Fraud Victims 'Breaking The Bank'

Law360, New York (February 15, 2011) -- As the architect of the largest Ponzi scheme in recorded history, Bernard Madoff swindled investors out of billions. His actions ruined the lives of countless individuals and, for that, he has been properly punished. The same, however, cannot be said for those that helped Madoff pull off his scam.

Government regulators, some of whom suspected Madoff — but did not stop him — appear to have escaped any significant scrutiny, save for what their own consciences may dictate. The army of individual professionals who helped Madoff manage and operate his schemes may likewise never be called to task for their own infractions. Nevertheless, the bankruptcy trustee, Irving Picard, has made significant progress in collecting huge sums of money for Madoff’s victims. And, as new theories of liability emerge, it is possible that even more money will be recovered.

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