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The Committee returned $100,000 of the Madoffs' contributions to Irving Picard, the bankruptcy trustee who oversees all claims, and Senator Charles E.
Schumer returned almost $30,000 received from Madoff and his relatives to the trustee. Dodd donated $1,500 to the Elie Wiesel Foundation for Humanity, a Madoff victim.
Although Madoff's wealth management business ultimately grew into a multibillion-dollar operation, none of the major derivatives firms traded with him because they did not believe his numbers were real.
None of the major Wall Street firms invested with him, and several high-ranking executives at those firms suspected his operations and claims were not legitimate.
The following day, FBI agents arrested Madoff and charged him with one count of securities fraud. On March 12, 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme.