Bernard Madoff’s victims will have a bit more to spend on holiday gifts this year as the trustee unwinding his fraud begins sending out a total of $1.2bn in recovered funds, with checks averaging $1.1m each.
Bloomberg News' Erik Larsen reports that the biggest payout to victims in more than three years comes a week before the anniversary of Madoff’s December 11, 2008, arrest, when thousands of retirees, charities, investment funds and other clients discovered they’d lost $17.5bn in principal to his decades-long Ponzi scheme.
The distribution boosts victims’ recoveries to $9.16bn, or about 57% of the cash they lost, trustee Irving Picard said in a statement. Checks will range from $1,298 to $202m, he said, and when the payout is complete almost 1,300 victims will have recovered their investments. It’s the sixth distribution of funds. In 2012, Picard doled out payments totalling almost $5bn.
To access the complete Bloomberg News article hit the link below: