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Madoff victims getting holiday treat with $1.1 million checks

Medoff, 77, arrested for $17.5 billion Ponzi scheme. He is serving a 150-year sentence.



A week before the anniversary of Madoff’s Dec. 11, 2008, trustee,  Irving Picard,  begins sending out a total of $1.2 billion in recovered funds, with checks averaging $1.1 million each. Two U.S. judges on Wednesday authorized the payouts.

According to Bloomberg, the distribution, which started Friday, boosts victims’ recoveries to $9.16 billion, or about 57 percent of the cash they lost, trustee Irving Picard said in a statement. Checks will range from $1, 298 to $202 million, he said. In 2012, Picard doled out payments totaling almost $5 billion.

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Picard said he’ll send out $320 million more after pending litigation is resolved.

Medoff, 77, arrested for $17.5 billion Ponzi scheme. He is serving a 150-year sentence.



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