Madoff trustee tells judge about $950 million recovered

A trustee liquidating Bernard Madoff's investment firm told a federal judge on Wednesday that nearly $950 million in cash and securities has been recovered for investors. Trustee Irving Picard told Judge Burton Lifland about the recovery during a hearing in US Bankruptcy Court. Madoff has said he ran a giant pyramid scam, which promises unusually high returns and pays early investors with money from later investors. Picard said $111.4 million in cash had been recovered from financial institutions, adding that about $300 million in securities were identified but it was unclear what they were worth.