Madoff Assets Liquidated, Monies Released
December 31st, 2008 meg
A federal bankruptcy judge approved the release of more than $28 million in assets belonging to accused swindler Bernard Madoff to pay to costs related to his case.
Madoff is accused of bilking investors out of $50 billion through a Ponzi scheme that he allegedly ran through his investment advisory business.
$883,000 has already been transferred to trustees to pay employees’ salaries and health care benefits. They are also selling off assets to recover funds for the investors who lost money held by Madoff.
Madoff remains in his Manhattan apartment under 24-hour house arrest after paying his $10 million bail.
