Madoff victims in line for $2.48bn payout

 
City A.M. Reporter
ims

ims of Bernard Madoff's Ponzi scheme will receive a $2.48bn (£1.53bn) payout to help cover their losses, the trustee liquidating his firm said today.

This is in addition to $1.15bn recovered earlier, with total victims’ distributions currently at more than $3.6bn.

Cheques for $1,784 up to $526.9m were sent yesterday to the 1,230 victims of his scheme. The average payout per person is currently $2.02m.

Irving Picard, trustee of Bernard L. Madoff Investment Securities, is in charge of liquidating Madoff’s assets.

He said today: “As of 20 September, we have recovered or entered into agreements to recover more than $9.1bn.”

Ongoing litigation is preventing further distributions, Picard added, although he suggested it would make a third distribution as soon as it is practicable.

Victims of Madoff’s scheme had originally invested close to $17.3bn over several decades.