NEW YORK - The trustee in charge of untangling the mess brought on by the Bernard Madoff scandal is holding a New York meeting for investors.

The meeting Friday is for people who are owed money because of the alleged fraud.

It will provide an update for burned investors in Madoff's funds on how the bankruptcy case is unfolding.

The prominent Wall Street money manager is accused of running a US$50-billion Ponzi scheme - the biggest investment scam in history.

Madoff was arrested in December. He remains confined to his Manhattan penthouse under house arrest.