First payouts to Madoff victims set to begin

October 5, 2011 03:16

The first checks to investors defrauded by Bernie Madoff will be mailed out on Wednesday, according to the trustee overseeing the liquidation of the investment fund.

That initial disbursement will total $312 million in recovered money, the trustee, Irving Picard said in a statement, and will represent a payout of about 4.6 cents for every $1 lost to the 1,230 accounts included.

"The need among many Madoff customers is urgent, and we are working to expedite these distributions," he said.

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