Madoff Trustee Tops $10 Billion Recovery With Bank Deal
This article is for subscribers only.
The trustee unwinding Bernard Madoff’s fraud has recovered more than $10 billion for victims five years after the biggest Ponzi scheme collapsed, including $543 million yesterday from Madoff’s bank, JPMorgan Chase & Co.
Irving Picard, the trustee, has recovered 59 percent of the $17 billion in principal lost by thousands of investors in Madoff’s investment advisory business. Picard said yesterday in a statement that the JPMorgan agreement resolves his claim the bank facilitated Madoff’s scam for years by ignoring signs of fraud.