Madoff victims suffer setback

Investors who are victims of the multi-billion dollar Madoff Ponzi scheme have suffered a major setback in federal appeals court, reports forbes.com.

Apparently, none of the victims invested directly with Bernard L. Madoff Investment Securities LLC (BLMIS). Instead, they invested in two limited partnerships, Spectrum Select, L.P., and Spectrum Select II, L.P. This means, says forbes.com, they never had any direct financial dealings with BLMIS, and were never identified on the firm’s books and records.

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