Billions More for Madoff Victims

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Billions More for Madoff Victims

AP / Louis Lanzano

Bernard Madoff exits Manhattan federal court in 2009.

The cash pot available to compensate victims of Bernie Madoff’s massive Ponzi scheme has grown by $7.2 billion after a settlement was reached with the estate of a Palm Beach client of the Wall Street shyster. —JCL

The New York Times:

Federal prosecutors and the trustee charged with recovering assets in the Bernard L. Madoff bankruptcy, announced a settlement Friday that would add $7.2 billion to the cash available to compensate victims of Mr. Madoff’s global Ponzi scheme.

Details of the agreement with the estate of Jeffry M. Picower, a Palm Beach philanthropist who died in October 2009, were released Friday at a news conference in Lower Manhattan.

The settlement “will return every penny received from almost 35 years of investing with Bernard Madoff,” Mr. Picower’s wife, Barbara, said in a statement through her lawyer, William D. Zabel of Schulte Roth & Zabel.

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By Blackspeare, December 18, 2010 at 1:47 pm Link to this comment

This just proves if you want to squeeze money from a Jew use another Jew!

This whole business with Picard and the legal firms hired to search for more Madoff money smacks of the rich helping the rich! Thousands of ordinary people who filed claims against Madoff’s Ponzi scheme were denied because they were third party investors. It seems that if you invested with the Madoff “Fund” through a broker or financial adviser or investment house then your claim to restitution was denied. Only those people who invested with Madoff directly are being made whole——like I said it’s the rich helping the rich! Those third party ordinary investors will have to sue their particular investment houses to get any restitution——good luck with that!

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