Imagine if these Picard Guys were appointed to help recover some of the monies lost with Nonspecto. Basically everyone that profited from the deal and banks that profited from them will pay back lost money.
How did they do it? They basically went after everyone who benefitted from the scam including banks and investors. So if you were an investor in the scam they will go after the profits you made and probably refund your principal.
Sadly this didn’t happen in NIGERIA possibly because victims couldn’t force a class action or it wasn’t legally possible.
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The trustee unwinding Bernard Madoff’s fraud has recovered more than $10 billion for victims five years after the biggest Ponzi scheme collapsed, including $543 million yesterday from Madoff’s bank, JPMorgan Chase & Co. (JPM)
Irving Picard, the trustee, has recovered 59 percent of the $17 billion in principal lost by thousands of investors in Madoff’s investment advisory business. Picard said yesterday in a statement that the JPMorgan agreement resolves his claims the bank facilitated Madoff’s fraud for years by ignoring signs of fraud.
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