Madoff Ponzi scheme profitable for lawyers

Posted on: 3:09 pm, May 7, 2013, by and

Bernie Madoff

The Madoff Ponzi scheme has turned out to be very profitable, for the lawyers.

The team of lawyers and consultants who are working to recover the $17.5 billion taken by Bernie Madoff have racked up a whopping $701 million in fees.

That’s less than half of the legal tab associated with the Lehman brother’s bankruptcy, the largest legal bill in history.

To date, Irving Picard, the court appointed trustee, has collected $9.3 billion and repaid $5.4 billion to the victims.