Victims of Bernie Madoff's Ponzi scheme may have to wait 15 years before all of his assets are accounted for and re-distributed. Serving as the court-appointed receiver or trustee assigned to wind down a Ponzi scheme? That may be one of the most lucrative assignments around.
Ralph Janvey, the man winding down "Sir" Allen Stanford's company, has asked a court to approve more than $27 million in fees for the work he's put into the case. As for Irving Picard, who is accounting for Madoff's assets and who last week requested $15 million for 15 weeks of work, he didn't get exactly what he wanted. A judge ruled he's only entitled to $12.6 million.
But that's still plenty of incentive to work as slowly as possible. "If he drags it out long enough," said Helen Davis Chaitman, a lawyer representing hundreds of Madoff victims, "he will make more money than Madoff."