Lessons About Fraud from the Madoff Trustee

Lessons About Fraud from the Madoff Trustee

February 21, 2018 
11:30 AM - 1:30 PM Program to start at 12:15 PM

Boyd School of Law 
Room 102

Lunch will be provided

About Irving Picard

Throughout his nearly 50-year legal career, Irving Picard has focused his practice on the complexities of bankruptcy, restructuring and creditors’ rights, and he is a leader in the field of trusteeships and receiverships.

Picard currently serves as court-appointed trustee under the Securities Investor Protection Act (SIPA) for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), an unprecedented global recovery effort stemming from one of the largest financial frauds in U.S. history.

As SIPA Trustee, Picard’s mandate is to recover the principal stolen by Madoff to return to BLMIS customers with allowed claims. As of December 2017, with the help of his BakerHostetler legal team, he has recovered or entered into agreements to recover more than $12.8 billion, all of which will be returned to defrauded BLMIS customers. To date, Picard has overseen the return of more than $10.15 billion to BLMIS customers, which includes approximately $843.3 million in cash advances from SIPC. (For more information on the liquidation, visit www.madofftrustee.com.)

In addition to serving as a court-appointed trustee for securities brokerage house liquidations under SIPA more than 10 times, Picard has also served as counsel to trustees under SIPA, counsel for Chapter 11 creditors' committees, SEC receiver in a Ponzi scheme case, and disbursing agent. In 1979, Picard was appointed as the Department of Justice's first United States Trustee for the Southern District of New York, a position he held for nearly three years. From 1976 through 1979, he served as Assistant General Counsel of the Securities and Exchange Commission.