Madoff trustee: No securities bought for customers in 13 years

[Robbien]

Source: Market Watch

NEW YORK (MarketWatch) -- The trustee liquidating Bernard Madoff's investment firm says his investigation has found no evidence that any securities were purchased on behalf of customers in at least 13 years.

Speaking at a meeting Friday morning of Madoff's customers, the trustee, Irving Picard, said the firm's customers can recover up to the $500,000 they're entitled to under the Securities Investor Protection Act. Customers who've lost more than that amount can also share in assets recovered by the trustee.

. . .

Picard said he and his staff are sorting through 7,000 boxes found at a Queens warehouse that sheltered Madoff's records and files at the firm's offices "under the watchful eye of the FBI."

Read more: http://www.marketwatch.com/news/story/madoff-trustee-no-securities-bought/story.aspx?guid={E3029229-16E5-4CB7-8ED2-E9584C10B391}&dist=msr_1

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So the clients can only file a claim for their original investment. Those above ten percent returns for the last thirteen years were fake and cannot be part of the request for reimbursement.

He made it all up.