Madoff Fraud Distributions Will Soon Pass $6 Billion

More than five years have passed since Irving Picard was first appointed trustee to oversee the liquidation of Bernard L. Madoff Investment Securities. The New York bankruptcy lawyer and his team have already recovered or entered into agreements to recover nearly $9.795 billion of the approximately $20 billion defrauded from Madoff’s investment customers. This week the trustee’s office announced that a fourth distribution will pay out another $349 million to the Ponzi scheme victims, bringing total payments to more than $6 billion (more than 46 percent of claimants’ losses). “Our commitment is simple: to recover the maximum amount of funds stolen in the Madoff Ponzi scheme and to distribute these funds to their rightful owners as quickly as possible,” Picard said in a statement. More on Bloomberg BusinessWeek here.

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