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The AVENUE A-List: Irving Picard

Monday, October 17, 2011

from the pages of AVENUE’s October issue…

The Most Influential New Yorkers of 2011

In New York, creating a “short list” of the most fascinating, powerful people

that make this city whirl and twirl is no easy feat. But once again we’ve done it—and narrowed down the names to a broad mix of personalities, many whose impact extends beyond the five boroughs. Some are mainstays, some are rising stars—whether they’re altering the skyline or a hemline—these people are the ones on top. Bottom line.

Irving Picard

ponzi police

Irving Picard is the New York-based lawyer at the center of the post-Madoff fire storm. He is considered the superstar of Securities Investor Protection Corporation (SIPC) trustees, since his participation in nearly 40 large-scale bankruptcy decisions including Trans World Airlines’. Picard’s latest, and perhaps greatest, job thus far has been to collect from customers who received preferences, non-existent principal or payouts of fake profits to the loss of other defrauded customers whose money was depleted by Madoff’s Ponzi scheme. With the help of Picard, SIPC has given $116 million to satisfy claims from more than 200 victims. In an effort to help those who have been affected by their Madoff investments, Picard created a “Hardship Case” program.


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