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Recovering Madoff's Funds
What’s next for Madoff’s clients? “Right now there are Madoff winners and Madoff losers,” a professor of bankruptcy law at Harvard told Bloomberg. “Before this is over there will be nothing but Madoff losers.” Those who withdrew money from Madoff’s scheme as long as six years ago may be sued on behalf of other investors who are trying to recover their own funds. It will be up to Irving Picard, the trustee appointed to liquidate Madoff’s brokerage. According to Bloomberg, “Only investors who acted in ‘good faith’--a legal standard that makes investors prove they didn’t have knowledge or suspicion of fraud--could protect their initial stake, Hardin ruled [in a similar case]. He said investors could show they had good faith if they didn’t see any ‘red flags’ when they withdrew the funds.”
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