Madoff Recovery Funds To Come From Those Who Enjoyed Fake Profits
BOSTON (CBS) — The chief counsel in the Bernie Madoff recovery effort says he’s confident most of the funds lost in the Ponzi scheme will be recovered over the next few years.
But where is the money coming from?
WBZ New England Business Editor Anthony Silva reports
In an exclusive interview from his New York office, Chief Counsel David Sheehan tells WBZ’s Anthony Silva that he and trustee Irving Picard have almost 900 lawsuits in the process, with the biggest effort aimed at those who enjoyed fake profits.
Sheehan says there’s a second group of about 60 lawsuits, aimed at “bad faith” cases, mostly financial institutions, federal funds and individuals, who knew there was fraud but never blinked.
“We have sued all those people who got fictitious profits,” Sheehan said.
Sheehan says he thinks most of that money will be recovered over the next few years.