Results tagged “irvingpicard”

Irving Picard, the trustee in charge of liquidating Ponzi schemer Bernard Madoff's assets, now says many other people—not just Madoff's CFO Frank DiPascali—were involved with perpetrating the scheme. The NY Times reports, "According to a court document filed late on Friday, other longtime Madoff employees were in charge of managing 245 accounts for Madoff friends and family, and for them at least a few of the reported trades actually occurred."

Irving Picard, the trustee in charge of liquidating Ponzi king Bernard Madoff's assets, has asked a judge to define what constitutes investors' losses. Naturally, some investors believe they are owed the inflated (hello, 46%, 950% returns), very fake and non-existent amounts that Madoff listed on their last balances—while Picard thinks they are owed simply what they invested minus withdrawals. The Post reports, "A decision could prove crucial in how Madoff's assets are divided among his victims, because some investors -- whom Picard calls 'net winners' -- might be denied a share if their withdrawals exceeded their investments." The Manhattan Bankruptcy Court will have a hearing about the matter in...February. And we must bring up this December 2008 quote from one burned (Berned) investor: "The point with [Madoff] was that I always got every document. If you get all the documents, you are not suspicious."

The trustee overseeing bankruptcy proceedings for disgraced financier Bernard Madoff has sued one Madoff client for $6.7 billion. Why? Because Jeffrey Picower, his wife, Barbara, and the Picower Foundation "knew or should have known they were benefiting from fraudulent activity or, at a minimum, failed to exercise reasonable due diligence"—they received 950% in returns one year and for a few years, returns ranged from 120% to 550%.

The trustee overseeing the liquidation of Bernard Madoff's estate filed a motion to sell the Ponzi schemer's Mets tickets on eBay. The filing states, "Because the New York Mets’ season has already started, the trustee must sell the tickets as quickly as possible to maximize the possible recovery." According to Bloomberg News, "The Madoff firm had two Delta Club Platinum season tickets for the Mets, for seats directly behind home plate" with a "face value was $80,190 for the season." But since the right to purchase playoff seats and tickets don't transfer if those seats' tickets are sold, "Picard reached an agreement with the Mets to swap them for Delta Club Gold tickets valued at $60,750" and the Mets refunded the difference. The filing thinks the Gold seats, which are behind the Platinum ones, are "more marketable, especially given the current economic environment." More details here. Also: Mets owner Fred Wilpon's firm had invested heavily with Madoff.