Bernie Madoff emails, claiming Picower and Shapiro portfolios were legitimate

Bernie Madoff emails, claiming Picower and Shapiro portfolios were legitimate, to appear in ‘Forbes’ article

In newly released emails written by Bernard Madoff behind bars, he mentions the Picower and Shapiro families, saying the portfolios he structured for them were legitimate.

The emails will be released as part of an April 7 article in Forbes, written by New York Times reporter Diana Henriques. Henriques wrote the bestselling book Wizard of Lies, the inside story about Madoff and his $65 billion Ponzi scheme.

Madoff is serving 150 years at a federal prison in Butner, N.C.

In one posting, Madoff said he doesn’t see how bankruptcy trustee Irving Picard “can claw back profits from clients who were not aware of any irregularities.”

Throughout his email exchanges with Henriques, Madoff tries to justify his actions, insisting that trades after 1992 were fictitious, but the earlier trades were legitimate.

Madoff references part-time Palm Beachers Carl Shapiro and the late Jeffry Picower in his emails.

Shapiro and Picower both struck settlements with Picard. Picower, who was identified as the single largest beneficiary of Madoff’s fraud, settled with Picard for $7.2 billion. Shapiro and his family paid a total of $550 million.

For the complete story, click here.

Tagged , , , , . Bookmark the permalink.

Leave a Reply