The MasterBlog: Madoff Trustee Says 15,400 Claims Were Filed
Subscribe to The MasterBlog in a Reader Subscribe to The MasterBlog by Email

MasterBlogs Headlines

Friday, July 10, 2009

Madoff Trustee Says 15,400 Claims Were Filed

Madoff Trustee Says 15,400 Claims Were Filed

July 9, 2009, 4:23 PM
Bernard Madoff

From Diana Henriques, a DealBook colleague:

The final tally of claims from victims of Bernard L. Madoff’s vast Ponzi scheme comes to more than 15,400, up from 8,800 claims filed at the end of June, according to an update provided on Thursday to the federal bankruptcy court in Manhattan.

The total was pushed up by a last-minute flood of applications just before a July 2 deadline, according to the new report, which was filed by Irving H. Picard, the trustee overseeing the claims process. Until those last two days, the number of claims had remained nearly unchanged for months.

The claims tally adds a new metric to the enormous fraud, which was already remarkable for the amount of paper profits wiped out ($64.8 billion), the amount of cash that flowed through the Ponzi scheme since its inception ($170 billion) and the number of years the fraud continued undetected (nearly 30, according to the government prosecutors). On June 29, Mr. Madoff was sentenced to 150 years in prison for his crimes.

The update from the trustee also detailed his effort to recover assets to help compensate Mr. Madoff’s victims. Mr. Picard’s firm, Baker Hostetler, has filed eight lawsuits aimed at reclaiming $13.7 billion from investors who withdrew the money shortly before the fraud collapsed with Mr. Madoff’s arrest in December.

While the report chiefly summarized actions by the trustee that had already become public, it also provided some details about the steps the trustee’s team took in the immediate aftermath of the arrest. These included the investigation and completion of trades already in progress at Mr. Madoff’s legitimate brokerage firm, Bernard L. Madoff Investment Securities, and the identification and consolidation of nearly a dozen bank accounts containing cash assets of nearl $580 million.

The trustee also reported the return of more than $144,000 in donations from Mr. Madoff and his firm to various political campaigns, including the Democratic Senatorial Campaign Committee and a political action committee for the securities industry.

The deadline for filing claims was midnight July 2.

Through the end of June, the trustee’s legal and administrative expenses totaled just under $46 million. The expenses will be fully paid by the Securities Investors Protection Corporation without tapping any of the money available to pay customer claims. In addition, S.I.P.C. has advanced $168.4 million to the trustee to cover up to $500,000 in compensation payments to victims whose claims have been approved.

Madoff Trustee’s First Interim Report

No comments:

Post a Comment

Commented on The MasterBlog

Tags, Categories

news United States Venezuela Finance Money Latin America Oil Current Affairs Middle East Commodities Capitalism Chavez International Relations Israel Gold Economics NT Democracy China Politics Credit Hedge Funds Banks Europe Metals Asia Palestinians Miscellaneous Stocks Dollar Mining ForEx Corruption obama Iran UK Terrorism Africa Demographics UN Government Living Bailout Military Russia Debt Tech Islam Switzerland Philosophy Judaica Science Housing PDVSA Revolution USA War petroleo Scams articles Fed Education France Canada Security Travel central_banks OPEC Castro Nuclear freedom Colombia EU Energy Mining Stocks Diplomacy bonds India drugs Anti-Semitism Arabs populism Saudi Arabia Brazil Environment Irak Syria elections Art Cuba Food Goldman Sachs Afghanistan Anti-Israel Hamas Lebanon Silver Trade copper Egypt Hizbollah Madoff Ponzi Warren Buffett press Aviation BP Euro FARC Gaza Honduras Japan Music SEC Smuggling Turkey humor socialism trading Che Guevara Freddie Mac Geneve IMF Spain currencies violence wikileaks Agriculture Bolívar ETF Restaurants Satire communism computers derivatives Al-Qaida Bubble FT Greece Libya NY PIIGS Republicans Sarkozy Space Sports BRIC CITGO DRC Flotilla Germany Globovision Google Health Inflation Law Mexico Muslim Brotherhood Nazis Pensions Peru Uranium cnbc crime cyberattack fannieMae pakistan stratfor Apollo 11 Autos BBC Bernanke CIA Chile Climate change Congo Democrats EIA Haiti Holocaust IFTTT ISIS Jordan Labor M+A New York OAS Philanthropy Shell South Africa Tufts UN Watch Ukraine bitly carbon earthquake facebook racism twitter Atom BHP Beijing Business CERN CVG CapitalMarkets Congress Curaçao ECB EPA ETA Ecuador Entebbe Florida Gulf oil spill Harvard Hezbollah Human Rights ICC Kenya L'Oréal Large Hadron Collider MasterBlog Morocco Mugabe Nobel Panama Paulson RIO SWF Shiites Stats Sunnis Sweden TARP Tunisia UNHRC Uganda VC Water Yen apple berksire hathaway blogs bush elderly hft iPad journalism mavi marmara nationalization psycology sex spy taxes yuan ALCASA ANC Airbus Amazon Ariel Sharon Australia Batista Bettencourt Big Bang Big Mac Bill Gates Bin Laden Blackstone Blogger Boeing COMEX Capriles Charlie Hebdo Clinton Cocoa DSK Desalination Durban EADS Ecopetrol Elkann Entrepreneur FIAT FTSE Fannie Freddie Funds GE Hayek Helicopters Higgs Boson Hitler Huntsman Ice Cream Intel Izarra KKR Keynes Khodorskovsky Krugman LBO LSE Lex Mac Malawi Maps MasterCharts MasterFeeds MasterLiving MasterMetals MasterTech Microsoft Miliband Monarchy Moon Mossad NYSE Namibia Nestle OWS OccupyWallStreet Oman PPP Pemex Perry Philippines Post Office Private Equity Property Putin QE Rio de Janeiro Rwanda Sephardim Shimon Peres Stuxnet TMX Tennis UAV UNESCO VALE Volcker WTC WWII Wimbledon World Bank World Cup ZIRP Zapatero airlines babies citibank culture ethics foreclosures happiness history iPhone infrastructure internet jobs kissinger lahde laptops lawyers leadership lithium markets miami microfinance pharmaceuticals real estate religion startup stock exchanges strippers subprime taliban temasek ubs universities weddimg zerohedge

Subscribe via email

Enter your email address:

Delivered by FeedBurner