Madoff victim helping NM Ponzi investor
Sunday, February 19, 2012
ALBUQUERQUE, N.M. (AP) -- A noted New York lawyer and Ponzi scheme victim of Bernie Madoff has signed on to help victims of New Mexico swindler Doug Vaughan.
Helen Davis Chaitman has been retained by a group of Vaughan victims to fight a flurry of so-called claw-back lawsuits that seek to recapture some of the $75 million lost by 600 investors around the country.
More than 100 suits had been filed by the end of last week as a Wednesday deadline for filing claw-backs in the case nears. While many of the lawsuits are against big money investors and accused insiders who made huge profits over the years, others go after much smaller investors and net losers.
The suits claim the victims knew or should have known the rates of return were unrealistically high.