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FACTBOX-Differing numbers of the Madoff fraud
October 2, 2009 / 8:30 PM / 8 years ago

FACTBOX-Differing numbers of the Madoff fraud

 Oct 2 (Reuters) - In the more than nine months since
once-respected trader Bernard Madoff was arrested by the FBI,
pleaded guilty and imprisoned for the rest of his life, the
exact amount of billions lost in his global fraud has not yet
been calculated.
 The disgraced financier, his lawyers, U.S. prosecutors and
the court-appointed trustee winding down Bernard L. Madoff
Securities Investment LLC have all cited different figures:
 $170 billion - Amount U.S. prosecutors Marc Litt and Lisa
Baroni said flowed through the principal Madoff account over
decades. Madoff consented to a forfeiture order of that
 $64.8 billion - Amount U.S. prosecutors, in filing criminal
charges in March, said was recorded in the firm's customer
accounts as of November 2008, even though no actual trades in
securities were made.
 $50 billion - Bernard Madoff told his sons on Dec. 10,
2008, that he had been running a $50 billion Ponzi scheme in
which early investors were paid with money from new clients.
 $36 billion - What investigators believe was the "real
money" that went into the whole scheme: $18 billion moved out
before the collapse and $18 billion is missing, according to
David Sheehan, chief counsel for trustee Irving Picard.
 $15 billion - Total sought by Picard so far in lawsuits to
recover money for thousands of defrauded former customers of
the Madoff firm.
 $13 billion - Madoff's lawyer, Ira Lee Sorkin, argued at
the June 29 sentencing that the loss would be less than $13
billion when Picard had recovered assets.
 $1.5 billion - Amount recovered so far by Picard working
under the auspices of the Securities Investor Protection Corp.
 $465 million - Amount of SIPC coverage provided as of Sept.
29 for 1,347 approved claims by former Madoff customers.
 $243 million - Total trustee seeks from Madoff family,
including wife Ruth, brother Peter, sons Mark and Andrew and
niece Shana that was paid out, loaned or transferred to them.
 $80 million - Amount Ruth Madoff, the swindler's wife of 45
years, agreed to transfer to the government for the benefit of
fraud victims, who came from all walks of life and included
 Ruth Madoff was allowed to keep $2.5 million in cash but
she is being sued by the trustee for $44.8 million.
 (Compiled by Grant McCool, editing by Matthew Lewis)

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