Madoff Trustee Spends $27 million to Recover $849,000
While Bernard Madoff is serving his 150-year jail term, the recovery process from his $50 billion ponzi scheme continues.
Madoff investment firm bankruptcy trustee Irving Picard has recovered an estimated $1.5 billion for victims (more than 14,000 claims have been submitted) so far, according to a recent federal court filing.
However, from April 1 to Sept. 30 this year, Picard spent $26.9 million to recover just $849,000. About $16 million went to legal fees and $7 million to "consultants." Most of the recovered money was from Madoff investors who received preferred payments prior to the Madoff bankruptcy filing, Bloomberg reported.
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