Madoff Firm Trustee Seeks $50 Billion as Clawback Window Closes
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The trustee liquidating Bernard L. Madoff’s investment firm has filed more than $50 billion in so-called clawback suits to compensate victims of the con man’s fraud since his 2008 arrest for masterminding the biggest Ponzi scheme in U.S. history.
Irving Picard filed hundreds of lawsuits against banks, feeder funds, investors and others alleged to have profited from Madoff’s decades-long crime. Among those sued was Madoff’s son Mark, who hanged himself in his Manhattan apartment Dec. 11, the two-year anniversary of his father’s arrest.