Victims of Bernard Madoff’s epic fraud may be able to recoup only a small portion of the billions of dollars he allegedly funneled to selected customers in the last years of his Ponzi scheme. At a hearing on Wednesday, a panel of the 2nd U.S. Circuit Court of Appeals in New York appeared inclined to limit the extent to which the trustee liquidating Madoff’s firm may recoup “fictitious profits” and other transfers from customers. More on Reuters here.
