Madoff victims can only file claims for actual losses

Appeals court said inflated profits were fictitious, Madoff’s attempt to hide scheme

A blow has been dealt to the victims in the ongoing Bernie Madoff saga—this time from an appeals court.

The court ruled yesterday that Madoff’s victims may only file insurance claims for money they actually lost, not the losses shown on fraudulent account statements that Madoff created to cover his illegal activity.


Cathleen Flahardy

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