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The Foreign And Domestic Indirects.

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March 30, 2010

The Foreign And Domestic Indirects.

The Trustee has moved for a hearing on who is a customer. In his Motion he said he had denied about 8,500 claims of people who did not have an account with Madoff in their own names (i.e., were indirects in one way or another) and that about 2,000 objections had been filed to his denials. In an exhibit listing "Confidential Claimant Notice Parties" that accompanied the Motion he provided a list of accounts involved (apparently ones as to which objections were filed to his denials). There are 49 pages of accounts, each page but the last has over 50 accounts listed, and in total there are about 2,600 accounts listed. (These accounts must cover investors through hedge funds, banks, partnerships, etc.)

Next to those accounts which are foreign, the Trustee has put down the nation from which the accounts came. I have counted the foreign accounts only once, and probably made a few mistakes in counting, but have not bothered to recount because the mistakes are necessarily small and, due to the sheer magnitude of the numbers, do not matter with regard to the overall points I wish to make.

First, here are the relevant numbers with regard to accounts and countries.

Austria 95

Israel 63

Hong Kong 22

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Switzerland 16

China 10

Germany 6

Brazil 4

Japan 3

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Liechtenstein 3

Peru 3

Mexico 2

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Lawrence R. Velvel is a cofounder and the Dean of the Massachusetts School of Law, and is the founder of the American College of History and Legal Studies.

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