The trustee overseeing the bankruptcy of Bernard Madoff’s investment firm spent $26.9 million from April through September to recover $849,000 for the scammer’s victims, a federal court filing reveals.
Irving Picard, the trustee, said much of the expense — $15.8 million — covered fees for his law firm, Baker & Hostetler.
Since beginning the task of weeding through the wreckage of Madoff’s mega-Ponzi scheme, Picard had recovered about $1.5 billion through Sept. 30, the filing said.
Picard spent $7.1 million on consultants and $107,560 on “hosting expenses,” according to the filing.
Most of the $849,000 recovered came from investors who received preferential payouts ahead of the bankruptcy of Madoff’s firm, the filing said.