Madoff Trustee Spent $26.9 Million, Recovered $849,000
The single largest expense for the period was $15.8 million in legal fees to trustee Irving Picard's law firm, Baker Hostetler, Bloomberg News reported.
Picard was appointed as trustee in 2008. He told U.S. bankruptcy Judge Burton Lifland that he recovered a total of about $1.5 billion for creditors.
Madoff, 72, is currently serving a 150-year prison sentence for directing the biggest Ponzi scheme in U.S. history.
Securities Investor Protection Corp. bears the cost of winding up the Madoff firm and pursuing money for creditors. So the costs will not reduce the amount of compensation available to Madoff investors.