Apr 8, 2009 11:30 am US/Eastern
SEC: US Government Won't Take Madoff Money
NEW YORK (AP) ―
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Financier Bernard Madoff arrives at Manhattan Federal court on March 12, 2009, in New York City.
Stephen Chernin/Getty Images
The Securities and Exchange Commission says any money recovered from the sale of Bernard Madoff's assets will go to his investors rather than to the U.S. Treasury.
The SEC made the statement in papers filed Wednesday in Manhattan federal court. The commission said some investors who fear otherwise want to force Madoff into bankruptcy court to recover assets.
The SEC said bankruptcy proceedings brought about by investors who lost billions of dollars to Madoff would create unnecessary confusion and cause costly and potentially wasteful litigation.
The commission said it believes the court should continue its order prohibiting the filing of a bankruptcy case against Madoff.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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