No Evidence Madoff Bought Securities: Report

Law360, New York (February 20, 2009, 12:00 AM EST) -- The trustee overseeing the bankruptcy of Bernard L. Madoff's collapsed investment fund has reportedly found no evidence that Madoff ever purchased securities for clients.

The trustee, Irving Picard, said at a meeting for investors in Madoff's fund on Friday that his investigation so far indicates that Madoff, who is accused of running a $50 billion Ponzi scheme, never bought any securities for his customers' accounts, the Associated Press reported.

Picard also said that he has recovered $650 million from Madoff's fund so far, but that investors...
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