Madoff Trustee Wants $43.2 Million for Four Months of Work

NEW YORK, NY - DECEMBER 17: Irving Picard, Securities Investor Protection Act Trustee, speaks at a news conference announcing the recovery of $7.2 billion in the Bernard Madoff Ponzi scheme December 17, 2010 in New York City. The widow of Florida philanthropist Jeffry Picower agreed to return the entire $7.2 billion Picower received from investing with Madoff. The funds will be distributed to the victims of the fraud. (Photo by Mario Tama/Getty Images) *** Local Caption *** Irving Picard Photo: Mario Tama/2010 Getty Images

Irving Picard, the trustee liquidating Bernie Madoff's investment firm, asked a judge to pay him and his firm $43.2 million for four months of work, as well as about $5.5 million in deferred fees. In the filing, Picard said he would bill the Madoff estate. But an audit report in March found that high fees in the liquidation of the firm could deplete the $2.5 billion fund of customer property the Securities Investor Protection Corp., a reserve fund mandated by Congress to protect customers of insolvent brokerage firms. Picard has filed more than 1,000 suits on behalf of investors and recovered more than $7.6 billion, out of about $17 billion in principal lost. [Bloomberg]