Irving H. Picard (born June 26, 1941)[1] is a partner in the law firm BakerHostetler. He is known for his recovery of funds from the Madoff investment scandal from investors, Bernie Madoff and his family, and their spouses and estates. Throughout the ordeal, Picard's law firm was paid approximately $1 billion.[2]
In August 1938, Julius and Claire Picard immigrated with their children from Mainz in Nazi Germany to the United States.[5][4] They settled in Fall River, where their third son, Irving, was born. Irving's uncle Moritz Cahn, a lawyer in Frankfurt/Main, Germany, committed suicide, with his wife, in 1941 to avoid the concentration camps.[5]
In the 1970s, he was variously Assistant General Counsel, Acting Chief Counsel, and Trial Attorney in the Division of Corporate Regulation of the Securities and Exchange Commission.[7] He was admitted to the New York Bar in 1982, and has been in private practice since then.[6][8] He joined the law firm of BakerHostetler as a partner in 2008.[3]
Recovery of funds from Madoff scandaledit
In 2008, U.S. District Judge of the Southern District of New YorkLawrence McKenna appointed Picard trustee of assets seized by the court from Bernard Madoff. Since then, Picard has led the recovery of funds from the Madoff investment scandal.[9] He and his team have been overseeing the liquidation of Bernard Madoff's firm in bankruptcy court, and have so far[when?] recovered over $13 billion — about 76 percent of approved claims — by suing those who profited from the scheme even if those individuals were unaware or uncharged.[10][11]
Kathy Bazoian Phelps, a lawyer at Diamond McCarthy, said "That kind of recovery is extraordinary and atypical", as clawbacks in such schemes range from 5 percent to 30 percent, and many victims do not get anything. Picard has successfully pursued not only investors, but also spouses and estates of those who profited, such as the widow and estate of the deceased Stanley Chais, and the widow and estate of the deceased Jeffry Picower, with whom he reached a $7.2 billion settlement (the largest civil forfeiture payment in US history). His most notable case was Ruth Madoff, the wife of Bernard Madoff.[10][12][13] "You don't take this job if you're thin-skinned", Picard once said.[3]
^Madoff: The Monster of Wall Street. 2023. Retrieved 2023-02-16.
^ abc"Meet Irving Picard, the lawyer with the toughest task in the world," Financial News.
^ ab"Meet Madoff?s match", Detroit Legal News. Accessed September 28, 2022.
^ abc"Guide to the Julius Picard Family Collection, 1732-1991 AR 3586 / MF 1114". Accessed September 28, 2022.
^ ab"New York State Unified Court System Attorney Directory". Retrieved May 31, 2009.
^ abUnited States Congress. Senate Committee on the Judiciary. Subcommittee on the Constitution. "Balancing the Budget: Hearing Before the Subcommittee on the Constitution of the Committee on the Judiciary, United States Senate, Ninety-seventh Congress, First Session, on S.J. Res. 58, Phoenix, Ariz., May 29, 1981."
^"Madoff money in the hands of Durfee grad", The Herald News.
^Rich, Frank (February 12, 2011). "At Last, Bernie Madoff Gives Back [OpEd]". New York Times.
^ ab"Madoff's Victims Are Close to Getting Their $19 Billion Back", Bloomberg.com. Accessed September 28, 2022.
July 27, 2011 Madoff Trustee's Actions to Be Probed by GAO, Representative Garrett Says
External linksedit
Profile from Baker Hostetler
April 11, 2024
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This biography of a living person needs additional citations for verification Please help by adding reliable sources Contentious material about living persons that is unsourced or poorly sourced must be removed immediately from the article and its talk page especially if potentially libelous Find sources Irving Picard news newspapers books scholar JSTOR April 2021 Learn how and when to remove this template message Irving H Picard born June 26 1941 1 is a partner in the law firm BakerHostetler He is known for his recovery of funds from the Madoff investment scandal from investors Bernie Madoff and his family and their spouses and estates Throughout the ordeal Picard s law firm was paid approximately 1 billion 2 Irving H PicardBorn 1941 06 26 June 26 1941 age 82 Fall River MassachusettsAlma materUniversity of Pennsylvania BS Boston University School of Law JD New York University School of Law LLM OccupationAttorneyEmployerBakerHostetlerKnown forRecovery of funds from the Madoff investment scandal Contents 1 Early life 2 Education and legal career 2 1 Recovery of funds from Madoff scandal 3 References 3 1 Bibliography 4 External linksEarly life editPicard was born in Fall River Massachusetts and is Jewish 3 4 His parents were Julius Picard a doctor born in Lauterbourg France and Claire Dreyfuss born in Kaiserslautern Germany 5 In August 1938 Julius and Claire Picard immigrated with their children from Mainz in Nazi Germany to the United States 5 4 They settled in Fall River where their third son Irving was born Irving s uncle Moritz Cahn a lawyer in Frankfurt Main Germany committed suicide with his wife in 1941 to avoid the concentration camps 5 Education and legal career editPicard graduated from the University of Pennsylvania with a B S degree in Economics 1963 from Boston University School of Law with a J D degree 1966 and from the New York University School of Law with an LL M degree 1967 6 7 In the 1970s he was variously Assistant General Counsel Acting Chief Counsel and Trial Attorney in the Division of Corporate Regulation of the Securities and Exchange Commission 7 He was admitted to the New York Bar in 1982 and has been in private practice since then 6 8 He joined the law firm of BakerHostetler as a partner in 2008 3 Recovery of funds from Madoff scandal edit In 2008 U S District Judge of the Southern District of New York Lawrence McKenna appointed Picard trustee of assets seized by the court from Bernard Madoff Since then Picard has led the recovery of funds from the Madoff investment scandal 9 He and his team have been overseeing the liquidation of Bernard Madoff s firm in bankruptcy court and have so far when recovered over 13 billion about 76 percent of approved claims by suing those who profited from the scheme even if those individuals were unaware or uncharged 10 11 Kathy Bazoian Phelps a lawyer at Diamond McCarthy said That kind of recovery is extraordinary and atypical as clawbacks in such schemes range from 5 percent to 30 percent and many victims do not get anything Picard has successfully pursued not only investors but also spouses and estates of those who profited such as the widow and estate of the deceased Stanley Chais and the widow and estate of the deceased Jeffry Picower with whom he reached a 7 2 billion settlement the largest civil forfeiture payment in US history His most notable case was Ruth Madoff the wife of Bernard Madoff 10 12 13 You don t take this job if you re thin skinned Picard once said 3 References edit BirthDatabase Madoff The Monster of Wall Street 2023 Retrieved 2023 02 16 a b c Meet Irving Picard the lawyer with the toughest task in the world Financial News a b Meet Madoff s match Detroit Legal News Accessed September 28 2022 a b c Guide to the Julius Picard Family Collection 1732 1991 AR 3586 MF 1114 Accessed September 28 2022 a b New York State Unified Court System Attorney Directory Retrieved May 31 2009 a b United States Congress Senate Committee on the Judiciary Subcommittee on the Constitution Balancing the Budget Hearing Before the Subcommittee on the Constitution of the Committee on the Judiciary United States Senate Ninety seventh Congress First Session on S J Res 58 Phoenix Ariz May 29 1981 Madoff money in the hands of Durfee grad The Herald News Rich Frank February 12 2011 At Last Bernie Madoff Gives Back OpEd New York Times a b Madoff s Victims Are Close to Getting Their 19 Billion Back Bloomberg com Accessed September 28 2022 Madoff customer payout tops 12 billion Reuters com Accessed September 28 2022 Record Setting Madoff Settlement Announced with Picower Estate The Am Law Daily Accessed September 28 2022 7 2 Billion Picower Settlement Payday for Madoff Victims The Daily Beast Accessed September 28 2022 Bibliography edit Irving Picard The Lawyer Behind The 10B Haul For Madoff Victims Huffington Post Letter to Gene L Dodaro Comptroller General of the United States Government Accountability Office from Congress requesting probe Trustee SEC Should be Probed US Reps dead link July 27 2011 Madoff Trustee s Actions to Be Probed by GAO Representative Garrett SaysExternal links editProfile from Baker Hostetler Retrieved from https en wikipedia org w index php title Irving Picard amp oldid 1214222265, wikipedia, wiki, book, books, library,
