If this were Hollywood, the courtroom would be jammed. Reporters everywhere. Rowdy audience. Distinguished lawyers snarling and prepping to rip each other a new one. Here’s how the scene would start.
Defendant/Investor: “Your Honor, I can’t pay my lawyers.”
Judge: “And why is that?”
Defendant/Investor: “Clawbacks, the search for Ponzi money—your trustee threatened my bank. Now, the bankers are denying access to my accounts.”
Judge: “That is serious. How much did your family draw from Mr. Madoff through the years?”
Defendant/Investor: “One billion, give or take.”
Judge: “Excuse me?”
Defendant/Investor: “One billion.”
Judge: “You can’t scare up a few bucks for legal fees.”
Here’s where it gets tricky. What’s a reasonable response?
Defendant/Investor: “One billion doesn’t go as far as it used to.”
No. Blaming inflation doesn’t work. The audience won’t bite.
Defendant/Investor: “It’s complicated.”
That used to work. Let’s go with it.
Judge: “Okay, it’s complicated. Tell me, how much did you invest in hard dollars with Mr. Madoff?”
Defendant/Investor: “It’s been a while, Your Honor. I don’t remember.”
Judge: “The trustee says you earned forty percent for thirty years.”
Defendant/Investor: “Okay?”
Judge: “I’m just a country lawyer and don’t know much about finance. But fifty-eight thousand turns into one-billion dollars over thirty years at forty percent.”
Defendant/Investor: “Your point?”
Judge: “Contempt.”
Hmm. I’m still not sure about this scene. Maybe we should read Bloomberg’s report about Stanley Chais, Irving Picard, and Bankruptcy Judge Burton Lifland.
Next week a guest blogger will be joining me at Acrimoney. I also expect to discuss the results of my poll. Please make sure to vote. Here’s the link.
I am a former Madoff investor. We have a proactive group of over 400 other investors that have come together in an effort to find recovery. Together, we offer support and knowledge. This is a secure group that empowers victims to change the system that allowed this fraud to happen and allows them to unite in restitution. This effort will help us go from victims to victors.
If you are a victim, or know someone who is, please go to: bernardmadoffvictims.org. We feel there is strength in numbers and as such, have made contact with many legislators in an effort to get fair and just recovery.
For more information about the group, visit the following websites:
http://www.opednews.com/articles/Bernard-Madoff-Victims-Get-by-Ronnie-Sue-Ambrosi-090502-800.html
http://www.npr.org/templates/story/story.php?storyId=100601125
http://www.foxbusiness.com/story/personal-finance/financial-planning/mad…
http://www.foxbusiness.com/video-search/m/21941880/tax-break-for-madoff-…
http://www.wowowow.com/politics/madoff-victims-come-together-find-justice-or-least-little-relief-232446>
We know that together we will prevail.
Ronnie Sue Ambrosino
Bernardmadoffvictims org