Madoff meets deadline to reveal assets: regulators

AFP
AFP American Edition

Dec 29, 2008 19:00 EST

Wall Street financier Bernard Madoff, accused of masterminding a massive investment fraud, has met a deadline to reveal what remains of his assets, regulators said Wednesday.

"We have received the court-ordered list of assets," John Heine, at the Securities and Exchange Commission, told AFP.

However, it was not clear whether victims of Madoff's alleged fraud will quickly learn the contents of the inventory.

The court "does not authorize us to make the list public," Heine said.

Investors seeking compensation after losing billions with Madoff, 70, say they want to learn how much money he still has.

Madoff was required by a federal court in New York to submit by midnight Wednesday lists of "bank accounts, brokerage accounts, investments, business interests, loans, lines of credit, and real and personal property."

The 70-year-old is under house arrest in his Manhattan apartment on a 10-million-dollar bail.

He is so far the only person charged in an alleged Ponzi, or pyramid scheme in which major banks, ultra-wealthy private investors, universities, charities and Jewish organizations were among the victims.

Some direct investors may be eligible for protection under a federal insurance scheme. The court is also considering a request by one of the indirect investors for that protection to be extended.

Source: AFP American Edition