for some or all of their principal under clawback provisions. There is little doubt that there were some individuals who were in on Pearlman's house of Ponz and withdrew their money before it came crashing down. But there will likely be at least a few people who are going to learn the hard way that in the post-Bernie world, the justice process operate in reverse when it comes to settling up Ponzi money.
As the lawyer for the trustee recently pointed out, those who may have been wrongly targeted in the clawback lawsuits should just relax since,"we've set forward a process for eligible defendants who can establish their good-faith defense". Hopefully, for their sake, arguing that they experienced a brief moment of lucidity after realizing that the individual who introduced the era of processed, synthetic "music" was likely not an investing prodigy will be enough.

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