News Column

Bernie Madoff Victims to Receive Checks

Sept. 21, 2012
Bernard Madoff
Bernard Madoff

The trustee handling the case of New York Ponzi scheme operator Bernard Madoff said he mailed $2.5 billion in checks to 1,230 victims this week.

Convicted swindler Madoff is serving a 150-year sentence in a federal prison in North Carolina. With $17.3 billion in losses, the fraud that lasted for more than a decade is often reported to be the largest in history.

Court-appointed trustee Irving Picard said he sent checks averaging $2 million to some of the victims in the scheme.

The smallest check in the batch is for $1,784, while the largest is for $526.8 million, Picard said.

With this week's distribution of funds, Picard has sent out $3.6 billion to victims, CNNMoney reported Thursday.

He has recovered a total of $9.15 billion.

With the latest payment, 182 more victims will have recovered their losses in full, bringing the total number of closed claims to 1,074.

Another 1,048 claims remain open.



Source: Copyright United Press International 2012