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Irving Picard
Court-Appointed Trustee Who Recovered $14.4 Billion for Madoff Victims
Securities Attorney; SIPA Trustee
Overview
Irving H. Picard is an American attorney and partner at Baker & Hostetler LLP who was appointed by the Securities Investor Protection Corporation (SIPC) as trustee for the liquidation of Bernard L. Madoff Investment Securities LLC following the exposure of the largest Ponzi scheme in history. Over more than 15 years; Picard and his team filed over 1;000 lawsuits to recover assets from Madoff's net winners; those who withdrew more money than they deposited; and from feeder funds that channeled billions into the scheme. His most significant recovery was $7.2 billion from the estate of Jeffry Picower; who had been the largest individual beneficiary of the Madoff fraud. Picard also recovered $2.4 billion from the family of Carl Shapiro; $1.7 billion from the estate of Norman Levy; and billions more from feeder funds including Fairfield Greenwich Group and Union Bancaire Privee. By 2024; Picard had recovered approximately $14.4 billion of the estimated $17.5 billion in principal losses; an extraordinary recovery rate exceeding 80%. His aggressive approach drew controversy; particularly from innocent investors who were sued for "fictitious profits" they had received in good faith.
Key Affiliations
Controversies & Concerns
Sued thousands of Madoff investors to recover "fictitious profits"; including elderly retirees who believed their gains were legitimate
Recovered $7.2 billion from Jeffry Picower estate; the largest single clawback in securities fraud history
Baker & Hostetler earned over $1.5 billion in legal fees from the Madoff trusteeship; drawing criticism about incentive alignment
Filed suit against JPMorgan Chase for $19 billion; alleging the bank ignored obvious signs of Madoff's fraud; settled for $1.7 billion
Sued the Mets owners (Fred Wilpon and Saul Katz) for $1 billion in Madoff profits; settled for $162 million
U.S. Court of Appeals limited his ability to sue foreign feeder funds; reducing potential recoveries by billions
Related Investigations (1)
Known Associates & Connections
Bernie Madoff
Ponzi scheme operator whose firm Picard was appointed to liquidate
Jeffry Picower
Largest Madoff beneficiary; Picard recovered $7.2 billion from estate
Frank DiPascali
Madoff's chief financial officer who cooperated with government; aided Picard's recovery efforts
Sources & Documentation
2 documented sources from official records, investigations, and reports
Personal Information
- Born
- Unknown
- Birthplace
- United States
Education
- •University of Michigan Law School; JD
Key Timeline
December 2008
Appointed SIPA trustee for liquidation of Madoff's firm after fraud exposed
2009
Files first wave of lawsuits against Madoff "net winners" and feeder funds
December 2010
Recovers $7.2 billion from Jeffry Picower estate
2011
Files $19 billion suit against JPMorgan Chase
January 2014
Settles with JPMorgan Chase for $1.7 billion
2017
Total recoveries surpass $13 billion; begins distributing funds to victims
2024
Cumulative recoveries reach approximately $14.4 billion of $17.5 billion in principal losses