Investigators Seek Delay on Madoff Restitution

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Investigators Seek Delay on Madoff Restitution

June 22nd, 2009 meg

Investigators of Bernard Madoff’s Ponzi scheme want more time to calculate the amount of money lost and the number of investors defrauded as they seek to determine restitution.

They have asked U.S. District Judge Denny Chin to delay a decision on restitution by three months.

However, the investigators see no need to delay Madoff’s June 29 sentencing.

So far, Madoff trustee Irving Picard has identified 1,341 account holders who collectively lost about $13 billion as of December 11, 2008, when the FBI arrested Madoff.

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