The Securities and Exchange Commission says any money recovered from the sale of Bernard Madoff's assets will go to his investors rather than to the U.S. Treasury.
The SEC made the statement in papers filed Wednesday in federal court in Manhatan. The commission said some investors who fear otherwise want to force Madoff personally into bankruptcy court to recover assets.
The SEC said bankruptcy proceedings brought about by investors who lost billions of dollars to Madoff would create unnecessary confusion and cause costly and potentially wasteful litigation.
The commission said it believes the court should continue its order prohibiting the filing of a personal bankruptcy case against Madoff.
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