Payback strategies for Madoff investors
Elie Weisel, the famous Holocaust survivor and Nobel laureate, wants his Madoff funds back and wants real payback for the world's largest Ponzi scheme. He is one of more than 2,500 Madoff investors who have filed their claims in New York's federal bankruptcy court, against Madoff and about $950 million in assets, recovered to date.
Weisel described his ideal payback against Madoff, as follows: "I would like him to be in a solitary cell with a screen, and on that screen, for at least five years of his life, every day and every night there should be pictures of his victims, one after the other after the other, always saying 'look, look what you have done to this poor lady, look what you have done to this poor child, look what you have done."
For those Madoff investors who want to take quick and definitive action on "payback", two important dates must be noted (March 11th and July 2nd, 2009). Judge Denny Chin, the Manhattan Federal District Court Judge hearing the Madoff case, has set March 11, 2009 as the notification deadline for those Madoff victims who wish to face-off with Madoff and speak at his plea proceedings. The July 2, 2009 date is vitally important for those who wish to file claims in New York's US federal bankruptcy court. Thousands of Madoff victims have not yet filed their claims with the bankruptcy court.
Many duped investors have not taking action, but are urged to do so, immediately. Some Banco Santander investors, have been lulled to sleep by the Bank's feeble offer of preferred shares (returning a 2% yearly dividend) to replace their Madoff investment losses. At least Banco Santander has offered their investors something. However, trusting in the future of the Bank's preferred shares may be just another Madoff folly. Banco Santander, Bank of America, Citibank, and their investment intermediaries, have failed their clients miserably.
There are many other viable remedies available to Madoff's victims. For those whose investments are under $2 million, joining a class action lawsuit in the US, is often a good choice. Of course choosing a good law firm, experienced in creditors' rights and bankruptcy and insolvency law is key. A class action law suit, such as the one now pending in Florida, is normally not the best option for investors with losses in excess of $2 million. These investors are better served by filing individual law suits. A top US law firm, representing Madoff investors as individuals, will be able to provide them with a wider range of personal services and, normally, can recover more than those investors grouped together as a Class.
Financial payback in the Madoff claims may take several years. Those US bankruptcy claimants, represented as individual clients by their attorneys, could be the first to recover a portion of their investments. Madoff's plea proceeding is scheduled for March 12th. Rumors are strong that he may plead guilty and that he has been fully cooperating with the government to reach a plea bargain that just might save him from life in prison. Madoff's "full cooperation" would entail a full and total disclosure of: his fraud, how it was developed, who participated and schemed with him, and, most importantly --- where is the money? Without full disclosure and cooperation, Madoff will definitely spend the rest of his short life in jail. Madoff could very likely be holding back on information, pointing to other guilty parties, and to funds hidden worldwide. Once other guilty parties, and additional funds are discovered, this will definitely "sweeten-the-pot" for those, smart enough to file their bankruptcy claims before July 2, 2009.
In order to be made whole, investors should choose capable and qualified US lawyers. Our US legal system offers a vast array of legal options to recover Madoff investors' losses. Aside from bankruptcy court representation, there are many Madoff intermediary banks, accountants, and financial institutions who must pay for their negligence and lack of due diligence. Also, an estimated $6 billion in insurance may be available to settle claims. Deep-pocket money managers and middlemen, both in the Madoff and Stanford Ponzi schemes, will pay for their negligence.
In sum, I recommend quick and definitive US legal action, in both the Madoff and Stanford cases.
We have a consortium of three top US law firms and I will be glad to talk with clients about their legal rights in the United States. My email is firstname.lastname@example.org and I can correspond in Spanish, Russian and French.