10 YEAR LOOK BACK
Watch Irving Picard, David Sheehan, and Stephen Harbeck discuss 10 years of groundbreaking work.
RECOVERY STATUS TO DATE all amounts approximate
RECOVERIES AND SETTLEMENT AGREEMENTS
$14.705 Billion
As of October 24, 2024:
In the SIPA Liquidation of BLMIS, unresolved matters remain that require court determination. Until resolved, these matters require reserves. In addition, 11 claims have been “deemed determined pending litigation” and the SIPA Trustee must establish sufficient reserves to ensure that he would be able to make all pro rata distributions to date to all potentially eligible claimants, whether or not their claims are allowed at the time of distribution.
Required reserve for deemed determined claims: Approximately $748.1 million
General reserve: $0
Other reserves, including reserve for deferred payments and unallocated funds: Approximately $44 million
$792.1 Million
As of October 24, 2024:
Fifteenth interim distribution of 0.419%: $78.6M
Fourteenth pro rata interim distribution of 0.265%: $49.7M
Thirteenth pro rata interim distribution of 0.604%: $113.4M
Twelfth pro rata interim distribution of 1.240%: $233.1M
Eleventh pro rata interim distribution of 1.975%: $372M
Tenth pro rata interim distribution of 2.729%: $515.9M
Ninth pro rata interim distribution of 3.806%: $721.7M
Eighth pro rata interim distribution of 1.729%: $328.8M
Seventh pro rata interim distribution of 1.305%: $248.5M
Sixth pro rata interim distribution of 8.262%: $1.578B
Fifth pro rata interim distribution of 2.743%: $526M
Fourth pro rata interim distribution of 3.180%: $610.4M
Third pro rata interim distribution of 4.721%: $907.3M
Second pro rata interim distribution of 33.556%: $6.478B
First pro rata interim distribution of 4.602%: $891.1M
Amount of SIPC advances reimbursed to SIPC on fully satisfied accounts: $258.1M
$13.911 Billion
In the Bernard L. Madoff Investment Securities LLC (BLMIS) liquidation, the Securities Investor Protection Corporation (SIPC) has made cash advances – up to a maximum of $500,000 per allowed claim – available to the court-appointed Securities Investor Protection Act (SIPA) Trustee to distribute to eligible customers, as a way to expedite financial relief to these customers. As of October 24, 2024, SIPC has committed approximately $850.4 million to the BLMIS liquidation for this purpose. SIPC-committed advances will continue to increase as claims that are currently in litigation are allowed as a result of settlements or the conclusion of litigation.
According to the provisions of SIPA, SIPC is reimbursed for its advances to customers once each respective customer claim is fully satisfied. SIPC has received $258.1 million in reimbursement from the Customer Fund for advances paid on fully satisfied accounts, leaving $592.2 million in SIPC advances outstanding.
*In this instance, the term "subrogation" refers to the reimbursement to SIPC of cash advances made to BLMIS customers, once the respective allowed customer claim has been fully satisfied.
$592.2 Million
AMOUNT UNAVAILABLE DUE TO SETTLEMENT RESERVES
$2.0 Million
A MESSAGE FROM THE SIPA TRUSTEE AND HIS CHIEF COUNSEL
A decade has passed since the discovery of the Madoff Ponzi scheme, the largest financial fraud in history. Understandably, the collapse was met with heartbreak, shock, and disbelief. But just as the realizations of financial loss were taking hold, a professional recovery process was born.
The failure of the Madoff brokerage meant that, simultaneous with the FBI investigations, a special law, the Securities Investor Protection Act, was triggered. This Act gave the Securities Investor Protection Corporation (SIPC) oversight of the case, full responsibility to pay for the recovery effort, and cleared the way for a Trustee, who would have the mandate to search for and use the legal system to recover funds. The Madoff matter became the largest case in the history of SIPC and we were asked to serve as its stewards.
The failure of the Madoff brokerage meant that, simultaneous with the FBI investigations, a special law, the Securities Investor Protection Act, was triggered. This Act gave the Securities Investor Protection Corporation (SIPC) oversight of the case, full responsibility to pay for the recovery effort, and cleared the way for a Trustee, who would have the mandate to search for and use the legal system to recover funds. The Madoff matter became the largest case in the history of SIPC and we were asked to serve as its stewards.
FEATURED MEDIA
November 30, 2018
The Amazing Madoff Clawback
How two lawyers, Irving Picard and David Sheehan, have recovered 75 cents on the dollar of the stolen money - many times the usual rate in such cases.
INFORMATIONAL GRAPHICS all amounts approximate
Building the Customer Fund
MORE INFO
Customer Fund Status
MORE INFO
Total Recoveries by Year
MORE INFO
LATEST NEWS
- FEBRUARY 23, 2024
Fifteenth Pro Rata Interim Distribution of Recovered Funds to Madoff Claims Holders Commences; Totals More Than $78 Million - JANUARY 23, 2024
Statement Regarding Bankruptcy Court Approval of Fifteenth Pro Rata Interim Distribution - DECEMBER 08, 2023
Madoff Trustee Requests Allocation of More Than $66 Million to Customer Fund and Court Approval to Distribute More Than $45 Million to Customers with Allowed Claims - AUGUST 10, 2023
Statement Regarding Second Circuit Decision in Sage Case - FEBRUARY 25, 2019
Second Circuit Decision Paves The Way for the SIPA Trustee to Recover Money Transferred Around the World - DECEMBER 11, 2018
Madoff Trustee Requests Allocation of $515.9 Million to Customer Fund and Court Approval to Distribute $419.3 Million to BLMIS Customers with Allowed Claims
TIMELINE
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2024FEB 23The fifteenth pro rata interim distribution of recoveries commences, which is approximately 0.419 percent of the allowed claims amount of each individual account, unless already fully satisfied. -
2024JAN 23The U.S. Bankruptcy Court for the Southern District of New York Approves an Allocation of New Recoveries to the BLMIS Customer Fund and Authorizes a Fifteenth Pro Rata Interim Distribution to BLMIS Customers with Allowed Claims. -
2023DEC 8SIPA Trustee requests Court approval to allocate more than $66 million to Customer Fund and to distribute more than $45 million to BLMIS customers with allowed claims for 15th pro rata interim distribution. -
2023FEB 24The fourteenth pro rata interim distribution of recoveries commences, which is approximately 0.265 percent of the allowed claims amount of each individual account, unless already fully satisfied.
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2023JAN 10The U.S. Bankruptcy Court for the Southern District of New York Approves an Allocation of New Recoveries to the BLMIS Customer Fund and Authorizes a Fourteenth Pro Rata Interim Distribution to BLMIS Customers with Allowed Claims.
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2022DEC 9SIPA Trustee requests Court approval to allocate more than $44 million to Customer Fund and to distribute more than $33 million to BLMIS customers with allowed claims for 14th pro rata interim distribution.
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2022FEB 25The thirteenth pro rata interim distribution of recoveries commences, which is approximately 0.604 percent of the allowed claims amount of each individual account, unless already fully satisfied.
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2022JAN 11The U.S. Bankruptcy Court for the Southern District of New York Approves an Allocation of New Recoveries to the BLMIS Customer Fund and Authorizes a Thirteenth Pro Rata Interim Distribution to BLMIS Customers with Allowed Claims.
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2021DEC 10SIPA Trustee requests Court approval to allocate more than $128 million to Customer Fund and to distribute more than $85 million to BLMIS customers with allowed claims for 13th pro rata interim distribution.
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2021FEB 26The twelfth pro rata interim distribution of recoveries commences, which is approximately 1.240 percent of the allowed claims amount of each individual account, unless already fully satisfied.
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2021JAN 19The U.S. Bankruptcy Court for the Southern District of New York Approves an Allocation of New Recoveries to the BLMIS Customer Fund and Authorizes a Twelfth Pro Rata Interim Distribution to BLMIS Customers with Allowed Claims
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2020DEC 9SIPA Trustee requests Court approval to allocate more than $74 million to Customer Fund and to distribute more than $190 million to BLMIS customers with allowed claims for 12th pro rata interim distribution.
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2020JUN 1The U.S. Supreme Court denies a petition for certiorari that sought review of a 2019 Second Circuit ruling allowing the SIPA Trustee to recover funds stolen by Madoff and subsequently transferred overseas. -
2020FEB 28The eleventh pro rata interim distribution of recoveries commences, which is approximately 1.975 percent of the allowed claims amount of each individual account, unless already fully satisfied.
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2020JAN 8The U.S. Bankruptcy Court for the Southern District of New York Approves an Allocation of New Recoveries to the BLMIS Customer Fund and Authorizes an Eleventh Pro Rata Interim Distribution to BLMIS Customers with Allowed Claims.
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2019DEC 18SIPA Trustee requests Court approval to allocate more than $988 billion to Customer Fund and to distribute more than $332 million to BLMIS customers with allowed claims for 11th pro rata interim distribution.
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2019AUG 6The United States Bankruptcy Court for the Southern District of New York approved an $860 million settlement agreement between the SIPA Trustee and Kingate Global Fund, Ltd. and Kingate Euro Fund, Ltd. -
2019FEB 25The U.S Court of Appeals for the Second Circuit reversed two rulings by the lower courts related to extraterritoriality and international comity, enabling the SIPA Trustee to recover funds stolen by Madoff and subsequently transferred overseas. -
2019FEB 22The tenth pro rata interim distribution of recoveries commences, which is approximately 2.729 percent of the allowed claims amount of each individual account, unless already fully satisfied.
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2019JAN 22The U.S. Bankruptcy Court for the Southern District of New York Approves an Allocation of New Recoveries to the BLMIS Customer Fund and Authorizes a Tenth Pro Rata Interim Distribution to BLMIS Customers with Allowed Claims.
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2018DEC 11Madoff Recovery Initiative marks 10-year anniversary; more than $13.3 billion recovered to date, making it the most successful Ponzi scheme recovery in history in terms of dollar value and percentage of stolen funds recovered. -
2018JUL 5The United States Bankruptcy Court for the Southern District of New York approved a $281 million settlement agreement between the SIPA Trustee and Ascot Partners, Ascot Fund, J. Ezra Merkin, and Gabriel Capital.
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2018MAR 27The United States Bankruptcy Court for the Southern District of New York approved a $76.45 million settlement agreement between the SIPA Trustee and Alpha Prime Fund Ltd.
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2018FEB 22The ninth pro rata interim distribution of recoveries commences, which is approximately 3.806 percent of the allowed claims amount of each individual account, unless already fully satisfied.
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2018JAN 30The U.S. Bankruptcy Court for the Southern District of New York Approves an Allocation of New Recoveries to the BLMIS Customer Fund and Authorizes an Ninth Pro Rata Interim Distribution to BLMIS Customers with Allowed Claims.
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2017DEC 18SIPA Trustee requests Court approval to allocate $1.3 billion to Customer Fund and to distribute $584 million to BLMIS customers with allowed claims for 9th pro rata interim distribution.
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2017OCT 19The United States Bankruptcy Court for the Southern District of New York approved a $687 million settlement agreement between the SIPA Trustee and Thema International Fund plc.
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2017JUL 24The United States Bankruptcy Court for the Southern District of New York approved a $240 million settlement agreement between the SIPA Trustee and Lagoon Investment Ltd and Hermes International Fund Ltd.
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2017JUL 24The United States Bankruptcy Court for the Southern District of New York approved a $130 million settlement agreement between the SIPA Trustee and Thema Wise Investments Ltd and Thema Fund Ltd.
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2017JUL 24The United States Bankruptcy Court for the Southern District of New York approved a $23 million settlement agreement between the SIPA Trustee and the Madoff family estates.
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2017FEB 2The eighth pro rata interim distribution of recoveries commences, which is approximately 1.729 percent of the allowed claims amount of each individual account, unless already fully satisfied.
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2017JAN 12The U.S. Bankruptcy Court for the Southern District of New York Approves an Allocation of New Recoveries to the BLMIS Customer Fund and Authorizes an Eighth Pro Rata Interim Distribution to BLMIS Customers with Allowed Claims.
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2016DEC 14SIPA Trustee Requests Court Approval to Allocate $342 million to Customer Fund and to Distribute $252 million to BLMIS Customers with Allowed Claims for 8th Distribution
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2016NOV 29The United States Bankruptcy Court for the Southern District of New York approved a $32 million settlement agreement between the SIPA Trustee and Cohmad Securities Corporation, the Estate of Maurice “Sonny†Cohn, Marcia B. Cohn and Marilyn Cohn.
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2016NOV 18The United States Bankruptcy Court for the Southern District of New York approved a global settlement – made in cooperation with the California Attorney General – with the defendants in Picard v. the Estate of Stanley Chais, et al.
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2016JUN 30The seventh pro rata interim distribution of recoveries commences, which is approximately 1.305 percent of the allowed claims amount of each individual account, unless already fully satisfied.
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2016JUN 15The U.S. Bankruptcy Court approves the SIPA Trustee’s motion for a seventh pro rata interim distribution of 1.173 percent.
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2016MAY 26SIPA Trustee files motion seeking approval for an allocation to the Customer Fund and a seventh pro rata interim distribution.
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2016APR 26The U.S. Bankruptcy Court approves the recovery agreement with Dorado Investment Company, et al. that will benefit the BLMIS Customer Fund by approximately $30 million.
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2016JAN 26The U.S. Bankruptcy Court approves the recovery agreement with Vizcaya Partners Limited, Asphalia Fund Limited, and Zeus Partners Limited. The settlement will benefit the BLMIS Customer Fund by approximately $25 million.
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2015DEC 4The sixth pro rata interim distribution of recoveries commences, which is approximately 8.262 percent of the allowed claims amount of each individual account, unless already fully satisfied.
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2015NOV 18U.S. Bankruptcy Court approves the SIPA Trustee’s motion for a sixth interim distribution of approximately $1.5 billion, $1.18 billion to be distributed as soon as order becomes final.
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2015NOV 17The U.S. Bankruptcy Court approves the recovery agreement with Thybo Asset Management Limited and Thybo Stable Fund Ltd. that will benefit the BLMIS Customer Fund by more than $46.6 million.
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2015OCT 23The SIPA Trustee announces a recovery agreement with Thybo Asset Management Limited and Thybo Stable Fund Ltd. that will benefit the BLMIS Customer Fund more than $46.6 million.
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2015OCT 20SIPA Trustee files motion seeking approval for an allocation to the Customer Fund and a sixth pro rata interim distribution.
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2015OCT 5Supreme Court denies review of time-based damages issue, affirming SIPA Trustee’s position that BLMIS claimants are not entitled to interest or inflation.
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2015JUL 28The U.S. Bankruptcy Court approves $140 million recovery agreement for the BLMIS Customer Fund with Plaza Investments International Limited and Notz, Stucki Management (Bermuda) Limited.
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2015JUN 23The U.S. Bankruptcy Court approves $35 million recovery agreement between the SIPA Trustee and Ariel Fund Limited and Gabriel Capital, L.P.
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2015APR 16The U.S. Bankruptcy Court approves $93 million recovery agreement between the SIPA Trustee and Defender Fund.
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2015APR 15The SIPA Trustee files a motion in the U.S. Bankruptcy Court seeking approval for a sixth pro rata interim distribution from the Customer Fund to BLMIS customers with allowed claims.
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2015MAR 17SIPA Trustee files petition for writ of certiorari with the United States Supreme Court seeking review of lower court decisions regarding “safe harbor/stockbroker†defense in Madoff Ponzi scheme.
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2015FEB 20The U.S. Court of Appeals for the Second Circuit upholds the United States Bankruptcy Court decision that claimants in the SIPA liquidation of BLMIS are not entitled to time-based damages.
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2015FEB 6The fifth pro rata interim distribution of recoveries begins, which is approximately 2.743 percent of the allowed claims amount of each individual account, unless already fully satisfied.
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2015JAN 15The U.S. Bankruptcy Court for the Southern District of New York approves the SIPA Trustee’s allocation and distribution motion for a fifth pro rata interim distribution of 2.743 percent.
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2014DEC 22SIPA Trustee files motion seeking approval for an allocation to the Customer Fund and a fifth pro rata interim distribution.
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2014DEC 17The U.S. Bankruptcy Court for the Southern District of NY approves the SIPA Trustee’s settlement of $497 million with Herald Fund SPC and Primeo Fund.
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2014DEC 17The U.S. Bankruptcy Court for the Southern District of NY approves the SIPA Trustee’s $95 million settlement agreement with Senator Fund SPC.
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2014NOV 19The United States Bankruptcy Court for the Southern District of New York approves a recovery agreement of up to $62 million between the Madoff Trustee and Edward Blumenfeld and others.
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2014MAY 25SIPA Trustee files motion seeking approval for an allocation to the Customer Fund and a fourth pro rata interim distribution.
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2014MAY 5The fourth pro rata interim distribution commences; as of February 1, 2016, the fourth pro rata interim distribution totals $468 million.
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2014APR 18The U.S. Bankruptcy Court for the Southern District of NY approves the SIPA Trustee’s allocation and distribution motion for a fourth interim distribution of 3.180 percent.
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2014MAR 25SIPA Trustee files motion seeking approval for an allocation to the Customer Fund and a fourth pro rata interim distribution.
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2014FEB 4The U.S. Bankruptcy Court for the Southern District of New York approves settlement agreements with JPMorgan Chase, adding $275 million to the Customer Fund.
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2013OCT 9SIPA Trustee files petition for writ of certiorari with the United States Supreme Court seeking review of lower court decisions regarding banks and their liability in the Madoff Ponzi scheme.
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2013SEP 17U.S. Bankruptcy Court for the Southern District of New York approves $97.8 million settlement with Maxam Absolute Return Fund and other related funds/entities, recovering 100% of the Maxam Defendants’ BLMIS withdrawals.
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2013SEP 10The U.S. Bankruptcy Court for the Southern District of New York approves the SIPA Trustee’s motion to deny time-based damages adjustments to customer claims.
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2013MAR 29The third pro rata interim distribution of recoveries begins, which is approximately 4.721 percent of the allowed claims amount of each individual account.
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2013MAR 13The U.S. Bankruptcy Court for the Southern District of New York approves the SIPA Trustee's allocation and distribution motion for a third pro rata interim distribution of 4.721 percent.
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2012DEC 21The U.S. Court of Appeals for the Second Circuit upholds the SIPA Trustee’s $220 million settlement with the Norman F. Levy family. Absent additional appeals, the settlement will be made available for distribution.
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2012SEP 19The second pro rata interim distribution of recoveries begins, which is approximately 33.5 percent of the allowed claims amount of each individual account.
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2012AUG 22Bankruptcy Court approves the SIPA Trustee’s motion for allocation and second interim distribution of 33.5 percent of each allowed claim.
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2012JUL 16The deadline for further appeals of the $7.2 billion Picower forfeiture to the United States Government expires, making the forfeiture order final, and the $5 billion settlement payment is released to the SIPA Trustee.
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2012JUN 25United States Supreme Court denies petitions for certiorari, thereby upholding net equity methodology in BLMIS liquidation.
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2012MAR 26The U.S. District Court upholds the Bankruptcy Court’s approval of the $5 billion settlement with the estate of Jeffry Picower and also upholds the injunction barring claims against the Picower estate by third parties. -
2012MAR 19A $162 million settlement agreement is reached with Sterling Equities. The settlement sum is equal to 100 percent of the fictitious profits withdrawn by the Sterling parties during the six-year period prior to the BLMIS liquidation proceeding.
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2011DEC 21A $326 million settlement with the United States of America, on behalf of the Internal Revenue Service, was approved by the United States Bankruptcy Court for the Southern District of New York.
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2011OCT 5The first pro rata interim distribution to BLMIS customers whose claims have been allowed by the Trustee commences.
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2011OCT 4The United States Bankruptcy Court for the Southern District of New York approved a settlement with Mount Capital Fund, a BLMIS Feeder Fund, which returned $43.5 million to the Customer Fund.
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2011AUG 16The U.S. Court of Appeals for the Second Circuit upholds the Trustee’s definition of net equity as applied to the Madoff Ponzi fraud, an important step forward for customers with allowed claims.
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2011JUL 28The settlement with the Tremont Group, the second-largest Madoff feeder fund network, increases the Customer Fund by $1.025 billion and facilitates future recoveries for feeder fund investors.
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2011JUL 12The Bankruptcy Court approves the SIPA Trustee's motion for an initial pro rata interim distribution of 4.602 percent.
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2011JUN 24An amended complaint filed against JPMC expands allegations, seeks a jury trial and increases minimum damages sought to at least $19 billion in addition to approximately $1 billion in fraudulent transfers and other claims.
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2011MAY 9A settlement with Fairfield Sentry effectively increases future Customer Fund payments by nearly $1 billion and strengthens claims against the owners and management of the Fairfield Funds and hundreds of subsequent transferees.
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2011MAY 4The SIPA Trustee files a motion for the allocation of $2.6 billion to the Customer Fund and for the initial, pro rata, interim distribution of $272 million.
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2010DEC 17A $7.2 billion settlement agreement is reached with the estate of Jeffry Picower; $5 billion is allotted to the Customer Fund and $2.2 billion to the government as forfeiture. The $5 billion for the Customer Fund is under appeal.
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2010DEC 10A RICO complaint is filed against the Medici Enterprise defendants, including Sonja Kohn, Bank Medici and related entities, including UniCredit and Bank Austria. The action seeks to recover $19.6 billion in damages (trebled under RICO).
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2010DEC 7The SIPA Trustee announces a $550 million recovery agreement with the family of Carl Shapiro. The recovery is appealed and the $550 million is held in escrow, pending a ruling on the appeal.
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2010DEC 2The SIPA Trustee and his counsel file a lawsuit against JP Morgan Chase, Madoff’s primary banker, and related entities, seeking more than $6.5 billion in fees, profits, avoidable transfers, and damages.
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2010NOV 26The SIPA Trustee and his counsel file 40 lawsuits against relatives of Madoff and his wife, as well as former BLMIS employees and their relatives, seeking to recover approximately $69 million in fraudulent transfers.
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2010NOV 24The SIPA Trustee and his counsel file a lawsuit against UBS AG and related entities alleging 23 counts of financial fraud and misconduct in both common law and bankruptcy causes of action, seeking the recovery of at least $2 billion.
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2010AUG 3Vizcaya Partners is ordered to pay back $180 million it withdrew from BLMIS in the five months before the fraud came to light. Approximately $73 million deposited in Gibraltar is requested returned to the United States to help satisfy the judgment.
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2010MAR 1The Honorable Judge Burton R. Lifland of the Bankruptcy Court for the Southern District of New York upholds the SIPA Trustee’s “net equity†methodology for determining eligibility for distributions from the Customer Fund.
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2010JAN 27The Trustee announces a $220 million agreement with Jeanne Levy-Church and Francis N. Levy, returning that amount of money to the Customer Fund. -
2009NOV 13To avoid devaluation of a major asset (an Embraer Legacy 600), Chapter 11 proceedings begin to secure full ownership of the BLMIS-owned BLM Air Charter LLC. -
2009OCT 28The total amount of SIPC advances exceeds the half-billion-dollar mark. This amount now exceeds the total of all prior SIPC advances made since SIPA was passed by Congress in 1970. -
2009OCT 2A lawsuit is filed against four Madoff family members seeking to recover approximately $200 million in customer funds allegedly diverted to the family members or spent on their behalf.
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2009AUG 5In an effort to speed the delivery of funds to BLMIS victims, SIPC agrees to pay the undisputed portion of a claim (up to $500,000) even if the customer has objected to the SIPA Trustee’s determination of the claim.
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2009JUL 29The Trustee files a lawsuit against Ruth Madoff, the wife of Bernard L. Madoff, seeking to recapture approximately $45 million in funds transferred to her or to companies in which she was an investor. -
2009JUL 2The period allowed for submitting claims closes. -
2009JUN 22Complaints are filed against Cohmad Securities Corporation seeking to recover more than $100 million in fees paid by BLMIS to the alleged feeder fund that helped channel billions of dollars and more than a thousand customers to Madoff.
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2009JUN 9The Honorable Judge Burton R. Lifland of the Bankruptcy Court for the Southern District of New York orders the substantive consolidation of the Estate of Bernard L. Madoff into the SIPA Proceeding of Bernard L. Madoff Investment Securities LLC. -
2009MAY 26Optimal Investment Services SA agrees to settle lawsuits brought by the Trustee and pays $235 million to the Customer Fund.
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2009MAY 18The SIPA Trustee files a lawsuit seeking the return of $3.2 billion from Fairfield Greenwich Group, one of the largest alleged “feeder funds.â€
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2009APR 28Castor Pollux Securities wins the Court-approved auction of the BLMIS market-making business assets for $1 million at closing and up to $24.5 million in deferred compensation through December 2013.
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2009JAN 2More than 8,000 claims forms are mailed to victims of the fraud, with instructions for filing by initial deadlines of March 4, 2009 and July 2, 2009; claims forms are also available for download from the Internet. -
2009JAN 2The Trustee publishes notices in major newspapers to victims and creditors regarding the liquidation of BLMIS. -
2008DEC 20Less than one month after the discovery of the BLMIS fraud, the SIPA Trustee and his counsel announce the recovery of $29 million from the Bank of New York, the first of the funds stolen through the Ponzi scheme that are recovered.
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2008DEC 15The U.S. District Court for the Southern District of New York appoints Irving H. Picard as SIPA Trustee for the liquidation of the Bernard L. Madoff Investment Securities brokerage firm and appoints Baker & Hostetler LLP as counsel to Mr. Picard. -
2008DEC 11Bernard Madoff is arrested by the FBI and criminally charged with a multi-billion-dollar securities fraud scheme. -
2008DEC 11The SEC files a complaint in the District Court against defendants Madoff and Bernard L. Madoff Investment Securities LLC (“BLMISâ€) alleging that the defendants engaged in fraud through investment advisor activities.