Ten months after the U.S. Justice Department hired an expert to distribute $2.3bn in recovered Bernie Madoff loot, the cash is sitting in a bank account with no clear plan for it to be distributed to victims.
The New York Post reports that for burned investors of the convicted Ponzi king, it may be later rather than sooner before they are reunited with their lost investments, according to a recent update posted on the Madoff Victim Fund website.
In the controversial update, Richard Breeden, the former chairman of the Securities and Exchange Commission who was retained last December to distribute the cash, said he has not yet devised a process to determine who gets paid.
Breeden said that process 'takes time' and is 'more complicated' than simply paying those on the already established bankruptcy-court victims list.
Breeden posted the update, he said, because he was getting a lot of questions about when the payout would start. Instead, the update has only served to anger folks hoping for a speedier payout.
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