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 deep, thorough investigations of global banking practices, financial instruments and feeder-fund machinations, among countless other issues surrounding this complex financial fraud.

In the 33 months since their appointments, the Trustee and his counsel have recovered or entered into agreements to recover approximately $8.694 billion, representing 50% of the approximately $17.3 billion in principal estimated to have been lost in the Ponzi scheme by customers who filed claims. These recoveries exceed prior restitution efforts related to Ponzi schemes in terms of dollar value and percentage of stolen funds. The first pro rata interim distribution of $312 million of recovered money commenced on October 5, 2011.
Read more>> Irving H. Picard David J. Sheehan

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