Madoff to be questioned over ‘profit withdrawal’ records
Published April 5, 2016
Bernard Madoff arriving at Manhattan Federal court, March 12, 2009. (Stephen Chernin/Getty Images)
(JTA) — Bernard Madoff will be questioned by lawyers of some of his former customers who lost money in his multi-billion dollar Ponzi scheme.
A filing on Monday requested a formal order on the decision to authorize the deposition of Madoff, made last month by federal bankruptcy judge, Stuart Bernstein, Reuters reported. A hearing on the request to issue a formal order will be held in front of Bernstein on Wednesday.
Madoff, 77, would be deposed at the North Carolina prison where he is serving a 150-year sentence, according to Reuters.
The questions would be limited to the meaning of more than 91,000 transactions recorded as “profit withdrawal” on the books of the former Bernard L. Madoff Investment Securities LLC.
Some former customers caught in the Ponzi scheme believe their claims were undervalued by the court-appointed trustee charged with recovering stolen funds and returning them to investors. They believe the deposition could help their cases, according to Reuters.
Some $11 billion of the stolen $17 billion has been returned to defrauded investors in the last seven years.
