Madoff Trustee Spent $26.9 Million, Recovered $849,000


The trustee in charge of the bankruptcy of Bernie Madoff's investment firm spent $26.9 million in the six months ended Sept. 30. In that time, it has recovered $849,000 for the victims of Madoff's Ponzi scheme.

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.

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Of the funds recovered, $771,000 came from Madoff investors who received payouts in the 90 days before the company went bankrupt.

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.