Ponzi Scheme

Madoff Investors Brace for Lawsuit

A job we're glad we don't have: Irving Picard, the trustee in charge of recovering money for Bernard Madoff’s victims, is preparing to sue those investors who withdrew more money from Madoff’s accounts than they deposited, according to The Wall Street Journal. Picard predicts that he could end up suing half of the 2,000 investors. "The people who made money, who got more, have made money at the expense of the people who didn't,” he says. The investors are, unsurprisingly, fighting the effort. "This is my money that I need now, and if he comes after me, I will be penniless," says one 87-year-old former school teacher. Picard must file any clawback lawsuits by December.