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Throughout his more than 50-year legal career, Irving Picard has focused his practice on the complexities of bankruptcy, restructuring and creditors’ rights, and he is a leader in the field of trusteeships and receiverships.
Irving H. Picard (born June 26, 1941) [1] is a partner in the law firm BakerHostetler. He is known for his recovery of funds from the Madoff investment scandal from investors, Bernie Madoff and his family, and their spouses and estates.
BakerHostetler, through partner Irving Picard and his team, has been overseeing the liquidation of Bernard Madoff’s firm in bankruptcy court, and has so far recovered over $14 billion [14] —about 70 percent of approved claims—by suing those who profited from the scheme, whether they knew of the scheme or not. [15]
Feb 16, 2009 · Irving Picard, a partner with law firm Baker Hostetler appointed by the federal Bankruptcy Court to recover assets for distribution to defrauded investors, has so far found $830 million...
- Writer
- Combined Assets
- Irving Picard, Trustee
- Taxes
- Civil Proceedings
- Luxembourg Settlement with UBS
- JPMorgan Chase Deferred Prosecution Agreement
- External Links
Ruth Madoff's combined assets with her husband had a net worth of between $823 million and $826 million. She had $92.6 million in assets listed in her own name: the $7 million penthouse on Manhattan's Upper East Side; an $11 million mansion in Palm Beach, Florida; a three-bedroom apartment in Cap d'Antibes on the French Riviera valued at $1.5 milli...
The court-appointed trustee for the Madoff Case, Irving Picard, and lawyers from his firm, Baker Hostetler LLP (a Cleveland-based firm which Picard joined the week before he was appointed), are locating assets for distribution to investors. U.S. District Judge Lawrence McKennagave Picard power to seize assets and records, demand documents, summon w...
On March 17, 2009, the IRS issued new rules for Madoff investors who claim theft losses. Revenue Ruling 2009–9, sets forth general rules for claiming theft losses from Ponzi schemes, and Revenue Procedure 2009–20,includes safe harbor elections for investors in such schemes. Under the rules, investors who do not sue Madoff or other parties will be a...
On February 9, 2009, a partial judgment in the December 11, 2008, civil suit by the U.S. Securities and Exchange Commission, case SEC v. Madoff, 08-10791 in U.S. District Court, Southern District of New York (Manhattan) was made permanent. As part of the judgment, Madoff was banned from the securities industry. He also agreed that his assets would ...
Luxembourg Treasury Minister Luc Frieden is negotiating a settlement with custodial Swiss Bank, UBS. Luxalpha, a Luxembourg-based fund created at their request by the bank was holding about $1.4 billion of assets. UBS has denied recommending to clients any Madoff products, stating that clients knew what they were investing in. Financial regulator C...
In the fall of 2013, JPMorgan began talks with prosecutors and regulators to settle charges alleging that it turned a blind eye to Madoff's actions. On January 7, 2014, JPMorgan agreed to pay a total of $2.05 billion in fines and penalties to settle civil and criminal charges related to its role in the Madoff scandal. The bank signed a deferred pro...
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Jul 5, 2018 · As Irving Picard approaches 10 years on the job as trustee of funds recovered for Bernie Madoff's victims he and his firm are getting closer to securing $1 billion in fees from the work.
