Ponzi scheme fraudster Bernard Madoff’s victims may be handed back a further $322m

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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.

Source Article from http://www.standard.co.uk/business/business-news/ponzi-scheme-fraudster-bernard-madoffs-victims-may-be-handed-back-a-further-322m-9942094.html

December 24, 2014 |
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