Madoff Fraud Recovery for Bilked Investors Tops $10 Billion

The trustee unwinding Bernard Madoff’s defunct investment firm said he surpassed $10 billion in recoveries for victims — or about 59 percent of the principal lost in the Ponzi scheme — after reaching a deal with two offshore funds that funneled money to the fraud.
Primeo Fund and Herald Fund, both based in the Cayman Islands, agreed to pay a total of $497 million to end lawsuits over their withdrawals from Madoff’s investment advisory business, the trustee, Irving Picard, said today in a statement.
If the settlement is approved, the total amount recovered by Picard’s team of lawyers over the past six years will total more than $10.3 billion of the $17.5 billion lost by thousand of investors when Madoff’s scheme unraveled in December 2008. More on Bloomberg here.