Page last updated at 12:06 GMT, Saturday, 3 April 2010 13:06 UK

Actor John Malkovich complains over Madoff fraud award

John Malkovich in The Infernal Comedy.  Nathalie Bauer
Malkovich's lawyers say he should receive $2.2m

Actor John Malkovich's lawyers have filed a legal complaint over the amount he will receive from the bankruptcy of jailed financier Bernie Madoff.

Malkovich is among thousands of investors who lost tens of billions of dollars to Madoff, jailed in 2009 for 150 years for a "Ponzi fraud" scheme.

The actor's lawyers objected to his award of $670,000 (£440,000). Malkovich said he is entitled to $2.2m (£1.4m).

Malkovich, 56, was Oscar nominated for In the Line of Fire in 1994.

He is perhaps best-known for the quirky 1999 film Being John Malkovich, directed by Spike Jonze and starring John Cusack and Cameron Diaz.

The John Malkovich Pension Plan and Trust disputes the decision by Irving Picard, the trustee liquidating Madoff's firm, to award it $670,000.

Court appeal

The trust said that it deserves the balance reflected on its November 30, 2008 account statement from Bernard L Madoff Investment Securities LLC, the final statement prior to Madoff's arrest 11 days later.

On 1 March this year, US Bankruptcy Judge Burton Lifland, who is overseeing the liquidation, endorsed Mr Picard's "net equity" method to calculate losses, marking the differences between what investors put into and took out of the firm.

Victims of the fraud who dispute the figures they are awarded have appealed to a federal appeals court in New York.

The Malkovich trust said: "A customer generally expects to receive what he believes is in his account at the time the stockbroker ceases business."

The list of Madoff's victims includes film director Steven Spielberg's charitable foundation, Wunderkinder.

Madoff's "Ponzi" fraud involved paying his investors out of money he took from other investors - rather than from any profits generated by his company.



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