The process of clawing back the hundreds of millions paid out of Bernie Madoff Ponzi-scheme clients is beginning and some of the former “investors” are feeling like victims all over again.
They are angry, according to The New York Post, at court-appointed trustee Irving Picard and his aggressive moves to get money back.
A group of 350 victims is claiming Picard is pushing for repayment from Madoff victims/clients facing an “undue hardship,” after he promised not to
They also claim they are are being shortchanged on any possible insurance recovery because Picard is using the money people originally invested ($23 billion) instead of final, fradulent account balances (an amount Madoff claimed totaled $65 billion).
Many of them are broke and because of Picard’s moves must now hire lawyers to help determine how much the trustee can move to clawback, the paper says.