A U.S. Court of Appeals denied a request by Bernard Madoff’s investors for a rehearing on trustee Irving Picard’s method of calculating who gets compensated for losses in the Ponzi scheme.
The investors asked for a new hearing after the appeals court in New York said in August that Picard can ignore fictitious profits on money Madoff never invested when calculating who gets paid. Today’s ruling means the con man’s investors can’t file claims for their profits.
Madoff, 73, is in a federal prison in North Carolina, serving a 150-year sentence for the fraud.
The case is In re Bernard L. Madoff Investment Securities LLC, 10-2378, U.S. Circuit Court of Appeals for the Second Circuit (Manhattan).