Madoff victims near full recovery of principal

Bernie Madoff

Victims of Bernard Madoff’s Ponzi scheme are set to begin 2018 with new checks totaling $584 million from the trustee unwinding the con man’s company, boosting total payouts to almost $11.4 billion.

Bloomberg News reports that the latest checks will range from $563 to almost $88 million, trustee Irving Picard said Monday. With the payments, more than half of Madoff’s customers who submitted approved claims to Picard - or 1,386 of 2,265 - will have recovered their lost principal in full.

The distribution is financed by $1.3 billion in settlements and recoveries since the last payout in February, Picard said. It’s the ninth so far. Additional recoveries and payments are expected for 2018, he said.

"Nearly a decade since the unmasking of the Madoff fraud, we are still finding and recovering millions of dollars for the victims of this complex global deception," Picard said in a statement.

The $12.8 billion recovered so far represents about 73 percent of the lost principal of $17.5 billion. Some of the money has been set aside pending resolution of lawsuits by victims seeking more cash than the trustee says they’re entitled to.

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Madoff Victims Near Full Recovery of Principal With Payout

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