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”) under the Securities Investor Protection Act (“SIPA”).
Bernard Madoff’s unprecedented fraud stretched far and wide. Our recovery efforts and lawsuits are not only taking place here in the United States; our work extends around the globe, including Austria, England, France, Gibraltar, Italy, Liechtenstein, Luxembourg, Spain, and the Caribbean.
RECOVERIES AND SETTLEMENT AGREEMENTS
$9.104 Billion
AMOUNT UNAVAILABLE DUE TO APPEALS AND RESERVES
$6.447 Billion
AMOUNT IN CUSTOMER FUND
$2.328 Billion
AMOUNT DISTRIBUTED FROM CUSTOMER FUND
$329.6 Million
SIPC COMMITMENT
$800.3 Million
All amounts approximate