Bernie Madoff died yesterday in a prison medical center in North Carolina. For many of the victims of Mr. Madoff’s Ponzi scheme and lawyers still pursuing his ill-gotten assets, the fallout continues to affect their lives, WSJ Pro Bankruptcy reported. More than a decade has passed since Mr. Madoff confessed to his crimes and began serving a 150-year sentence. In time, a court-appointed trustee learned the scheme had taken an estimated $17.5 billion of client money, of which more than $14 billion has been recouped and distributed to account holders at Mr. Madoff’s now-defunct investment firm. The trustee is pursuing more banks, offshore funds, family offices and other investors for allegedly taking stolen cash, in litigation expected to wind through courts for years. As those efforts play out, the financial lives of numerous individuals and nonprofit organizations who turned to Mr. Madoff to safeguard their money remain ruined.
