Bankruptcy Law
Madoff Trustee's Tally: $7.6B Recovered, $175.5M Sought in Legal Fees, Including Latest $43.2M Bill
A trustee working to resolve the mess convicted Ponzi schemer Bernard Madoff made of his securities firm’s affairs has submitted new numbers to the federal bankruptcy court in Manhattan as he seeks payment of his law firm’s latest $43.2 million bill.
Irving Picard says he has recovered a total of $7.6 billion so far while racking up $175.5 million in attorney’s fees since Madoff’s arrest in late 2008, Bloomberg reports.
The Baker & Hostetler partner estimates that investors had lost some $20 billion in principal by the time Madoff was arrested.
