Just over two years from the fateful unveiling on 10
December 2008 of history’s largest Ponzi scheme,
Irving Picard, the trustee for the liquidation of Bernard L.
Madoff Investment Securities, has arrived at a huge settlement
with the estate of the late Jeffry Picower, and issued a flurry
of complaints in a bid to recover some $20 billion for clients
with valid claims.
Last Friday, Picard announced that the trustee had entered
into what he called "a very significant settlement agreement"
for $5 billion to resolve claims against the Picower estate and
certain related investment entities.
In conjunction with an additional $2.2 billion the Picower
group already forfeited to the US government, Picard said the
settlement represents 100% payment of the monies received by
the Picower estate and related investors. "Every penny of the
$7.2 billion recovered through these two settlements will be
distributed to BLMIS customers with valid...