WMFD TV

Search Archive WMFD.com News

www.wmfd.com - Lawyers and consultants have racked up $700-million in fees as they work to recover money lost to Bernard Madoff's ponzi scheme. }}" />

   
 
 
Lawyers Racking Up Millions In Madoff's Ponzi Scheme

Story By: Larry Stine

 

 

 
 
 
  Email Story to Friend
   
  Original Published: 5/7/2013 Lawyers and consultants have racked up $700-million in fees as they work to recover money lost to Bernard Madoff's ponzi scheme. They're trying to get back $17.5-billion. Madoff's scheme came crashing down with his arrest in December 2008. He pled guilty three months later and was sentenced to 150 years. To date, court-appointed trustee Irving Picard has collected more than $9-billion in cash and assets. He's repaid more than $5-billion of that to victims. The bulk of the fees associated with the case, nearly $400-million, have been paid to Picard's law firm. Another $300-million has been divided among dozens of other law firms, and $25-million went to "general administrative" costs.
   
  MORE RECENT NEWS
 
Image1 United Way of Richland County Director Dan Varn is making the rounds, spreading the message about the importance of this year's campaign, in person. Full Story
Image1 Galion Community Hospital recently made a donation to the Galion Police Department that will be a benefit to Galion Police Officers as well as the Galion Community. Full Story
 
Image1 Four people escape injury in a rollover accident at 1 p.m. Monday in Crawford County. Full Story
Image1 The U-S 30 reconstruction project is alive and well, just delayed, due to higher than expected costs. Full Story
  MORE NEWS
 

U.S. 30 Advisory Committee Discusses Reconstruction Project

Kingwood Center's Great Pumpkin Glow Provides Family Fun

Richland Carrousel Runs Backwards for Seasonal Celebration

Redemption Comes In the Form of Faith-Based Treatment

Many Shades of Pink Raises Awareness for Breast Cancer

Annual Collection Helps Recycle Household Waste

More News