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USAO recovers nearly half lost Madoff principle

Congratulations to the USAO for their work recovering this much of the money.. Considering how many philanthropic organizations were injured by Madoff, this is heartening news.

Madoff trustee gets 'historic' $7B settlement

NEW YORK – The trustee recovering money for Bernard Madoff's burned investors has reached a $7.2 billion settlement with the estate of a Florida philanthropist and businessman who had been the single-largest beneficiary of the fraud. The settlement with the estate of Jeffry Picower was detailed Friday in Manhattan court papers. U.S. Attorney Preet Bharara (bah-RAHR'-ah) called it "a truly historic settlement" and a "game changer for Madoff's victims." Bharara said roughly half of the $20 billion in principle lost by victims has been now recovered.

Stevie, please.

Stay in the smart threads--OK?

Quote:

Originally Posted by Kasept (Post 734579)

Bharara said roughly half of the $20 billion in principle lost by victims has been now recovered.[/i]

It's a start :tro:

In most ponzi cases it's gone. Good job by the gov and the widow who gave up the money. Body count 3 so far. 4 if you count life in prison.

It's easy to puke up 7.2 Bil to get the feds off your ass when you have 10 Bil... Thats the problem with White Collar Crime. You get caught pay a huge fine but still are WAY ahead of where you were prior to the crime. It's like they teach a course in this at business school.