Recovering the assets of Madoff investors
Irving Picard, the trustee appointed to recover assets for investors in Bernard Madoff’s Ponzi scheme, spent $228.3 million on the case last year. The investigation is expected to cost an additional $1.1 billion before it is complete. The cost is ultimately borne by some of the same firms he’s suing, whose contributions fund Picard’s employer, the Securities Investor Protection Corp.
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