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Lawyers Racking Up Millions In Madoff's Ponzi Scheme
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Story By: Larry Stine

 

 

 
 
 
   
   
  Originally Published on: 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.
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