Carl Shapiro, one of the first clients of Bernard Madoff’s investment firm, and 19 members of his family agreed to forfeit $625 million in profits from the con man’s fraud, settling potential lawsuits against them.
Carl Shapiro, one of three members of the White House Council of Economic Advisers, is leaving his position soon to return to teaching at the University of California at Berkeley, an administration official said.
The estate of Jeffrey M. Picower and his investment funds agreed to give back every cent of the $7,206,157,717 earned in profits over 30 years of investing with Bernard L. Madoff Investment Securities Inc. The settlement, announced Dec. 17, was made with the widow of Picower, who drowned in his swimming pool in Palm Beach, Florida, in October 2009.
Robert Jaffe , former vice president of Cohmad Securities Corp., must pay $1.1 million in compensatory damages to investors who alleged he solicited money from them and invested in Bernard Madoff ’s Ponzi scheme, knowing it was a fraud.
The estate of billionaire Jeffry Picower , an investor in Bernard L. Madoff ’s Ponzi scheme, agreed to forfeit $7.2 billion to victims of the fraud, bringing the amount collected by authorities to $9.8 billion.