Under federal and New York law, investors who withdrew either principal or profits in the 90 days before Mr Madoff's December 11 arrest are particularly vulnerable to so-called “clawbacks”, but the trustee will be able to reach back up to six years in some cases.
With billions in claims and only about $940m in recovered assets, Irving Picard, the trustee, must rely on money from investors who cashed out early as a source of restitution.
He and David Sheehan, a lawyer working with him, told a creditor meeting last week that they intended to focus on large investors, particularly if they had suspicions about Mr Madoff's operation.
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