Today it is time for a post from the Annals of Securities Fraud. That is because Monday, December 11, 2023, marked the 15th anniversary of the arrest of Bernie Madoff in connection with one of the largest securities frauds in U.S. history. The scale of Madoff’s Ponzi scheme fraud is still, even after all of these years, just astonishing. Prosecutors estimated that the paper losses totaled nearly $65 billion, and have said they believe that the scheme defrauded as many as 37,000 people in 136 countries.
What has been interesting in the scheme’s wake has been the efforts to recover funds to compensate Madoff’s victims. Irving Picard, the court-appointed trustee overseeing the liquidation of Madoff’s firm, has recovered approximately $14.6 billion. And perhaps even more interesting, Picard’s recovery efforts are continuing to this day, 15 years after Madoff’s arrest, as reported in David Thomas’s December 12, 2023 Reuters article, here.Continue Reading Bernie Madoff Ponzi Scheme: Still Crazy After All These Years
Even after two years, the Madoff scandal continues to fascinate. Following close on the heels of last week’s news of 
In a March 12, 2010 order (
An astonishing amount of litigation followed in the wake of the Madoff scandal revelations, as I have detailed 
Could Madoff-related losses be insured under a homowners’ insurance policy? That is what is claimed in a class action complaint filed on August 19, 2009 in the Southern District of New York by Robert and Harlene Horowitz against their homeowners’ insurer and related entities. Their complaint (which can be found 
Given the massive amount of litigation arising out of the Madoff scandal as well as the enormous sums of money involved it is perhaps inevitable that the scandal would also generate its own category of insurance coverage litigation. As the two cases described below demonstrate, the Madoff-related coverage litigation has now arrived. There undoubtedly will
Something hit me this past week as I was reviewing the latest Madoff-related complaint to cross my desk. The class action complaint (
Although a wide variety of surprising details have come to light as the Madoff scandal has been exposed, there has as yet been no reported connection between the scandal and 
Following close on the heels of the