Daily News: November 18, 2014

Bloomberg: Madoff Fraud Recovery Tops $10 Billion

Bloomberg reported that the trustee unwinding Bernard Madoff’s defunct investment firm surpassed $10 billion in recoveries for victims after reaching a deal with two offshore funds that funneled money to the fraud.

Bloomberg said if the settlement is approved, trustee Irving Picard will have recovered about 59% of the principal lost in the Ponzi scheme.

Bloomberg notes that the total amount recovered by Picard’s team over the past six years will total more than $10.3 billion of the $17.5 billion lost by thousands of investors when Madoff’s scheme unraveled in December

To read the entire Bloomberg article, click here.

Previously on abfjournal: Reuters: Madoff Said JPMorgan Execs Knew of His Fraud, February 21, 2014