Business
The hunt for missing billions goes on after Bernie Madoff’s death – The Sydney Morning Herald
Ponzi scheme mastermind Bernard Madoff died earlier this year. But the effort to untangle one of the biggest financial frauds in Wall Street history continues.
Picard was given the task of separating the net losers Madoff clients who didnt cash out of their accounts from those who did.
Over time, net losers with approved claims have quietly seen an average of 70 per cent of their investments returned. Net winners were subjected to so-called clawbacks. Not only did they lose money they thought they had in their accounts, they had to pay back profits they had withdrawn over the years.
Those people felt as though, and rightfully so, that they had been damaged…
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