Paper trails and trials of Madoff

| 03/05/2011

(The Lawyer): Through his company Bernard L Bernard Madoff perpetrated probably the largest fraud of all time from the very heart of Wall Street. The fraud has had huge repercussions across the world, affecting thousands of ¬victims, including a significant number of investment funds in the Cayman Islands and the British Virgin Islands (BVI). The figures are truly enormous. Investors who thought funds into which they had ploughed capital were worth billions in November 2008 discovered in December 2010 that those same funds would in all ¬likelihood be worth a mere fraction of their expected value.

Since he was appointed in December 2008, the liquidator of BLMIS Irving Picard has been busy filing claims in the US in an attempt to fill the huge hole left in the BLMIS accounts.

In many cases Picard has concentrated on the investors themselves, in particular those who redeemed some of their investments, on the basis that they should be clawed back under the US Bankruptcy Code and be available for distribution to other investors who may not have redeemed.

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