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Investors in Bernard L. Madoff Investment Securities LLC lost billions of dollars in the Madoff investment scandal, a Ponzi scheme fraud conducted by Bernard Madoff.The amount missing from client accounts, over two thirds of which were fabricated gains, was almost $65 billion. [1]
As of March 2024, the trustee had recovered $14.7 billion toward these claims through legal action against Madoff associates, feeder funds and beneficiaries of the scheme, and had made fifteen distributions to investors. [3] Action by the Department of Justice has recovered an additional $4 billion.
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. [1] In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
The fund for victims of Bernie Madoff’s historic Ponzi scheme has begun its ninth payout, distributing about $159 million in government-seized funds to nearly 25,000 people ... lost money from ...
Investors who made money investing through Bernie Madoff could be facing a clawback lawsuit, which seeks to get back funds from investors who made withdrawals before the firm collapsed.
More than $14.6 billion has been recovered for Madoff's victims so far by Irving Picard, the court-appointed trustee overseeing the liquidation of Madoff's firm, and Bernie Madoff is long gone ...
Bernie Madoff. Participants in the Madoff investment scandal included employees of Bernard Madoff 's investment firm with specific knowledge of the Ponzi scheme, a three-person accounting firm that assembled his reports, and a network of feeder funds that invested their clients' money with Madoff while collecting significant fees.
Jeffry M. Picower (May 5, 1942 – October 25, 2009) [1] [2] was an American investor involved in the Madoff investment scandal. [3] [4] He was the largest beneficiary of Madoff's Ponzi scheme, and his widow agreed to have his estate settle the claims against it by Madoff trustee Irving Picard for $7.2 billion, the largest single forfeiture in American judicial history.