Madoff Victims Get Payouts

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