The trustee tasked with unwinding Bernie Madoff’s company is set to issue nearly $600 million to victims of the Ponzi scheme early next year. This payout will bring the grand total to almost $11.4 billion. The checks issued to former investors range from as little as $563 to upwards of $88 million. Irving Picard, the man tasked with returning these funds to duped investors, noted that even though it has been “[n]early a decade since the unmasking of the Madoff fraud, we are still finding and recovering millions of dollars for the victims of this complex global deception.” The $12.8 billion so far recovered represents around three-quarters of the total lost principal. Picard also commented that some funds have been isolated to accommodate prior investors seeking more in restitution than they are entitled.
See Erik Larson, Madoff Victims near Full Recovery of Principal with New Payout, Financial Advisor, December 18, 2017.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
