WASHINGTON, Sept. 20, 2012 /PRNewswire via COMTEX/ — SIPC Advances Used to Facilitate Recovery of $9.1 Billion for Customers
Nearly $2.5 billion in checks were mailed Wednesday (September 19, 2012) to victims in the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS). The Securities Investor Protection Corporation (SIPC) today applauded the hard work of Trustee Irving H. Picard and his attorneys in reaching that major milestone. Approximately $17.3 billion in principal is estimated to have been lost in the Ponzi scheme by direct BLMIS customers who filed claims. When combined with the funds already returned to BLMIS customers, the second interim distribution satisfies more than 50 percent of the total Madoff accounts with allowed claims. Nearly 1,100 accounts were covered by the second distribution. More on MarketWatch here.
