Word: picard
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Dates: during 2000-2009
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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...
...Lawyers familiar with the case estimate the legal costs of the Madoff case - which could run on for two years or more - could exceed $30 million. Picard's fees, they say, will likely be less than that, though it's impossible to know precisely how much less. So far, Picard has collected $1.2 billion in recovered funds, so even if his fee were half the normal bankruptcy trustee fee he would still pocket $15 million...
...SIPA trustee's job, not unlike a Chapter 7 trustee, is to recover property, assess claims and liquidate any other assets of a bankrupt firm for the benefit of the estate and its creditors. Consequently, Picard is using his authority to collect from customers who received preferences, non-existent principal, and/or payouts of fictitious profits to the detriment of other defrauded customers whose money was consumed by Madoff's global Ponzi scheme...
When it comes to paying Picard, the recovered funds will not be touched. Instead, SIPC will pay all fees and administrative costs related to the case from monies it receives from its member institutions, an account with some $1.6 billion...
...Picard still stands to put a pretty penny in his pocket. SIPA trustees like Picard and their staffs get hourly fees and expenses paid for, as well as discretionary amounts based on a number of factors...