Untangling the Multibillion-Dollar Madoff Ponzi Scheme

SIPA Trustee and Baker Hostetler bankruptcy partner Irving H. Picard oversees the liquidation proceeding of Bernard L. Madoff Investment Securities LLC in collaboration with his court-appointed Baker Hostetler counsel led by litigation partner David J. Sheehan. The Madoff recovery initiative is a challenging, multifaceted mission that requires thorough investigation of global banking practices, the feeder fund industry, and financial instruments, among countless other issues surrounding this complex financial fraud.

In the 38 months since their appointments, the SIPA Trustee and his Counsel have recovered or entered into agreements to recover more than $9 billion, representing more than 50% of the approximately $17.3 billion in principal estimated to have been lost in the Ponzi scheme by BLMIS customers who filed claims. These recoveries significantly exceed prior restitution efforts for Ponzi schemes, in terms of dollar value and percentage of stolen funds. As of February 15, 2012, pro rata distributions from the Customer Fund to BLMIS customers whose claims have been allowed by the SIPA Trustee totaled approximately $325.7 million.
Read more>> Irving H. Picard David J. Sheehan

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