Irving Picard, one of many trustees that sought to recover damages and assets for Bernard Madoff’s clients from his Ponzi scheme, declared Wednesday that a $220 million settlement has been declared with the children of the late property baron Norman Levy.
The amount refers to the money that was withdrawn from Norman’s Madoff accounts but wasn’t used for charitable purposes. Levy had invested with Madoff since the 1970s, according to a report in The Wall Street Journal. The fraud was revealed in 2008, and many have pushed for full compensation from the former Chairman of the NASDAQ Stock Exchange.
Picard is also seeking $198.7 million from Bernard Madoff’s brother, Peter Madoff, as well. Bernard Madoff pleaded guilty to 11 felonies and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars.
Madoff said he began the Ponzi scheme in the early 1990s, but investigators believe it could have started as early as the 1980s; in fact, the investment operation may have never been legitimate . The amount missing from client accounts is supposedly a reported $65 billion.