Courts are on the verge of shutting the door, once and for all, on “net winners” from the Bernard Madoff Ponzi scheme who refuse to pay back fictitious profits they received in the two years before commencement of the liquidation in bankruptcy court under the Securities Investor Protection Act.
In the latest opinion on February 17, District Judge Colleen McMahon of New York granted summary judgment in favor of the Madoff trustee for more than $2.6 million, plus prejudgment interest since 2010 at 4%. Regarding the Madoff customers who took out more cash than they invested, she said that they “have wasted the [Madoff] Trustee’s time and resources and the Court’s as well.”
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