Madoff’s Victims Are Close to Getting Their $19 Billion Back

Discussion in 'Sharemarket News & Market Analysis' started by Simon Hampel, 10th Dec, 2018.

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  1. Simon Hampel

    Simon Hampel Founder Staff Member

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    This is fantastic stuff - the story of the original ponzi scheme run by Madoff was (morbidly) fascinating enough - but the story about the extraordinary (and somewhat controversial) success that Irving Picard has achieved is turning out to be even more fascinating!

    If Picard achieves his "stretch" goal, the investors will recover up to 91% of their invested funds - which is unheard of in other similar cases.

    Bloomberg - Madoff’s Victims Are Close to Getting Their $19 Billion Back

    A decade after Bernard Madoff was arrested for running the world’s biggest Ponzi scheme, the bitter fight to recoup investors’ lost billions has astounded experts and victims alike.

    While no one will ever collect the phantom profits Madoff pretended he was earning, the cash deposits by his clients have been the primary objective for Irving Picard, a New York lawyer overseeing liquidation of Madoff’s firm in bankruptcy court. So far he’s recovered $13.3 billion—about 70 percent of approved claims—by suing those who profited from the scheme, knowingly or not. And Picard has billions more in his sights.​

    ... read more
     
    Simon Hampel, 10th Dec, 2018
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    TMNT, charttv, Lindsay_W and 4 others like this.
  2. Piston_Broke

    Piston_Broke Well-Known Member

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    "Victims’ losses are being recouped from fake profits paid out to some Madoff clients"

    That's quite amazing...
    So anyone who has invested in any fund that is found fraudulent at some time can have a lawyer hit them up to give back the profits.

    For eg Investor A puts in 100K over a few year which then becomes 200k and thinks "beauty I can now buy a home" will receive a knock on the door by a lawyer with a "payup or else"...

    That may not be the case but it seems to read like that.
     
    Piston_Broke, 4th Jul, 2019
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  3. Hodor

    Hodor Well-Known Member

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    Much better than the returns from the pyramid collapse.

    QUOTE="Piston_Broke, post: 715463, member: 2435"]"Victims’ losses are being recouped from fake profits paid out to some Madoff clients"[/QUOTE]

    Wow. What happens if the profits were lost? So many questions.
     
    Hodor, 4th Jul, 2019
    #3
  4. SatayKing

    SatayKing Well-Known Member

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    A touch Kafkaesque. The unknowing subsequently becomes a victim.
     
    SatayKing, 5th Jul, 2019
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  5. Joynz

    Joynz Well-Known Member

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    I think they are only being asked to pay back the fake profits, I don’t think they lose what they originally put in.

    It’s a way of providing some redress to the other victims. It was all fake and the ‘profits” were based on stealing from later, unknowing entrants to the scam.
     
    Joynz, 5th Jul, 2019
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  6. Piston_Broke

    Piston_Broke Well-Known Member

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    The fund is like over 30years old.
    So 20 yrs of compound interest becomes repayable?
    So would this apply in any other bankruptcy case?
    Why won't it be used as a precedent by others?

    And for a financial journal it certainly lacks depth, 2 authors and no details peepoor effort.
     
    Piston_Broke, 5th Jul, 2019
    #6