Bernard Madoff’s investment victims filed 15,400 claims through July 2, 2009, having been scammed in “the largest Ponzi scheme ever conducted,” according to Irving Picard (inset), the trustee appointed by the U.S. bankruptcy court to manage investor claims in the Madoff bankruptcy.

Picard, a lawyer at Baker and Hostetler LLP, noted that Madoff’s cohorts “were actively recruiting more than 1,000 customer accounts and infusing [his] Ponzi scheme with billions of dollars.”

Can Madoff’s investment victims ever hope to see their money again?

As of June 30, 2009, only $1,088,508 (7.9%) of investors’ missing money was recovered.

While Madoff’s 150-year jail sentence guarantees that the 71-year-old convicted criminal will remain behind bars for the rest of his life, the losses felt by his investment victims will be remembered for generations.

You can view the new Madoff bankruptcy Trustee’s report below:

  • Irving Picard, Madoff Bankruptcy Trustee
  • 15,400 File Claims in Madoff Ponzi Scheme (The New York Times, Jul. 9, 2009)
  • Bernard Madoff’s Plea Allocution
  • Madoff’s Criminal Complaint
  • Financial Crisis Overview

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