Investors Take Madoff to Bankruptcy Court
Ethics
A small group of investors took Bernard Madoff to bankruptcy court onMonday, saying the disgraced financier bilked them out of nearly $64million.
A Manhattan judge cleared the way for the newly filed Chapter 7petition last week by granting a request from the same investors tolift a temporary order barring bankruptcy for Madoff. They had arguedthat a bankruptcy case was needed to protect their rights amid anongoing scramble to seize his assets.
Madoff,70, pleaded guilty last month to federal charges his secretiveinvestment advisory service actually was a multibillion Ponzi scheme inwhich he paid longtime clients with money from new ones. He is jailed,awaiting a June sentencing for charges that carry a sentence of up to150 years in prison.
Federal authorities already have begunforcing Madoff to forfeit property they allege was paid for by hisfraud. In addition, a court-appointed trustee is liquidating assetsfrom his securities firm to help play claims from thousands of burnedinvestors.
The investors who sought bankruptcy believe it was thebest way to make sure "all the property available would go to thevictims," their lawyer, Jonathan Landers, said Monday.
Theyinclude a general partnership in Florida that claims it lost $30.2million and another Madoff client who says he lost about $29 million inpersonal and charitable trust accounts. The claims are based on amountslisted in the last statements they received from Madoff — documentsinvestigators say were fictitious.
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Processing Change for Certain Form I-730 Petitions
USCIS changed the processing location for certain Form I-730, Refugee/Asylee Relative Petition, filings. Previously the Service Center Operations Directorate processed these filings. Now, the International Adjudications Support Branch (IASB) in the Refugee, Asylum, and International Operations Directorate will process the petitions filed by individuals who were admitted to the United States as refugees. Petitioners and/or accredited representatives who file refugee-based Form I-730 petitions will receive further instructions when IASB receives their filings. Form I-730 petitions filed by persons granted asylum will not be affected by this change. The mailing instructions for Form I-730 remain the same. Petitioners should continue to follow the Where to File directions on the Form I-730 page. This policy update is consistent with the Department of Labor’s (DOL’s) Standard Occupational Classification system. DOL defines economists as people who conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. Economists may collect and process economic and statistical data using sampling techniques and econometric methods.