Operators of “feeder funds” withdrew $12 billion from Bernie Madoff’s accounts in the year before his arrest — and almost half of it in the last three months, the New York Times is reporting.
The trustee handling Madoff’s bankruptcy has filed two lawsuits to collect $6 billion from two feeder funds that worked with the convicted Ponzi schemer.
Officials hope that bilked investors will be able to recoup some of their losses.
Madoff was convicted of bilking investors out of $65 billion, so the amount taken out of his accounts before his arrest is less than 20 percent of the total — a drop in a bucket. Still, $12 billion is a mighty big drop in a mighty big bucket.
How do you withdraw $12 billion? Do you ask for small bills? Can you do it at an ATM?
They withdrew $12 billion from Madoff’s accounts in the 12 months before his arrest. Either they knew the end was near — or they were spending A LOT of time in strip clubs.