The trustee liquidating Bernard L Madoff’s investment firm filed more than $50 billion in so- called clawback suits to compensate victims of the con man’s fraud since his arrest two years ago for masterminding the biggest Ponzi scheme in US history.
Irving Picard, the trustee, filed hundreds of suits against banks, feeder funds, investors and others alleged to have profited from Madoff’s decades-long fraud. Among those sued was Madoff’s son Mark, who was found dead yesterday in Manhattan of an apparent suicide.
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