Madoff Gets One More Day To Provide Full Accounting

Submitted by Melissa Hoffmann on Tue, 12/30/2008 - 14:17

Where did Bernard Madoff hide the $50 billion from his alleged Ponzi scheme?

Judge Louis L. Stanton of United States District Court may find out as soon as Wednesday, which is the deadline for Madoff to provide federal securities regulators with a full accounting of his and his New York firm’s assets -- from real estate to art works to bank accounts, the New York Times reported. Regulators are to notify the judge if the report is not filed on time.

Madoff, who hasn’t formally responded to the Dec. 11 securities fraud charge, is due in court Jan. 12, unless he is indicted before then, Bloomberg News reported. Prosecutors and defense lawyers may also agree to postpone the court date.

The firm is liquidating under the Securities Investor Protection Corporation, whose funds cover securities and cash claims of as much as $500,000 per customer, including as much as $100,000 in cash.
 

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