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Filing By Irving H. Picard

Filing By Irving H. Picard

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Published by DealBook

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Published by: DealBook on May 07, 2009
Copyright:Attribution Non-commercial

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07/10/2013

 
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On or about December 30, 2008, FTI was retained by Irving H. Picard, theTrustee appointed by the Securities Investor Protection Corporation for the liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”), under the Securities InvestorProtection Act, among other things, to examine the financial affairs of BLMIS.3.
 
During the course of carrying out my investigative duties in this matter, mycolleagues and I have interviewed in person or by telephone business associates and otherpersons who have had business dealings with, or who we were told had information relevant to,the business and financial affairs of BLMIS and its sole member and chairman, Bernard L.Madoff (“Madoff”).4.
 
Also during the course of my engagement in this matter, I have personallyreviewed thousands of documents, as well as schedules prepared and information collected bymy colleagues, relating to Madoff’s personal, business and financial affairs, including his assetsand liabilities, as well as BLMIS’s assets and liabilities and business.5.
 
I make this affidavit based upon the information and knowledge acquired duringthe course of my retention, as briefly described above.6.
 
Corporate records
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reveal that Madoff was the sole member and chairman of BLMIS since its founding in 1960. Originally formed as a sole proprietorship, BLMIS wasreorganized as a single member LLC on or around December 4, 2000. Madoff was intimatelyinvolved in the day-to-day operations of BLMIS.7.
 
BLMIS used two primary bank accounts to fund its disbursements, one held atThe Bank of New York Mellon (“BONY 621 account”) and another held at JP Morgan Chase
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The books and records of BLMIS are, at best, incomplete, though there is no reason to believethey are unreliable. The Trustee, through his counsel and his consultants such as FTI, areendeavoring to supplement the corporate books and records with third party records, whereavailable.
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