MADOFF CLAWBACK DEFENSE LAWYERS

Bernard Lawrence Madoff is the former chairman of the NASDAQ stock exchange, a founder of the Wall Street firm Bernard L. Madoff Investment Securities, LLC ("BLMIS"). Madoff was the BLMIS chairman until December 11, 2008, when he was charged with perpetrating what could be the largest investor fraud ever committed.

On December 11, 2008, Federal Bureau of Investigation agents arrested Madoff and charged him with securities fraud. On the day prior to his arrest, Madoff allegedly told senior executives at the firm, that the management and advisory segment of the business was, "basically, a giant Ponzi scheme." Five days after his arrest, Madoff's assets and those of BLMIS were frozen. A receiver was appointed to handle the case. According to the federal charges, Madoff admits that his firm has "liabilities of approximately $50 billion USD.

Madoff has been ordered to develop a list of his clients. The SEC and various investors have filed civil suits filed against Madoff. The victims of the alleged fraud have been forced to consider how to best recover some of their investments.