02-02-2016, 10:22 AM
The Bad Bern
One of the biggest, thieving, fraudster assholes -- Bernie Madoff -- has been in prison for 5 years now; he's doing 150 years.
I was glad to read that bankruptcy attorneys have thus far been able to recover hidden assets that equate to about 2⁄3 of the money he swindled from investors with his ponzi scheme.
The amount of money recovered for victims of the Bernard Madoff Ponzi scheme has now topped $11 billion, bankruptcy lawyers announced yesterday.
![[Image: meet-sonja-kohn-the-criminal-soulmate-an...ithout.jpg]](http://static2.businessinsider.com/image/4af327620000000000971c31/meet-sonja-kohn-the-criminal-soulmate-and-evil-twin-bernie-madoff-would-have-been-lost-without.jpg)
Snip:
"We now have $11,079,000,000," said Irving Picard, who heads the team of bankruptcy lawyers appointed by the court to sort out the financial mess left when Madoff was arrested and his firm collapsed in 2008.
Based on the $17.5 billion that investors originally put into Madoff's hands, victims would recover about 63 cents on the dollar for every approved claim of their principle investment.
"We're hoping that we can collect another $3 to $4 billion so we could be in the $14 or $15 billion range," Picard told ABC News.
At the time of Madoff's arrest, his clients thought they had a total of some $64 billion based on profits over the years. The victims will be compensated only for the amount of money they originally invested, not the fictitious profits that Madoff created.
Full story: http://abc7ny.com/news/recovered-madoff-money-now-over-$11-billion/1181873/
One of the biggest, thieving, fraudster assholes -- Bernie Madoff -- has been in prison for 5 years now; he's doing 150 years.
I was glad to read that bankruptcy attorneys have thus far been able to recover hidden assets that equate to about 2⁄3 of the money he swindled from investors with his ponzi scheme.
The amount of money recovered for victims of the Bernard Madoff Ponzi scheme has now topped $11 billion, bankruptcy lawyers announced yesterday.
Snip:
"We now have $11,079,000,000," said Irving Picard, who heads the team of bankruptcy lawyers appointed by the court to sort out the financial mess left when Madoff was arrested and his firm collapsed in 2008.
Based on the $17.5 billion that investors originally put into Madoff's hands, victims would recover about 63 cents on the dollar for every approved claim of their principle investment.
"We're hoping that we can collect another $3 to $4 billion so we could be in the $14 or $15 billion range," Picard told ABC News.
At the time of Madoff's arrest, his clients thought they had a total of some $64 billion based on profits over the years. The victims will be compensated only for the amount of money they originally invested, not the fictitious profits that Madoff created.
Full story: http://abc7ny.com/news/recovered-madoff-money-now-over-$11-billion/1181873/