Irving Picard

Picard: ‘Hardship’ Cases Will Be Exempt

Trustee liquidating Madoff’s firm insists that small investors
with fictitious profits will not be expected to return all their money.

03/08/2011
Staff Writer

No elderly Jewish victim of Bernard Madoff who made money from his Ponzi scheme will be asked to sell her diamond engagement ring or home in order to repay the fictitious profits made, according to the trustee liquidating Madoff’s investment firm.

“No, that is not what we’re looking for,” said the trustee, Irving Picard. “Those type of people sound like they should be filing hardship applications.”

Madoff trustee Irving Picard says people should be filing hardship applications.

Picower Estate to Return $7 Billion Made in Madoff Scam

12/17/2010
JTA

NEW YORK (JTA) -- The estate of one of the largest beneficiaries of Bernard Madoff’s multibillion dollar Ponzi scheme, Jeffrey Picower, has agreed to return $7 billion to Madoff’s victims.

The figure is the difference between the amount of cash that Picower, a Jewish investor, put into his account with Madoff and the amount that he withdrew, The New York Times reported. The deal was set to be announced at a news conference on Friday.

Syndicate content