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 Bernard Madoff's investment firm,
Bernard L. Madoff Investment Securities LLC received a nod from a US Bankruptcy Judge for $28.1 million to cover expenses to liquidate. The $28.1 million covers employee salaries and other costs. Bank of New York Mellon Corp. has already transferred $883,000 to cover liquidation costs, according to The Wall Street Journal.
Madoff is accused of devising a $50 billion Ponzi scheme. So far investors
claim to have lost more than $30 billion in the scheme. A federal
judge ordered Madoff to provide a detailed
list of all holdings to the
Securities and Exchange Commission by New Year's Eve, according to Bloomberg. The judge said
it is possible that investors who invested with Madoff via third parties may receive some relief. - Maria Woehr
Also see: Judge Grants Madoff Liquidation Trustee $28.1 Million Madoff Firm Trustee Wins Access to Liquidation Funds Categories Deal Video
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