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).
Two Approaches, Shared Goals
Recently, the Special Master of the Department of Justice’s Madoff Victim Fund (MVF), Richard C. Breeden, announced his approach to the distribution of forfeited monies to certain victims of Madoff’s Ponzi scheme. The MVF currently holds approximately $2.35 billion of forfeitures that have been obtained by the United States Attorney's Office for the Southern District of New York in cases related to the Ponzi scheme operated through Bernard L. Madoff Investment Securities LLC (BLMIS).
All amounts approximate