The trustee for Bernard L. Madoff’s fraud victims said Thursday that he had overestimated how much his recovery efforts would be affected by a court ruling this week in his case against the owners of the New York Mets.
Senior executives at JPMorgan Chase expressed serious doubts about the legitimacy of Bernard L. Madoff’s investment business more than 18 months before his Ponzi scheme collapsed but continued to do business with him, according to internal bank documents made public in a lawsuit Thursday.
The trustee who is tracking down assets for the victims of Bernard L. Madoff’s Ponzi scheme sued JPMorgan Chase for $6.4 billion on Thursday, contending that the bank bears some responsibility for the losses of victims because it continued to serve as Madoff’s primary banker despite growing evidence that he was running an enormous fraud.
An autopsy shows that Jeffry M. Picower, a prominent philanthropist accused of reaping about $7 billion in profit from Bernard L. Madoff’s vast Ponzi scheme, drowned on Sunday after having a heart attack.
At least someone knows how to fill a piggy bank.