Hundreds of victims in Bernard Madoff scandal are angry – according to The New York Post, at Irving Picard, the court-appointed trustee overseeing the liquidation of financier’s assets, and his aggressive moves to clawback millions of dollars the Madoff victims say no longer have.
A group of 350 victims, many of them seniors, and all of whom have lost their life savings, are claiming Picard:
From NY Post: — whose job is to collect as much of the $23 billion lost during the decades-long Madoff fraud — is demanding repayment from victims facing an “undue hardship,” even though he promised not to do so.
* The trustee refuses to speak with them when they reach out to him with questions or problems.
* They are being shortchanged on any possible insurance recovery because Picard is using the money people originally invested ($23 billion) instead of final, fradulent account balances (an amount Madoff claimed totaled $65 billion).
“Picard considers himself to be judge and jury,” [a] Madoff victim, told The Post.
Many of the victims say they cannot afford to pay the money back, and because of Picard’s own interpretation to the payout formula must now hire lawyers to help determine how much the trustee can move to clawback. So far Picard has recovered about $1 billion.