Recovery of funds from the Madoff investment scandal has been underway since the scandal broke in December 2008. That month, recovery trustee Irving Picard received funds from the Bank of New York account where Bernard Madoff held new investments into his Ponzi scheme. As it has been concluded that no legitimate investments were made on the investors' behalf for at least the last 12 years of operation, recovery has proceeded on a "money in/money out" basis. Investors are entitled to receive no more than the nominal cash amounts that they paid in and did not subsequently withdraw, without regard to inflation, interest, opportunity cost or the false statements that Madoff provided them. Those statements combined to a total balance of approximately 64billion,whiletheadmittedclaimsamountto64 billion, while the admitted claims amount to 64billion,whiletheadmittedclaimsamountto19.5 billion. As of March 2022, the trustee had recovered 14.5billiontowardtheseclaimsthroughlegalactionagainstMadoffassociates,feederfundsandbeneficiariesofthescheme,andhadmadethirteendistributionstoinvestors.AdditionalrecoveryeffortsbytheDepartmentofJusticehavebroughtthetotalrecoveryto8814.5 billion toward these claims through legal action against Madoff associates, feeder funds and beneficiaries of the scheme, and had made thirteen distributions to investors. Additional recovery efforts by the Department of Justice have brought the total recovery to 88% of claims. Madoff provided a confidential list of his, and his firm's, assets to the SEC on December 31, 2008, which was subsequently disclosed on March 13, 2009, in a court filing. Madoff had no Individual Retirement Accounts, no 401(k), no Keogh plan, no other pension plan and no annuities. He owned less than a combined 14.5billiontowardtheseclaimsthroughlegalactionagainstMadoffassociates,feederfundsandbeneficiariesofthescheme,andhadmadethirteendistributionstoinvestors.AdditionalrecoveryeffortsbytheDepartmentofJusticehavebroughtthetotalrecoveryto88200,000 in securities in Lehman Brothers, Morgan Stanley, Fidelity Investments, Bear Stearns, and M&T Bank. No offshore or Swiss bank accounts were listed. The SEC withheld further information about the assets to prevent them from being seized by foreign regulators and foreign creditors. Wikinews has related news: * Madoff prosecutors want assets from wife and children (en)
Recovery of funds from the Madoff investment scandal has been underway since the scandal broke in December 2008. That month, recovery trustee Irving Picard received funds from the Bank of New York account where Bernard Madoff held new investments into his Ponzi scheme. As it has been concluded that no legitimate investments were made on the investors' behalf for at least the last 12 years of operation, recovery has proceeded on a "money in/money out" basis. Investors are entitled to receive no more than the nominal cash amounts that they paid in and did not subsequently withdraw, without regard to inflation, interest, opportunity cost or the false statements that Madoff provided them. Those statements combined to a total balance of approximately $64 billion, while the admitted claims amoun (en)