Madoff Trustee vs. Carl Shapiro: A Public Airing Begins


The trustee in the Madoff case has identified 2,568 investors who could be forced to return money, with Boston philanthropist Carl Shapiro one of the biggest among them.

Philanthropist got $1b in fake profit, Madoff trustee says

The trustee in the Bernard Madoff case is accusing Boston philanthropist Carl Shapiro and his family foundation of reaping $1 billion in fictitious profits from investments over 40 years, calling the Shapiros among the “largest beneficiaries’’ of Madoff’s Ponzi scheme.

The trustee, Irving Picard, made the allegations in a court filing last week, after months of private negotiations between his office and lawyers for the 96-year-old Shapiro broke down.