Streams

Madoff Victims Get Payouts

Wednesday, October 05, 2011

Victims of Bernard Madoff's Ponzi scheme are getting some of the money back.

Irving Picard, the trustee charged with recovering funds, said $312 million will be distributed to more than 1,200 accounts starting Wednesday.

Picard has so far recovered nearly $9 billion from investors who received fictitious profits Madoff paid them. The bulk of that money cannot be paid out yet because it's tied up in legal claims.

Madoff pleaded guilty to fraud charges and is serving a 150-year prison sentence in federal custody in North Carolina.

With the Associated Press

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Comments [1]

Indirect Victim from Colorado

Only SOME victims of Bernard Madoff's Ponzi scheme are getting their money back: the direct investors, most of whom knew Madoff and happily gave him their money. The Indirect Investors, most of whom had never heard of Madoff until we learned he had stolen our life savings, haven't gotten a cent. Why? because we trusted our funds to what we thought were safe, diversified fund managers. Our losses were just as real as the direct investors', and we lost to the same crime. The media should cover the plight of the Indirect Investors.

Oct. 06 2011 11:13 AM

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