Irving Picard has emerged as a controversial figure in the on-going Bernard Madoff drama. He was appointed by a judge to recover all funds tied to the epic Ponzi scheme and provide restitution to victims. So, how's he doing?

He has won about $10 billion back, Bloomberg reports. That compares with the $20 billion in principal that he estimates was lost to Madoff.

Madoff himself told the New York Times he thinks Picard should stop when he recovers the $20 billion. Instead, Picard is going for much more. In fact, he has laid claim to roughly $100 billion in ill-gotten gains.

Is he going overboard? Some smaller "net winners" have claimed they were being victimized by Picard's zeal. He has responded that he will use discretion, implying that if smaller net winners cannot pay back the funds, he will understand.

At the same time, Picard has not shied away from lobbing explosive charges at the likes of JPMorgan Chase, whom Picard has sued for $6.4 billion. Picard has charged the bank essentially turned the other way, ignoring evidence of foul play by its client.

We may see some interesting settlements soon. Certainly, this has been a career maker for Picard. His law firm Baker & Hostetler has received more than $100 million and that will only go higher. The fees will likely be paid by the SIPC.

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