By Greg Hazley
Sloane & Company is representing philanthropist Carl Shapiro and his family, who on Tuesday agreed to a $625M settlement with federal officials and the trustee for victims of the Bernard Madoff Ponzi scheme.
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The Shapiro family, which includes the patriarch and 18 others, on Dec. 7 said it would surrender returns from its Madoff dealings in a settlement with the U.S. Dept. of Justice and the trustee for the scheme’s victims.
“The settlement will allow substantial funds to be distributed to those hurt most by Madoff’s fraud,” the family said in a statement from Elliot Sloane, president of S&C.
Sloane told O’Dwyer’s he has worked for the Shapiros for the past two years.
Liquidation trustee Irving Picard said Shapiro, who is 97 and was an early investor with Madoff since the 1960s, maintained several accounts with Madoff over the years. His son-in-law, Robert Jaffe, is also a former VP of a feeder fund that shared offices with Madoff. The settlement includes $38M to cover the amount demanded of Jaffe, as well.
The family agreed to pay $550M to the trustee’s fund and $75M to the U.S. Dept. of Justice in exchange for being released from any claims or causes of action related to the Madoff scheme.
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