Madoff Bought No Stocks—for 13 Years

By Harry Kimball,  Newser Staff
Posted Feb 20, 2009 4:12 PM CST
Bernard L. Madoff.   (AP Photo)
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(Newser) – The trustee liquidating Bernard Madoff’s companies said today the disgraced financier appears not to have purchased any securities for his clients for “perhaps as much as 13 years,” Bloomberg reports. It was “cash in and cash out,” Irving Picard said. "It was all just made up," a lawyer working with Picard said, according to the AP. "You got somebody else's money."

Earlier this month, the trustee said he had recovered $946.4 million for customers, and he said he will soon liquidate a unit of Madoff’s firm “that appears to have some value.” In addition, the lawyer described “clawbacks” to investors, saying only those who profited would be levied. “We will be seeking to recover false profits from people who received them in substantial amounts over the years,” he said.