Madoff trustee: Recovery effort moving forward

The New York court-appointed trustee says he expects the pot of funds recovered from Bernard Madoff's epic fraud to grow.

The New York court-appointed trustee says he expects the pot of funds recovered from Bernard Madoff's epic fraud to grow.

In a conference call Tuesday, trustee Irving Picard said he's secured $10 billion for burned investors so far. And he told reporters they're not done.

Madoff's clients were left holding statements saying they had $64 billion when the Ponzi scheme was exposed in 2009. The actual loss was about $20 billion — still the largest investment fraud in U.S. history.

Picard has sought to recover ill-gotten gains with so-called clawback lawsuits.

One suit seeks the return of $300 million from the owners of the Mets it says were phony profits. The owners deny any wrongdoing.

The 72-year-old Madoff is serving a 150-year sentence.

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