Belfast Telegraph

Ruined investors prepare to confront Madoff

Alleged $35 billion fraudster Bernard Madoff will come face to face with some of the investors he is accused of ripping off in a massive pyramid scheme.

The disgraced former Nasdaq stock market chairman has been under house arrest in his Manhattan apartment since December.

But on Thursday, he is expected to enter a guilty plea in the multibillion-dollar pyramid scheme fraud, setting up a dramatic and highly unusual confrontation with the people he is accused of cheating.

On Friday, US District Judge Denny Chin invited victims to address the court after prosecutors submitted papers noting that crime victims had the right to be 'reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding'.

It is not clear how many of Madoff's former investors will attend the hearing.

Thousands lost money, among them many charitable institutions and schools.


From Belfast Telegraph