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Business Briefing / Courts

Half of Madoff's investors profited

September 23, 2009|Times Wire Reports

Federal prosecutors said about half of the customers that jailed financier Bernard L. Madoff had when his business shut down had not lost money.

They said a review of claims from most of the customers who had investment accounts with Madoff showed that just over half of the active customers withdrew more money than they had invested.

The prosecutors made the revelation as they told a judge that there was no need to order restitution because all of Madoff's assets would be distributed to investors anyway.

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