Victims of the Bernie Madoff scheme can breathe a sigh of relief as the deadline to recover their savings has been extended, announced the Manhattan U.S. Attorney, Preet Bharara, on Friday.
According to Bharara, the deadline for petitions submitted through the Madoff Victim Fund (MVF) has been extended until April 30, 2014 – known as the “Deadline.” Submissions must be received or postmarked prior to that date, according to a letter released by Bharara.
The extension comes in recognition by the MVP and U.S. Department of Justice that applicants need adequate time to gather financial records that go back years, maybe even decades.
“As much as possible we want to make sure that every real victim has a chance to learn of, and participate in, the claims process,” wrote Bharara.
The MVF has received more than 9,000 claims from individuals spanning across 75 countries. The average claim contains more than 90 pages of backup documentation.
Efforts are underway by banks and custodians to make potentially eligible clients aware of the opportunity to recover funds, which has increased the number of submitted claims in recent weeks.
“Many potentially eligible victims advised us that they only recently learned of the existence of MVF,” Bharara wrote. (continued.)