Madoff jailed easy victim begging for trouble

Bu Xiaoming "Ponzi scheme" principal Madoff was sentenced June 29 to 150 years in prison ——— Madoff fraud victims outside the courtroom to be interviewed by reporters.　　Madoff, the former board chairman of NASDAQ Stock Market Company, June 29 was sentenced to 150 years in prison, but the involving 65 billion dollar and 20-year Ponzi scheme has not yet been ended. Madoff cheated a total of 1 billion dollars to the victims of money, the money has not gone to the unknown.　　The Wall Street Journal reported that victims may have to wait at least 15 years to recover their hard-earned money. The important task of liquidation asset chasing money falls on the Owen Picard of Madoff's asset liquidation principal.　　Eligible victims can receive up to 500,000 dollars in compensation from the Securities Investor Rights Protection Corporation, but the remaining losses depend to a certain extent on the amount of assets that may be recovered by Picard during the liquidation process. Madoff's wife, 68-Year-old Ruth Madoff 26th with the prosecution to agree to give up all the assets he shares with her husband.　　These assets include tens of millions of dollars in cash, a New York apartment of 7.5 million U.S. dollars, a New York Montauk value of 7 million dollars in property and insurance for more than 2.6 million dollars in jewelry.　　Ruth was allowed to keep 2.5 million dollars in cash assets.　　The Wall Street Journal, citing people familiar with the matter, reported that prosecutors, the Securities and Exchange Commission and the Picard office were coordinating the "unclean" assets held by other members of the Madoff family and the Madoff cronies.　　The Times reported that he has so far recovered about $1.2 billion trillion of losses, mainly through the sale of Madoff assets, including the sale of Madoff's legal securities business. Reply to recent investors however, from now on, most of the money that Picard recovered may have come from so-called "back up" lawsuits.　　He is expected to sue investors who have raised money from Madoff's financial institutions over the past few years, on the basis of new redemptions from other victims who have been cheated out of cash. He has filed a lawsuit requiring investors to return more than 10 billion dollars. These investors have made withdrawals in recent years from their accounts in Madoff's institutions.　　Under New York State Law, he has the right to recover the false profits that Madoff's financial institutions have paid to investors over the past 6 years.　　He said his main goal was a partnership between trust funds and investors, which extracted more than 6.1 billion dollars more than their main investment in the Madoff institution. These bodies have not yet formally responded to the proceedings.　　The defendant's lawyer said the defendant was also the victim of the Madoff fraud. As he gathers to lose assets, investors start arguing about how much money to return.　　He believes that the amount of money that investors need to return equals the difference between the amount of money withdrawn and the principal invested.　　The scam is unfinished. Madoff told his son last September 10 that his investment business was a "Ponzi scheme" and that he had "gone bankrupt" and "absolutely nothing".　But some people believe that Madoff must have hidden the money abroad.　"I believe that there is Madoff's money in Monaco," said Ken Rubinstein, a partner at Rubinstein-Rubinstein law firm in the United States. Because Monaco is the only country that has not signed a mutual legal assistance agreement with the United States, and the banking system there is large enough to be able to quietly digest Madoff's deposits.　　"Rubinstein-Rubinstein law firm is responsible for providing legal advice to the victims of the Madoff fraud case." The Wall Street Journal reported that the Securities Investor rights Protection company has so far sent a total of 142 million of dollars of cheques to compensate for the eligible Madoff fraud victims. More than 10,000 people have submitted applications as the deadline for compensation for securities investors ' rights protection companies nears July 2.　　However, investors who indirectly invest in Madoff institutions do not meet the compensation requirements of the Securities Investor rights Protection company. Investors have sued JPMorgan for a bank account for Mr Madoff. KPMG has also been sued for undertaking a branch of the Fund's audit work.　　Investors are also planning to sue the Securities and Exchange Commission for weak regulation. The Associated Press reported June 30 that at the end of the Madoff fraud investigation, at least 10 people will be prosecuted. (Xinhua News Agency)