After the discovery of Bernard Madoff’s multibillion dollar Ponzi scheme in 2008, a variety of investors found themselves ensnared in Irving Picard’s efforts to recoup funds recently withdrawn from Madoff accounts.
One of those was a nonprofit set up by the conceptual artist duo Arakawa and Madeline Gins. The couple was perhaps best known for their work exploring the idea of not dying through architecture. The $20 million they believed was invested in Madoff accounts proved to be, like so much connected to Madoff, illusory.
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