Bernie Madoff is to be questioned by lawyers of some former clients of the convicted Ponzi schemer who lost money in his multibillion-dollar scam.
A filing Monday requests a formal order on the decision to authorize the deposition of Madoff made last month by a federal bankruptcy judge, Reuters reports. A hearing on the request to issue a formal order will be held before the judge, Stuart Bernstein, on Wednesday.
Madoff, 77, would be deposed at the North Carolina prison where he is serving a 150-year sentence, according to Reuters.
Bernie Madoff arriving at Manhattan federal court, March 12, 2009. (Stephen Chernin/Getty Images via JTA)
Some former investors caught in the Ponzi scheme believe their claims were undervalued by the court-appointed trustee charged with recovering and returning stolen funds. They believe the deposition could help their cases, according to Reuters.
The questioning of Madoff would be limited to the meaning of more than 91,000 transactions recorded as “profit withdrawal” on the books of the former Bernard L. Madoff Investment Securities LLC.
Some $11 billion of the stolen $17 billion has been returned to defrauded investors in the last seven years.
— JTA
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