A judge ruled on Friday that investors could force Bernard Madoff into bankruptcy.
Wired PR News – A judge in New York ruled on Friday that investors scammed by ex-financier Bernard Madoff could try and recover lost funds by forcing him into bankruptcy. As reported by the Associated Press (AP), U.S. District Judge Louis L. Stanton’s decision overrode a prior temporary order that prevented involuntary bankruptcy for the 70 year-old, as an investigation into his finances ensues.
The judge is quoted by the AP as writing in his decision, victims of Madoff’s ponzi scheme would benefit from the “orderly and equitable administration of his individual estate” by a bankruptcy court.
As noted in the report, Madoff is currently in jail after pleading guilty to several counts of fraud for cheating billions of dollars out of investors. He is set to be sentenced in June, and faces up to 150 years in prison.
Photo Credit: U.S. Department of Justice