Irving Picard

In December 2008, Bernard "Bernie" L. Madoff owner of Bernard L. Madoff Investment Securities LLC wasarrested for committing a $50 billion investment fraud, which later was found to be $65 billion (Bernard L. Madoff. February 9, 2009).Bernard Madoff 's business was an investing firm that pulled off a massive fraud. His firm took money from several people, rich or poor, it did not matter. His victims were Jewish philanthropists from the Upper East Side of New York, almost half the members of the…

went into disrepair when the economy floundered and individuals began making a request to trade out their ventures. Actually, just a small amount of Madoff's a great many casualties have become the greater part of their cash back. For instance, Irving Picard, the court-named trustee in the Madoff case, has recouped more than $9.5 billion of the $20 billion in stolen resources. About portion of that - almost $4.9 billion - has been dispersed to Madoff casualties.…

Indeed, the mass carnage is not over yet. First quarter 2015, unknowing investors are still trying to recover their assets (International, 2015). Notably, Irving Picard, trustee responsible for recovering victims’ money, has recovered approximately 60% of the $17.5 billion lost in the scheme (Time, 2015). The majority of these funds have been recovered by “clawing back” efforts, which means distributions investors…