Investors Can Recover $405 Million in Payouts From Wall Street Swindler

Investors lost $1.2 billion to Wall Street swindler Bernard Madoff when they put their money into Ariel Fund Ltd., Gabriel Capital L.P., Ascot Fund Ltd. and Ascot Partners L.P.

Recently, Irving Picard, a Madoff trustee, challenged the settlement that his office made last year with J. Ezra Merkin. Merkin ran a “feeder fund” that channeled money from several investment companies to Madoff. A federal judge rejected this challenge, so now investors can receive $405 million in payouts.  

Merkin will also pay New York state $5 million for their efforts in recovering the money. 

See NY Judge OKs $405M Payout to Some Madoff Victims, Yahoo!Finance, Apr. 15, 2013. 

Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this article to my attention.