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Madoff Money. Court Appointed Trustee Spends $26M and Recovers $849k

November 1, 2010

A trustee overseeing the bankruptcy of Bernard Madoff’s investment firm spent $26.9 million in the second and third quarters to recover $849,000 for Madoffs victims, according to a federal court filing.

Irving Picard, the trustee, said in a filing with Manhattan federal court that much of the expense — $15.8 million — went to cover fees for his law firm, Baker & Hostetler LLP.

Most of the $849,000 recovered for victims of Madoffs Ponzi scheme came from investors who received preferential payouts ahead of the bankruptcy of Madoffs firm, the filing said.

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