In a new round of payments by Bernard L. Madoff Investment Securities LLC trustee Irving Picard, victims of the $17 billion Madoff Ponzi Scam
are slated to receive around $349 million. The US Bankruptcy Court in
New York must still approve the distribution, which would bring total
payouts to $6 billion—34% of the principal lost.
A hearing for the distributions is scheduled in April. Payouts by Picard include up to $500,000 in advances each to victims that were made by the Securities Investor Protection Corp. Picard said that he hope to give victims full reimbursements.
One way he is doing this is by pursuing claims of approximately $3.5 billion from HSBC Holdings PlC (HSBA), UBS AG (UBS) and UniCredit SpA (UCG), which allegedly benefited from the multibillion-dollar Ponzi scam. In January, JPMorgan Chase & Co. (JPM) arrived at $325 million accord with Picard over allegations that the bank was negligent in not identifying the fraud and made money money from Madoff’s scam. Picard was able to recover $10 billion—59% of the principals lost by thousands of Madoff customers. The financial firm also consented to pay another $218 million to settle two related class actions filed with the help of Picard.
Madoff is currently serving a 150-year prison term over his Ponzi scam after he pleaded guilty to securities fraud. At least seven other people, including his brother Peter Madoff, also pleaded guilty to their involvement.
On Monday, a jury convicted 5 ex-Madoff employees of 31 counts of aiding his Ponzi scam. The defendants had argued that their ex-employer was the only one who knew what was really going on and that they had trusted in his honesty.
The government accused portfolio managers Annette Bongiorno and JoAnn Crupi and former operations director Daniel Bonventre of conspiring and lying to customers, falsifying records, and cheating on taxes while they worked at Bernard L. Madoff Investment Securities. Allegations against computer programmers George Perez and Jerome O’Hara included claims that they helped keep the Ponzi scam afloat by designing computer programs that would generate bogus records and trades.
Please contact our securities fraud lawyers if you suspect you were the victim of a Ponzi scam and sustained financial losses. If you feel you are the victim of Securities Fraud, please do not hesitate to email or call the The Berger Law Group at 1 (813) 207-0000 for a confidential, no obligation consultation.
A hearing for the distributions is scheduled in April. Payouts by Picard include up to $500,000 in advances each to victims that were made by the Securities Investor Protection Corp. Picard said that he hope to give victims full reimbursements.
One way he is doing this is by pursuing claims of approximately $3.5 billion from HSBC Holdings PlC (HSBA), UBS AG (UBS) and UniCredit SpA (UCG), which allegedly benefited from the multibillion-dollar Ponzi scam. In January, JPMorgan Chase & Co. (JPM) arrived at $325 million accord with Picard over allegations that the bank was negligent in not identifying the fraud and made money money from Madoff’s scam. Picard was able to recover $10 billion—59% of the principals lost by thousands of Madoff customers. The financial firm also consented to pay another $218 million to settle two related class actions filed with the help of Picard.
Madoff is currently serving a 150-year prison term over his Ponzi scam after he pleaded guilty to securities fraud. At least seven other people, including his brother Peter Madoff, also pleaded guilty to their involvement.
On Monday, a jury convicted 5 ex-Madoff employees of 31 counts of aiding his Ponzi scam. The defendants had argued that their ex-employer was the only one who knew what was really going on and that they had trusted in his honesty.
The government accused portfolio managers Annette Bongiorno and JoAnn Crupi and former operations director Daniel Bonventre of conspiring and lying to customers, falsifying records, and cheating on taxes while they worked at Bernard L. Madoff Investment Securities. Allegations against computer programmers George Perez and Jerome O’Hara included claims that they helped keep the Ponzi scam afloat by designing computer programs that would generate bogus records and trades.
Please contact our securities fraud lawyers if you suspect you were the victim of a Ponzi scam and sustained financial losses. If you feel you are the victim of Securities Fraud, please do not hesitate to email or call the The Berger Law Group at 1 (813) 207-0000 for a confidential, no obligation consultation.
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