Recovery of funds from the Madoff investment scandal

Common card · No. 434820

The recovery of funds from the Madoff investment scandal has been underway since the scandal broke in December 2008. That month, recovery trustee Irving Picard received funds from the Bank of New York account where Bernard Madoff held new investments into his Ponzi scheme. As it has been concluded that no legitimate investments were made on the investors' behalf for at least the last 12 years of operation, recovery has proceeded on a "money in/money out" basis. Investors are entitled to receive no more than the nominal cash amounts that they paid in and did not subsequently withdraw, without regard to inflation, interest, opportunity cost or the false statements that Madoff provided them. Those statements combined to a total balance of approximately $64 billion, while the admitted claims amount to $20.3 billion. Madoff provided a confidential list of his assets and those of his firm (BLMIS) to the SEC on December 31, 2008, which was subsequently disclosed on March 13, 2009, in a court filing...

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