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In December 2008, the world learned about Bernard Madoff’s unprecedented fraud, a Ponzi scheme that spanned decades and defrauded customers of approximately $20 billion.
On the day the news broke, I received a call from the Securities Investor Protection Corporation (SIPC) and was asked to serve as SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS).
Next Steps in the Madoff Recovery Initiative
The SIPA Trustee reached several agreements in late 2014 – including with feeder funds Herald, Primeo, and Senator – which added significant amounts to the BLMIS Customer Fund and resulted in a fifth interim distribution of recovered funds to the victims of the Madoff fraud. The past twelve months have been among our most active periods and the coming year already promises to be equally active, with the SIPA Trustee’s team of professionals working diligently on a number of fronts, in and out of courtrooms, using all the legal tools at our disposal.
All amounts approximate