Days after Bernard Madoff confessed to the biggest Ponzi scheme in Wall Street history, a judge hired a trustee to sift through the con man’s books and see how much money he could salvage for victims of the fraud..
Even after Madoff’s death, work to unwind epic fraud goes on
“You don’t like to see anyone die. But in this case, it wasn’t going to have any impact on what we’re doing,” Picard told The Associated Press.
NEW YORK (AP) — Epic Ponzi scheme mastermind Bernard Madoff is dead. But the effort to untangle his web of deceit lives on.
More than 12 years after Madoff confessed to running one of the biggest financial fraud in Wall Street history, a team of lawyers is still at work on a sprawling effort to recover money for the thousands of victims of his scam.
Their labors, which have already secured $14.5 billion of the estimated $17.5 billion investors put into Madoff’s sham investment business, didn’t cease with the financier’s death in prison in April.
Ongoing litigation by Irving Picard, a court-appointed trustee for the liquidation of Bernard L. Madoff Investment Securities, and his chief counsel, David Sheehan, could potentially pull in billions of dollars more.