Word: picard
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Dates: during 2000-2009
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Then came Madoff's swindle. Irving Picard, a court-appointed trustee, was charged with recovering the missing money, and Picower, a longtime Madoff friend who reportedly withdrew $7.2 billion over 20 years--including some $5 billion in fake profits--headlined the list of targets. Picard held that an investor of Picower's sophistication had to know something was amiss when his yearly returns went as high as 950%, and he accused Picower of helping Madoff perpetuate the scheme. Picower denied the allegations. His foundation, its endowment crippled, closed up shop...
...some of the site's entries. Snakes on a Plane long ago crashed and burned, and the Dancing Baby probably has dancing kids of his own. But there's new stuff too. For instance, the existential musings of Philosoraptor, and the broader appeal of Star Trek's Jean-Luc Picard...
...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Fairfield-Greenwich Group, which withdrew $3.2 billion since 1995, Jeffrey Picower's funds, totaling $6.7 billion withdrawn, and against Stanley Chais, whose funds took out over $1 billion since 1995.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...