Updated at: 12/10/2012 12:06 PM
(AP) NEW YORK - One of the lawyers chasing the assets of jailed Ponzi king Bernard Madoff remembers a day four years ago when he didn’t know who Madoff was.
David Sheehan has spent nearly every day since trying to recover as much as possible of the $17.5 billion in losses calculated since Madoff was arrested on Dec. 11, 2008.
He’s the chief counsel for the trustee tasked with recovering the losses. They have secured nearly $9.3 billion so far and hope to collect at least $3 billion more.
If all goes as planned, he says the losses will be cut to around $5 billion of the original amounts thousands of investors put into Madoff’s sham investment business.
Sheehan says it’s more than they thought possible when they started four years ago.
(Copyright 2012 by The Associated Press. All Rights Reserved.)