By Attorney Jorge P. Gutierrez Special to THELAW.TV If you drive enough, you will end up in a motor vehicle accident at some point in your life. Not because you did anything wrong. But more likely because someone else was not paying attention, was talking or texting on the cell phone, or just being negligent…
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.