Madoff Victims Get Paid

by Beth Connolly on September 20, 2012

Madoff trustee Irving Picard has succeeded in winning back $2.48 billion for the victims of the massive Ponzi scheme.

The payouts range in size from $1,784 to $526.9 million, and the average check was $2.02 million. The sum brings the total repaid to $3.63 billion, and means that 44% (1,074 people) have been repaid in full, according to Reuters.

Mr. Picard hasn’t made out poorly himself, either. U.S. Bankruptcy Judge Burton Lifland authorized  $321.2 million in legal fees for Picard and his law firm, Baker & Hostetler.

As the payouts continue, one wonders whether the “early” investors, who made billions in the scheme, will have to endure any punishment other than having some of their billions clawed back by Picard. After all, they must have had some inkling that the scheme wasn’t on the up-and-up.

Want a daily digest of articles like this one, plus the latest compliance jobs at top-tier organizations? Join 50,000 other compliance, risk governance, and regulatory professionals and subscribe to our free afternoon newsletter. Where do you find news, style, and career all in one place? The Executive Gateway, our new lifestyle magazine.

One comment

$321.2 million in legal fees for Picard and his law firm, Baker & Hostetler. Is that what it costs to have justice served?

by SJB on September 21, 2012 at 2:40 pm. Reply #

Leave your comment

Required.

Required. Not published.

If you have one.



Web Design by Dashing Web Design