1,000 victims were believed to be profited improperly from doing business with now – imprisoned Ponzi schemer. They might be sued by the trustee who oversaw the liquidation of Bernard Madoff’s investment firm.
The victims targeted by the suits gained more money than they put in. around 2,000 individuals in all invested with Madoff.
Irving Picard, a partner at the law firm Baker & Hostetler LLP as well as the court-appointed trustee, told that “clawback” suits against “net winners” are justified. Picard has to file such clawback lawsuits.
U.S. Bankruptcy Judge Burton Lifland wrote that principal would right be turned to net losers rather than unjustly rewarded to net winners under the guise of profits.
Picard is making great effort to recover money for Madoff victims and to make assessment on the quantity they deserve. Through March 31 he had recovered more than $1.5 billion of assets for victims. Picard has in his sights Madoff’s relatives as well as other funds that invested their clients’ money with Madoff.
Picard was appointed as trustee of assets seized by the court from Bernard Madoff by U.S. District Judge Lawrence McKenna in 2008. Since then, Picard has been centrally involved in the recovery of funds from Madoff investment scandal.
Picard is the member of the New York and American Bar Associations, the American Bankruptcy Institute, Federal Bar Council, the Turnaround Management Association, and so on. He is also an associate member of the National Association of Bankruptcy Trustees and the Association of Insolvency and Restructuring Advisors.
Bernard Madoff, an American former stock broker and investment adviser, pleaded guilty to federal crimes and admitted to turning his wealth management into a massive Ponzi scheme in March 2009. His guilty was to orchestrate the $65 billion Ponzi scheme. He was arrested on December 11, 2008.