Bernard Madoff's investment victims filed 15,400 claims through July 2, 2009, having been scammed in "the largest Ponzi scheme ever conducted," according to Irving Picard (inset), the trustee appointed by the U.S. bankruptcy court to manage investor claims in the Madoff bankruptcy.
Picard, a lawyer at Baker and Hostetler LLP, noted that Madoff's cohorts "were actively recruiting more than 1,000 customer accounts and infusing [his] Ponzi scheme with billions of dollars."
Can Madoff's investment victims ever hope to see their money again?
The trustee reported filing eight (8) lawsuits on behalf of Madoff's swindled investment victims in an attempt "to recover over $13.7 billion in funds from various feeders funds and related parties."
As of June 30, 2009, only $1,088,508 (7.9%) of investors' missing money was recovered.
While Madoff's 150-year jail sentence guarantees that the 71-year-old convicted criminal will remain behind bars for the rest of his life, the losses felt by his investment victims will be remembered for generations.
You can view the new Madoff bankruptcy Trustee's report below: