Fried Frank Of Counsel Lost $1.12M with Madoff, Sees ‘Crink’ in Lifestyle
Lawyer Marc Cherno is trying to help investors who lost money with Bernard Madoff after his own reported loss of almost $1.12 million with the investment manager who pleaded guilty to running a Ponzi scheme.
Cherno was a onetime takeover specialist at Fried, Frank, Harris, Shriver & Jacobson who is currently of counsel at the firm, the American Lawyer reports. He is now serving on a committee advising the Milberg law firm in its representation of about 80 Madoff investors. Cherno has been actively participating in the process, including an effort to force Madoff into personal bankruptcy, the story says.
Cherno said his ex-wife’s family had invested for years with Madoff, and he invested his own money beginning in 2001. “It seemed like a safe investment at the time, and the returns were steady but they weren’t astronomical,” he said. He didn’t know of problems until hearing of Madoff’s arrest in a CNN report in December. Cherno has since filed a claim with the Securities Investor Protection Corp., which is expected to pay a maximum of about $500,000 for each investor who suffered losses.
“I’m not in dire straits,” Cherno told the American Lawyer. “It was a substantial loss, and it puts a crink in your lifestyle. But I’m OK. I’m not selling stuff. I cut back on a few things, but I haven’t had to sell my apartment or anything like that.”
