Author Topic: Another $350M Heading Back to Madoff Victims  (Read 230 times)

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Offline flowers

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Another $350M Heading Back to Madoff Victims
« on: May 05, 2014, 01:32:07 PM »

The trustee overseeing the distribution of funds to investors who lost money in Bernard Madoff’s massive Ponzi scheme said Monday a fourth installment of $351.6 million is on its way, bringing the total amount distributed to $6 billion.

Trustee Irving Picard said in a statement that the fourth distribution will be paid on claims tied to 1,081 accounts held by Bernard L. Madoff Investment Securities at the time of Madoff’s arrest in late 2008.

The average payment for an allowed claim issued in the current distribution will total about $325,000, according to the trustee. The smallest payment comes to about $500 and the largest payment is approximately $77.8 million.

“Today’s distribution is another important step forward for our recovery efforts,” Picard said in the statement. “We are already looking ahead to additional, significant recoveries and distributions later this year. While more than 1,100 victims have already recovered the full principal they lost in the fraud, we are working to restore all of the stolen funds to all of the approved claimants as quickly as possible.”

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