The Bernard Madoff trustee, who will try to reinstate hundreds of lawsuits through an appeal to be argued March 5 in Manhattan, had his chances of success dealt a blow last week when the U.S. Supreme Court decided a case involving R. Allen Stanford’s Ponzi scheme.
Irving Picard , who is liquidating con man Bernard L. Madoff ’s estate at a cost so far of $318 million, won a bankruptcy judge’s approval of $43.9 million in fees for himself and his firm for four months’ work.
After Bernard Madoff was exposed as the biggest Ponzi schemer in U.S. history, Irving Picard was named to liquidate the con man’s bankrupt firm and recover some of the $65 billion Madoff told customers was in their accounts. Two years later, Picard is about halfway to recovering the $20 billion customers invested before Madoff added phony profits.
The trustee unwinding Bernard Madoff’s fraud has recovered more than $10 billion for victims five years after the biggest Ponzi scheme collapsed, including $543 million yesterday from Madoff’s bank, JPMorgan Chase & Co.