Innocent Madoff traders should pay again Ponzi income, court docket guidelines

Bernard Madoff, who defrauded investors of more than $US19 billion  in history's biggest Ponzi scheme, is serving a 150-year prison sentence.

Investors who profited from Bernard Madoff’s large Ponzi scheme though they knew nothing of it should nonetheless pay again their income, an appeals court docket selected Thursday.

The 2nd US Circuit Court of Appeals in Manhattan upheld lower-court selections in instances filed by Irving Picard, a court-appointed trustee who has recovered cash for cheated traders for over a decade.

Madoff, 82, is serving a 150-year jail sentence imposed after he pleaded responsible to federal costs in 2009.

Bernard Madoff, who defrauded traders of greater than $US19 billion in historical past’s largest Ponzi scheme, is serving a 150-year jail sentence.Credit:Bloomberg

His bid to be launched early on grounds that he’s dying was rejected this 12 months. Thousands of traders misplaced billions of {dollars} by means of his multi-decade fraud.

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