Madoff Victims to Get $1.42B; $10.9B Recovered Thus Far



Reuters reported that victims of Bernard Madoff’s Ponzi scheme can expect to soon receive about $1.42 billion to help cover their losses, after two U.S. judges authorized the payouts.

Reuters said in the first payout, customers who invested directly with Madoff will receive about $1.18 billion from Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities.

Reuters also said, citing court papers, former customers of J. Ezra Merkin, a New York money manager who funneled their money to Madoff through his Ariel and Gabriel Capital “feeder funds,” will receive nearly $236 million.

Picard has recovered or reached agreements to recover roughly $10.91 billion, about three-fifths of the $17.5 billion of principal he has said Madoff customers lost.


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