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Fraudster Bernie Madoff's lawyer recovers $10 bln for pyramid scheme victims

August 14, 2011 - London

Former stockbroker and Ponzi scheme operator Bernie Madoff's lawyer has secured over ten billion dollars for victims who invested their money in his pyramid scheme.

According to Diana Henriques, a leading expert on Madoff's epic fraud, his victims are likely to get back at least half the money they invested in his scheme. quoted Henriques, as saying that the amount of money so far recovered by court-appointed lawyer, Irving Picard, is 'amazing' and the level of recoveries could rise.

"He has got ten billion dollars back so far and even if he does not get anything back from the others (people and banks Picard is suing), that's 50 cents on the dollar cash that can go back to the victims," said Henriques.

Picard is currently suing a number of banks, such as HSBC and JP Morgan, for their roles in failing to spot Madoff's record-breaking fraud, the report said.


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