$6.3 million recovered for Bleidt victims
Nixon Peabody, the law firm that is a court-appointed receiver in the Bradford Bleidt fraud case, said today it has recovered $6.3 million of the roughly $30 million that Bleidt swindled from more than 125 investors.
In December, money manager Bleidt was sentenced to more than 11 years in prison for cheating his clients.
Nixon Peabody pursued broker-dealer firms that Bleidt had relationships with, arguing that the firms had an obligation to supervise Bleidt. Without admitting wrongdoing, the firms agreed to pay Bleidt's victims in excess of $6.3 million.
"Naturally, everybody's excited," said one victim, Mike Tenney, who said he recently received a check for an amount roughly equal to 20 percent of the $230,000 that he initially invested with Bleidt. (By Christopher Reidy, Globe Staff)
