Madoff’s relatives and former employees and anyone likely to have benefited from the largest Ponzi fraud in US history are being pursued by the bankruptcy trustee, Irving H. Picard, in an effort to recover victims’ money.
Now Madoff’s trustee, Irving Picard, says he is working to get people like Ambrosino their money.
In a news release Friday night, Picard said the lawsuits were filed as part of an effort to recover funds from relatives and employees, “Who were closest to the center of the fraud and who were, in many cases, among those who benefited most from the Ponzi scheme.”
But according to Ambrosino this may not be the best thing for victims.
“Some of these lawsuits are against people who may or may not have been complicit in this, some of these are against victims that have lost everything that they had,” said Ambrosino.
That is because Picard is going after anyone that withdrew large amounts of money prior to the investment firm’s collapse.
An excellent account of the Bernie Madoff scheme is Harry Markopolous’, No One Would Listen: A True Financial Thriller
