Strib - A seemingly improbable 4 years ago, Mr.
Bernard Madoff confessed to his two sons his 20-year run as Bernard L. Madoff
Investment Securiteies LLC with as much as $60 biliion of investors'
real money in the firm was all a big ponzie scheme.. It was on December 11, 2008
the 2 sons reported the disclosure to federal authorities and Madoff was
arrested the next day. Mr. Madoff is today serving a 150-year sentence in a
federal prison. Court-appointed trustee Irving Picard and a gang of lawyers
headed by David Sheehan of the New York law firm of Baker-Hostetler have
recovered $9.3 billion of the estimated $17.5 billion possible to recover. The
time and efforts to recover the money comes with a high cost. To date, legal
fees have been as much as $600 million. Records have shown the $60 billion
invested by investors was never re-invested by Madoff on their behalf but
instead was used "bit by bit" to pay other investors as returns on their
"investment" with him. Additional money to recover can be from accounts in Great
Britain, Spain and Israel according to the Associated Press.
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