Group works to recover money lost in Madoff Scam

DENVER - He's spent the last five years of his life trying to figure out how to recover billions once presumed lost in Bernie Madoff's infamous Ponzi Scheme, yet Irving H. Picard will tell you he still can't begin to think what was going through the mind of one of the country's most infamous swindlers.

"I do think that most people who engage in this practice assume it can go on forever," said the Madoff bankruptcy trustee as well as partner at BakerHostetler.

It was a confusing mindset that prevailed all the way up until the bitter end, he said.

"There were a couple of investors who put in money in the last 4 or 5 days that his place was open. One was for over $1 million and the other was $10 million," he said.

To date, the Madoff Recovery Initiative has recovered or received settlement agreements on over $9 billion of the $17.5 billion presumed lost. Just last week a third distribution was made that totaled approximately $506 million.

"We do think there is a lot more we can recover," added Picard. "Our goal would be to return 100%."

Picard and his Chief Counsel David Sheehan were in Denver on Tuesday to deliver a presentation on the Madoff Ponzi Scheme in downtown Denver's Ritz-Carlton Hotel.

For more on the liquidation of Madoff Investment Securities LLC head to:


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