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.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
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.
