Friday, May 29, 2009

Unwinding Madoff Fraud, Fairly

“Cold, cold, cold,” one writer said of Irving Picard in a letter “Get off your false moral high ground and pay already,” another demanded, in comments posted on The NY Times Web site. Madoff victim Helen Davis Chaitman, a lawyer, complained that her clients “have been forced to go on welfare, use food stamps, and sell their homes for a fraction of what they are worth” because claims are paid too slowly.

“He’s standing in the middle of a whirlwind of emotion and has to act like Solomon,” said Kenneth Feinberg, who ran the compensation fund for 9/11 victims. On problematic claims, Picard may call in forensic experts at FTI Consulting to investigate whether an account is tied to Madoff family members or other insiders. Claim is also reviewed by SIPC (Picard is spending SIPC money).

Twitter Updates

    follow me on Twitter

    Call Rosenthal Recruiting to Discuss your Hiring Needs and Career

    (973) 826-0537