By Attorney Tom Flores Special to THELAW.TV Starting a business can be a very rewarding, but tricky experience. This article provides basic tips on getting started. 1. Know the local zoning of the area you want to start your business. Certain types of business are not allowed in certain parts of town. While it’s possible…
More than half of investors funds have been recovered from Bernard Madoff’s Ponzi scheme. Some three-quarters of Madoff’s investors were individuals and families .
The man leading the global hunt for the funds said Monday that he recovered, or reached deals to recover, more than $9.2 billion of the $17.3 billion in principal that investors lost as a result of Mr. Madoff’s scheme, which landed him a 150-year prison sentence. The Wall Street Journal reports trustee Irving Picard said he collected $115.3 million by settling 18 cases between April 1 and Sept. 30, the period covered by the status report he filed with the U.S. Bankruptcy Court in Manhattan. During that six-month period, Mr. Picard paid about $2.5 billion to Mr. Madoff’s investors, bringing the total compensation they have received to $3.7 billion.
More than three-quarters of Mr. Madoff’s investors were individuals and families, according to the U.S. Government Accountability Office. Institutional investors such as pensions and charities made up the remainder.
Mr. Picard was hired to oversee the liquidation of Mr. Madoff’s investment firm in December 2008, the same month Mr. Madoff was arrested. Since then, Mr. Picard has filed more than 1,000 lawsuits to recover funds.