{"id":1615,"date":"2015-03-24T16:44:33","date_gmt":"2015-03-24T16:44:33","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/03\/ponzi_scams_madoff_victims_to"},"modified":"2022-03-22T13:22:49","modified_gmt":"2022-03-22T18:22:49","slug":"ponzi-scams-madoff-victims-to","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ponzi-scams-madoff-victims-to\/","title":{"rendered":"Ponzi Scams: Madoff Victims to Get $93M, Fraud Lawsuits Name Insurance Brokerage Head in $10M Scheme"},"content":{"rendered":"

\t\t\t\tInvestors who were bilked in Bernard Madoff’s Ponzi scam will be getting back another $93 million. Madoff Trustee Irving Picard said that Defender Limited and related entities have consented to give back that amount, which they received from investing with the Ponzi mastermind. As part of the agreement, the $93 million will be withheld from the over $422 million that Defender is waiting to get back for its own losses in the scam. <\/p>\n

To date, Picard has gotten back over $10.6 million of investors’ $17.3 billion in principal. This is the latest deal reached between the trustee and a so-called feeder fund. These funds pooled investor money and then sent the cash Madoff’s way. Bogus returns were issued to the funds, which gave the money to their individual investors.<\/p>\n

Picard contended that the parties behind the Defender fund were aware, or if not then they should have been, that Madoff’s company was a fraud. The $93 million is representative of all the money that Defender withdrew from its fund from its formation in 2007 until the end of 2008 when Madoff liquidation proceedings began. As part of the agreement, parties involved with Defender will cooperate with Picard to get back the $550 million. Picard has also reached deals with feeder funds Premo Fund, Herald Fund SPC, and Senator Fund SPC.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Investors who were bilked in Bernard Madoff’s Ponzi scam will be getting back another $93 million. Madoff Trustee Irving Picard said that Defender Limited and related entities have consented to give back that amount, which they received from investing with the Ponzi mastermind. 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Madoff Trustee Irving Picard said that Defender Limited — March 24, 2015\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Ponzi Scams: Madoff Victims to Get $93M, Fraud Lawsuits Name Insurance Brokerage Head in $10M Scheme — Investor Lawyers Blog — March 24, 2015","description":"Investors who were bilked in Bernard Madoff's Ponzi scam will be getting back another $93 million. 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