Madoff Exposure? Clock Ticking on Claims

Submitted by Melissa Hoffmann on Fri, 01/30/2009 - 11:08

If you or a client was exposed to Bernard L. Madoff Investment Securities, the clock is ticking.

Customer claims should be filed by March 4, 2009 with Madoff's Securities Investor Protection Corporation trustee Irving Picard. Otherwise, according to the SEC, the claims "will be subject to delayed processing and less favorable terms."

And after July 2, they will be completely disallowed.

It's interesting that while little is still known about Madoff's alleged fraud, his victims are expected to be able to provide a full accounting of their losses and get paperwork filed within just a few months.

Will Madoff even have seen the inside of a jail cell by that deadline?

But as several NYSSCPA members point out in a story in this week's NYSSCPA E-zine, the first thing a Madoff-affected client should do is compile financial records and statements to most accurately reflect their total investment. Get those proverbial ducks in a row.

Claim forms can be found here. They can also be downloaded from the Madoff trustee's Web site.

If you're now fuming and could use a laugh, watch the ironic video of Bernie explaining investing.

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