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But more challenges remain. For example, some victims think Picard should factor inflation or interest when determining the amounts they should recover from their investments with Madoff. Picard disagrees. In a statement, Picard's chief counsel, David Sheehan, said that more money could be released to victims if they would drop such objections. Thousands of people invested with Madoff during a multi-decade fraud. His investment advisory service was a giant pyramid scheme, using money from new investors to pay returns to existing clients while financing a lavish lifestyle for him and cheating rich people, charities, celebrities and institutional investors. He pleaded guilty to federal fraud charges and is serving a 150-year prison sentence.
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