Madoff Trustee Files 40 Suits in Attempt to Recover More of Defrauded Invstors Money

Representing Investors Nationwide

According to a November 29, 2010 Wall Street Journal article, on the day after Thanksgiving, the trustee filed multiple suits against former Madoff employees customers and relatives in an attempt to recover some of the billions of dollars in investor losses.

The timing of the suit was brought about by the two year limitation on filing suits to “claw back” funds from former investors. So far the trustee, Irving Picard, has recovered approximately $1.5 billion for defrauded investors. How much additional funds may be recovered remains to be seen.

If you have lost money due to a ponzi scheme or other fraudulent acts by an investment adviser, please contact our offices for a case evaluation. Thank you.