Madoff Bankruptcy Blocked
Madoff Bankruptcy Blocked
April 21st, 2009 meg
A federal judge has blocked Bernard Madoff’s assets from being moved into bankruptcy, saying there is probable cause the assets should be forfeited to the government.
The order comes exactly one week after investors filed papers seeking nearly $64 million in an effort to force Madoff into involuntary bankruptcy.
Madoff is currently in jail after pleading guilty to operating on the largest fraud schemes in history. Madoff’s lawyers have listed his worth at up to $826 million.
Madoff faces 150 years in prison when he is sentenced June 16.
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