John Malkovich seeking to recover $2.2 million from Bernie Madoff | EW.com

News | News Briefs

John Malkovich seeking to recover $2.2 million from Bernie Madoff

John Malkovich is seeking to reclaim $2.2 million from the liquidation of the securities firm formerly run by Bernard “Bernie” Madoff, Reuters reports. Malkovich, a former client of the infamous Ponzi schemer, argued in a Thursday filling in NYC that his trust deserved the amount of money reflected on its final Nov. 30, 2008 statement – 11 days prior to Madoff’s arrest. “A customer generally expects to receive what he believes is in his account at the time the stockbroker ceases business,” the trust argued in its filing. However, on March 1, the trustee liquidating Madoff’s firm awarded only $670,000 to Malkovich, arguing that this amount represented the account’s “net equity,” or the difference between what an investor put into a firm and what he or she ultimately took out. The Malkovich trust is appealing the decision to a federal appeals court in New York. Madoff is currently serving a 150-year prison sentence.

Tags: