Madoff Clients Told To Return Money

...Seems that under New York state law, court trustees can seek recovery of withdrawals for up to 6 years, a provision of the law that’s known as a ‘clawback procedure’. The legal theory behind the clawback procedure is if withdrawals were paid from a financial scam, they should be returned proportionately and then redistributed among all victimized investors...

...Under the clawback rules, if an investor withdrew $100,000 to pay for college tuition for a child or grandchild and then subsequently lost everything else due to the fact that it was invested with Madoff, that same investor may be forced, legally, to have to come up with $100,000.

Think this sounds beyond the realm of the possible?

Think again...

Dennis Stubbergen: Madoff Clients Told To Return Money