Sheehan said the critics are ignoring the true magnitude of the fraud and the work still needed to get what's recoverable, some of it overseas. The trustee is involved in Madoff-related "litigations, investigations and proceedings" in Great Britain, Spain and Israel and is chasing customer money throughout the Caribbean, Sheehan wrote recently on a Madoff victim-information website.
On balance, Picard "is doing a good job" with a recovery process that usually fails to satisfy fraud victims, said Jeffrey Klink, a former federal prosecutor who runs his own private investigative firm that researches the safety of potential investments and performs fraud probes.
With most investment swindles, once "the money is gone, the odds of getting most of it back are almost zero," Klink said. "The investors end up holding the bag."
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Associated Press writer Larry Neumeister contributed to this report.
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