Madoff Investors Challenge Payback Formula - NBC New York

Madoff Investors Challenge Payback Formula



    Madoff Investors Challenge Payback Formula
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    Madoff's lack of ethics may apply to his views on marriage as well as money.

    Dozens of investors who recouped more than their investments in jailed financier Bernard Madoff's business have asked a federal court in New York to force a trustee to include fictitious profits when considering how victims get paid back.

    The request was filed late Monday with the federal appeals court in Manhattan.

    They challenge a federal bankruptcy judge's March ruling that investors are only owed the money they invested with his firm and not the $65 billion reflected on fictitious statements.

    The papers say those who were paid back more than they invested could now face lawsuits.

    Madoff is serving a 150-year sentence after admitting his multi-decade fraud. A message for comment left with a spokesman for the trustee was not immediately returned.