BREAKING NEWS

Madoff victims to receive additional $2.48 billion payout

By REUTERS

SEPTEMBER 20, 2012 17:05

Victims of Bernard Madoff's fraud will soon receive $2.48 billion to help cover their losses, more than tripling their total recovery to about $3.63 billion, the trustee liquidating the imprisoned swindler's firm said.

Checks ranging from $1,784 to $526.9 million were mailed on Wednesday to 1,230 former customers of Bernard L. Madoff Investment Securities LLC, according to trustee Irving Picard. The average payout is $2.02 million.

Madoff's victims earlier recovered $1.15 billion, including sums committed by the Securities Investor Protection Corp, which helps customers of failed brokerages.

Picard has recovered $9.15 billion, or 53 percent of the $17.3 billion he believes was lost in Madoff's Ponzi scheme. The trustee is holding some funds in reserve as some Madoff victims pursue their own cases to recover more money.

Picard said this litigation is delaying further distributions.

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