Almost $950m is all thats so far been recovered from the ” investment firm” of alleged fraudster Bernard Madoff, the liquidator has confirmed.
Thisastromomical figure still represents less than two percent of the total of about fifty billion that Madoff is accused of stealing from his investors.
Liquidation trustee Irving Picard speaking on Wednesday in front of a bankruptcy court in New York told what had been recovered thus far.
Madoff was arrested on 11 December and was released on bail while investigations continue into his investment company, which is alleged to have defrauded such celebrities as Kyra Sedgwick, Kevin Bacon and others.
Madoff who is a former chairman of Nasdaq stands accused of running a Ponzi scheme and if he is convicted could be seeing up to 20 years in prison and millions of dollars in fines.(not quite what he stole, but still a sizeable piece of cash none the less.
