Word: madoff
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...Picard has collected $1.2 billion from banks, personal property, and funds around the world. Monies found in Madoff's accounts were just over $900 million, a far cry from the estimated $20 billion or so that Madoff swindled from investors. (See Bernard Madoff on the TIME...
...This week, the Spanish bank Banco Santandar agreed to hand over $235 million; it had been liable to pay up to $275 million, the total amount its Optimal funds subsidiary had withdrawn in the 90 days leading up to the December 11, 2008, collapse of Madoff's decades-long crime. Santander, the most exposed of the European banks involved with Madoff, with $3 billion lost, is still facing a class-action lawsuit...
...last 30 days, Picard has filed six major lawsuits, many against Madoff's largest feeder funds. The combined suits ask for the return of over $10 billion in fraudulent profits. Picard's complaints allege the people running the funds "knew or should have known" Madoff was a fake, simply based on the exorbitant, non-stop returns they received. Suits have been filed against Walter Noel's Fairfield-Greenwich Group, which withdrew $3.2 billion since 1995, Jeffrey Picower's funds, totaling $6.7 billion withdrawn, and against Stanley Chais, whose funds took out over $1 billion since 1995. (See pictures...
...Last month, Picard also completed the auctioning off of Madoff's market maker business for $25 million to Castor Pollux Securities LLC of Medfield, Massachusetts, which paid $1 million at closing and up to $24.5 million in deferred compensation through December...
...date, SIPC and Picard have committed $116 million to satisfy claims from 237 Madoff victims, each receiving up to the limit of $500,000. Picard has even created a "Hardship Case" program, in an effort to help those that have been completely wiped out by their Madoff investments...