(0.5 General California MCLE) In late 2008, Bernard L. Madoff admitted to orchestrating the longest and largest Ponzi scheme in U.S. history, a crime spanning decades and defrauding investors of over $20 billion. David Sheehan, Chief Counsel to the trustee for the Madoff victims, discusses the fraud of the century.
Since December 2008, David has served as Chief Counsel to the Securities Investor Protection Act (SIPA) Trustee for the global liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), one of the largest financial frauds in U.S. history. As Chief Counsel, David oversees the unprecedented BLMIS liquidation on a global basis, managing more than 200 lawyers across the country as well as international legal teams, to investigate, unravel and reconstruct the Madoff fraud for the benefit of BLMIS customers with allowed claims. Under his leadership, more than 1,000 lawsuits were filed in December 2010, involving approximately 4,000 defendants worldwide and seeking tens of billions of dollars in asset recovery.