Published On: Thu, Feb 12th, 2015

Madoff Victim Reimbursement Reaches $7.2 Billion, with $10 Billion Still to Go

Some of the money not yet collected is held by former Madoff clients who are in legal disputes with the trustee.

Irving Picard / Source: YouTube

This week, Irving Picard, who is in charge of liquidating con man Bernard Madoff’s company, announced the payment of an additional $355.8 million to Madoff’s victims. And so the total amount the victims receive will reach more than $ 7.2 billion.

Picard said the new payout will go to more than 1, 000 different accounts at what used to be Bernard L. Madoff Investment Securities LLC. — the place where every year you received 12% on your principal investment, and didn’t ask any questions.

According to Picard, a total of 1, 160 claimants, out of 2, 216, have been vetted and approved, and will receive, sooner or later, everything they lost, more or less.

Picard has been able to recover about $10.55 billion of Madoff’s victims’ money, according to Reuters. It comes to roughly 60 percent of the estimated $17.5 billion in the collapsed scheme.

Some of the money not yet collected is held by former Madoff clients who are in legal disputes with Picard, challenging his right to block their claims which compete with his own.

Picard is targeting more than 1, 000 Madoff customers whom he claims walked away with more than their initial investment — he calls them the net winners. Those would normally be Madoff’s earliest clients, who were just as innocent as the rest of his victims, but because of the length of their investment period ended up unhurt when the thing came crashing down.

Picard wants their money, saying it was ill gotten profit.

Meanwhile, Bernard Madoff is still serving his 150-year sentence. He is 76, so he should be out in the mid 2100s.

Read more about: , , , , , , , , , , , , , , , , ,

Wordpress site Developed by Fixing WordPress Problems