While world-class Ponzi swindler Bernie Madoff sits in prison, the feds are still trying to figure out ways to get back some of the funds for investors.
The latest came this week when federal authorities announced they had struck a deal with Carl Shapiro, 97, a Boston area businessman and philanthropist, to surrender $625 million he made from his investments with Madoff. He was one of the earlier investors, beginning in the 1960s.
“For almost 40 years, Carl Shapiro invested hundreds of millions of dollars with Bernie Madoff but withdrew far more,” said U.S. Attorney Preet Bharara. “By requiring him to forfeit this money—more than he is currently worth—the government and the SIPA Trustee have sent an important message: those who profited as a result of Bernard Madoff’s fraud should disgorge those profits, which are rightfully other people’s money.”
“As we approach the two-year anniversary of the Bernard Madoff arrest, this settlement represents a significant step in the restitution of retirements, pensions, and university endowments that were robbed with blatant disregard for the law,” added FBI Assistant Director-in-Charge Janice Fedarcyk in New York. “It takes a special depravity to victimize so many people so severely.”
Meanwhile, the Associated Press reported that a court trustee, seeking more Madoff funds, is negotiating to recover money from the owner of the New York Mets.
