October 5, 2011
Madoff victims getting first payout
Victims of Ponzi schemer Bernard Madoff are beginning to receive restitutions, according to The New York Times.
Irving Picard, the trustee in charge of liquidating the Madoff estate, said that $312 million in payments were to be distributed Wednesday to “Madoff’s defrauded customers.”
The payments, part of the first batch of payments being sent to victims, will be distributed to the holders of 1,230 Madoff accounts. The Times reported that the payouts represent a recovery of approximately 4.6 cents on the dollar of the fictional profits.
Madoff pleaded guilty in 2009 to 11 felonies for fabricating nearly $65 billion in profits to attract investors. He is serving a 150-year sentence at a federal prison in North Carolina.