Freemason Bro. Madoff's Victims Getting Another $464 Million

Bloomberg Markets

February 22, 2019

Madoff’s Victims Getting Another $464 Million

By Erik Larson

Victims of Bernard Madoff’s $19 billion Ponzi scheme will start receiving checks on Friday totaling $464 million from the trustee who’s been unwinding the con man’s business for the last decade.

The payout to 880 customers of Madoff’s bogus securities business boosts total distributions in the case to more than $12 billion, or 66.6 percent of each allowed claim, trustee Irving Picard said in a statement. The checks range from $429 to $66 million, the trustee’s office said.

The payout is $45 million more than the trustee announced in December, due to additional settlements with customers who profited from the scam. Picard for years has been suing Madoff investors who made money off the fraud by withdrawing more cash from their accounts than they put in.

Customers who suffered certified losses of as much as $1.49 million will have been paid in full after the distribution, the statement says. Friday’s payment is the 10th payout since the fund collapsed in December 2008.

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