Madoff Trustee’s Recovery Reaches $12.7 Billion out of Estimated $17.5 Billion Lost in Principal
November 20, 2017, New York – Earlier last month, Irving H. Picard, Esq., as trustee for the substantively consolidated liquidation proceeding of Bernard L. Madoff Investment Securities LLC (BLMIS) and the Chapter 7 estate of Bernard L. Madoff submitted his eighteenth interim LLC report under SIPA §78fff-1(c).
As of November 20, 2017, the trustee has allegedly recovered or reached agreements to recover approximately $12.781 billion, representing nearly 73 percent of the estimated $17.5 billion in principal lost in the Ponzi scheme by BLMIS customers who filed claims.
This recovery purportedly far exceeds any prior restitution effort related to Ponzi schemes both regarding dollars and percentage of stolen funds recovered.
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