The Wall Street Journal reported that court-appointed trustee Irving Picard is now looking to Madoff’s clients who got their money in previous years for them to ante up so that the money can be distributed “fairly”. To this end, he has filed so-called “clawback” suits. In other words, although these people were completely innocent of any wrongdoing, Mr. Picard wants them to become victims also, so that everyone suffers equally. The implications of this are far reaching. How could anyone ever trust any investment if people like Mr. Picard are allowed to back date things?
If you are in this situation, you may wish to consider moving this money into “exempt” assets. One of those assets could be life insurance, annuities and other retirement accounts. You may want to do this quickly.
I can help you with this. Each case is different and will require my services as well as a qualified CPA or tax lawyer that can give you independent advice on this. Let me know if I can help you with this. I work closely with other professionals in complicated matters like this.
But whatever you do, do it now.
