Ponzi scheme fraudster Bernard Madoff’s victims may be handed back a further $322mComments Off on Ponzi scheme fraudster Bernard Madoff’s victims may be handed back a further $322m
That would push the recovered money handed back to burned investors beyond $7 billion. Irving Picard, the trustee of Madoff’s assets, is asking a New York bankruptcy judge to begin the fifth distribution of payments, which would average $299,900 and stretch from almost $400 to more than $60 million.
Picard puts the total that investors lost in the Ponzi scheme, which came to light six years ago, at $17.5 billion. The steady returns enjoyed by backers were in fact stemming cash from new investors, whilst Madoff creamed off funds to finance a lavish lifestyle.
The fraudster, 76, started a 150-year jail term in March 2009.