Madoff Payout - Seven years after Bernard Madoff's ponzi scheme crumbled in grand style, thousands of people he swindled off their monies are still getting reimbursed.
On Monday, Irving Picard, the trustee liquidating Madoff's firm, said he will be paying out another $355.8 million to the victims of the scheme. This brings the total amount distributed to victims to more than $ 7.2 billion.
According to Picard, the payout, which began on Feb. 6, covers claims from victims with over 1,000 accounts at the former Bernard L. Madoff Investment Securities LLC. Victims of the ponzi scheme, which spanned decades, would receive between $431 to $67.1 million.
Reports indicate that most of the monies paid to claimants came from last November's settlements involving Herald, Primeo and Senator 'feeder funds,' who Picard has accused of enabling Madoff by sending him customer money to further his scheme.
Picard said about 52 per cent - 1,160 of the entire 2,216 claimants - have been verified and found valid and have since been paid in full.
Out of the $7.2 million Madoff payout, $823.7 million were forwarded by Securities Investor Protection Corp, which assists in liquidating failed brokerages.
According to Reuters, Picard has been able to recover about $10.55 billion for Madoff's victims, which is about 60 percent of the estimated $17.5 billion.
Reports indicate that some the money is being held by ongoing cases, including some by former customers of Madoff's enterprise, who are challenging Picard's authorization to stop their competing claims.
Picard has filled over 1,000 lawsuits against feeder funds and other customers he describes as 'net winners' because they benefited more than they invested in Madoff's company.
76-year-old Bernard Madoff is serving a 150-year-prison sentence after pleading guilty to running a multi-million dollar fraud scheme that had been in operation for decades.
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