Tuesday, April 14, 2009

If Madoff sent you cuff links, beware...

Well, according to this article they won't go that far, but investors have launched an involuntary Chapter 7 personal bankruptcy against disgraced financier Bernard Madoff. This is to try ensure that Madoff’s personal wealth is used to pay back those who say they were defrauded and not transferred to family members or hidden elsewhere.

A quote from the article, "For example, a trustee in a personal bankruptcy can recover gifts made by Madoff to friends and family going back six years, " he said.

And about those cuff links...like we said, they won't go that far. Here's another quote from the article.

If Madoff sent you a set of cuff links, nobody’s going to try to get that back," Landers said. "But if he sent you $150,000 for a college fund, that may be part of this."

Bottom line, if this goes through, more family members and friends are about to be tangled up in Bernie's web, whether they were in on it or not.

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