Some Madoff clients to receive initial refunds
NEW YORK, USA
Some of the investors bilked by Wall Street swindler Bernard Madoff will soon be receiving some money back.
The trustee charged with recovering funds for customers of the jailed financier says some US$312 million will be distributed staring today on claims relating to 1,230 accounts.
Trustee Irving Picard has recovered about US$8.7 billion from investors who were paid fictitious profits by Madoff above the amount they invested.
That’s about half the roughly $17.3 billion lost by Madoff customers who have filed claims.
The bulk of the recovered funds can’t be paid out yet because they are tied up in litigation and appeals.
Madoff pleaded guilty to fraud charges and is serving a 150-year prison sentence in federal custody in North Carolina.
AP
