Parker Waichman LLP

Madoff Investor Group Wants to Have Releases Voided

A group of Bernard Madoff’s victims who waived some of their rights in order to receive accelerated payments from the trustee liquidating his assets are having second thoughts. According to Bloomberg.com, they are asking a federal bankruptcy judge to invalidate the releases they signed so that they can seek more money if it is found […]

A group of <"https://www.yourlawyer.com/topics/overview/Bernard_Madoff_Investment_fraud">Bernard Madoff’s victims who waived some of their rights in order to receive accelerated payments from the trustee liquidating his assets are having second thoughts. According to Bloomberg.com, they are asking a federal bankruptcy judge to invalidate the releases they signed so that they can seek more money if it is found that the trustee miscalculated their claims.

According to Bloomberg.com, this is the same group of Madoff victims who sued the trustee earlier this month in an attempt to force him to recalculate reimbursements. As we reported previously, trustee Irving Picard is currently calculating an investor’s loss as the difference between the total amount a customer paid into the scam and the total amount withdrawn before it collapsed. This group has argued that investors should receive credit for the full value of the securities shown on the last account statements they received before Madoff’s arrest. If they win, the amount due to each defrauded Madoff investor will substantially increase.

But a recalculation won’t help Madoff’s investors who sought accelerated payments, most of whom did so because they were in dire financial circumstances, Bloomberg.com said. In order to qualify for those accelerated payments, they had to sign releases barring them from seeking more money if Picard recalculated losses. They are asking that the released they signed be voided.

Madoff pleaded guilty to 11 criminal charges last March, including securities fraud, wire fraud, mail fraud, money laundering and making a false filing with the U.S. Securities and Exchange Commission. At the time of his plea, Madoff publicly admitted he had run a Ponzi scheme.

Madoff is being detained at the Manhattan Correctional Center in New York City, where he is awaiting sentencing scheduled for later this month. He faces as much as 150 years in prison. However, it was recently learned that Madoff’s defense attorney has written the judge scheduled for the sentencing, urging a 12-year-sentence. According to the Associated Press, attorney Ira Sorkin wrote that such a sentence – which many of Madoff’s defrauded clients would likely consider too lenient – would acknowledge Madoff’s voluntary surrender late last year.

What Our Clients Say About Us
We have worked with thousands of clients and we appreciate them and their positive reviews. Here are just a few recent client reviews...
5 Star Reviews 150
PW’s nurse Joanne has been very attentive and supporting since my case has been initiated.
Tiff K
5 years ago
5 Star Reviews 150
Great law office super nice staff. Thank you Jorge you helped me a lot
Cecilia Ortiz
4 years ago
5 Star Reviews 150
Mrs Michele Josama is very helpful and patient. It is such a pleasure dealing with her. Great job Parker Waichman!!!
marc rene
5 years ago

Why Choose Us to Help You?

We Take Care of Everything
Your situation is stressful enough: Let us take on the deadlines, paperwork, investigation, and litigation. We'll handle every detail so you don't have to worry.
No Recovery = No Legal Fees
We work on a contingency-fee basis, meaning that we only get paid from a portion of your settlement or jury award. If you don't get compensation, you owe us nothing.
Decades of Experience
Your situation is stressful enough: Let us take on the deadlines, paperwork, investigation, and litigation. We'll handle every detail so you don't have to worry.
Respected by Our Peers
Judges, insurance adjusters, and fellow attorneys all speak highly of our skills, and we've earned numerous accolades, including a flawless rating from AVVO.
We Have Many Locations To Serve You
We have the experience and the skilled litigators to win your case. Contact us and speak with a real attorney who can help you.
Long Island – Nassau
Parker Waichman LLP
6 Harbor Park Drive
Port Washington, NY 11050
Long Island – Suffolk
Parker Waichman LLP
201 Old Country Road – Suite 145
Melville, NY 11747
New York
Parker Waichman LLP
59 Maiden Lane, 6th Floor
New York, NY 10038
Queens
Parker Waichman LLP
118-35 Queens Boulevard, Suite 400
Forest Hills, NY 11375
Brooklyn
Parker Waichman LLP
300 Cadman Plaza West
One Pierrepont Plaza, 12th Floor
Brooklyn, NY 11201
New Jersey
Parker Waichman LLP
80 Main Street, Suite 265
West Orange, NJ 07052
Florida
Parker Waichman LLP
27299 Riverview Center Boulevard
Suite 108
Bonita Springs, FL 34134
Nationwide Service
Parker Waichman LLP
59 Maiden Lane, 6th Floor
New York, NY 10038