Lawyers, others, line up to probe Madoff scandal

Bernard Madoff walks back to his apartment in New York December 17, 2008. Disgraced financier Madoff, accused of orchestrating a $50 billion fraud, was placed under house arrest on Wednesday as BNP Paribas became the latest European bank to be sideswiped by the scandal.

NEW YORK (Reuters) - The Bernard Madoff scandal has spurred a flurry of court action and investigations as authorities scramble to get to the bottom of the suspected fraud.

Here are some of the people sorting through the case:

MARC LITT, ASSISTANT U.S. ATTORNEY, U.S. ATTORNEY'S OFFICE

FOR THE SOUTHERN DISTRICT OF NEW YORK

Litt was named the federal prosecutor on the Madoff case after the money manager's arrest last Thursday for securities fraud.

Except for a brief bail hearing last week where Litt appeared on behalf of the government, the prosecutor has not commented publicly on the investigation. The next court date in the criminal case has been set for January 12.

Litt is fresh off a conviction in a fraud case against another money manager with ties to the wealthy, Alberto Vilar.

Vilar, an arts benefactor, and his business partner, Gary Tanaka, were found guilty of stealing from investors and face up to 20 years in prison when sentenced. Litt was one of several prosecutors who handled the government's case.

IRA "IKE" SORKIN, MADOFF DEFENSE ATTORNEY

Sorkin, a former prosecutor, and several other attorneys at law firm Dickstein Shapiro LLP are representing Madoff. He is co-leader of the white-collar criminal defense and investigations practices at Dickstein.

He previously was the director of the New York office of the Securities and Exchange Commission from 1984 to 1986, according to his firm biography.

Sorkin was a prosecutor in the U.S. Attorney's Office in the Southern District of New York from 1971 to 1976, first as an assistant U.S. attorney and then as deputy chief of the criminal division.

From 1995 to 1997, Sorkin was chief legal officer and a member of the board of directors for Nomura Holding America Inc and Nomura Securities International Inc.

Nomura Holdings Inc, Japan's biggest brokerage, has disclosed it had a 27.5 billion yen ($303 million) exposure related to Madoff, but it said the impact on its capital would be limited.

JUDGE LOUIS STANTON, U.S. DISTRICT COURT FOR THE SOUTHERN

DISTRICT OF NEW YORK

Judge Stanton is overseeing the civil fraud case brought by the SEC against Madoff.

Former U.S. President Ronald Reagan nominated Stanton to the federal bench, where he has sat since 1985. He previously was an attorney in private practice for 30 years.

Among the notable cases that have come before Stanton was a $1.9 billion lawsuit against the Palestine Liberation Organization brought by the family of Leon Klinghoffer, who was killed in 1985 during the hijacking of the Achille Lauro cruise ship in the Mediterranean. The case was settled out of court in 1997.

The criminal case so far has been handled by U.S. Magistrate Judge Gabriel Gorenstein, who has handled bail issues. As the case proceeds, it would likely be transferred to a U.S. District judge.

IRVING PICARD, LIQUIDATION TRUSTEE FOR BERNARD L. MADOFF

INVESTMENT SECURITIES LLC

Picard was appointed by Judge Stanton to oversee the liquidation of Madoff's firm at the request of the Securities Investor Protection Corporation.

He is an attorney at the Gibbons law firm in New York, focusing on representing creditors, bankruptcy trustees and other parties in reorganization cases and restructurings.

Picard replaced Lee Richards, who had been named the court-appointed receiver of the firm after Madoff's arrest.

Richards, founding partner of law firm Richards Kibbe & Orbe LLP in New York, will continue to be the receiver for Madoff Securities International Ltd.

DAVID KOTZ, INSPECTOR GENERAL, SECURITIES AND EXCHANGE

COMMISSION

Kotz has been asked by SEC Chairman Christopher Cox to probe the agency's conduct in the Madoff case, as the commission reels from accusations it missed warning signs about the way Madoff ran his money management operation.

Kotz, who as inspector general plays the role of agency watchdog, told Reuters in an interview earlier this year that future investigations would be thorough and credible after the SEC was accused of mishandling a high-profile insider trading case.

He was named to the post a year ago, after working as inspector general of the U.S. Peace Corps, where he oversaw the agency's internal operations in the United States and in nearly 70 countries around the world. He is also a former attorney at the U.S. Agency for International Development.

(Editing by Andre Grenon)