Madoff Ponzi Victims Begin Receiving Paybacks
By: Newsroom Solutions
Updated: October 5, 2011
Payback begins today for victims of Bernie Madoff's massive Ponzi scheme.
Irving Picard, who's acting as trustee for the liquidation of Madoff assets says the first 312-million dollars will be given to fraud victims with approved claims.
Bloomberg.com reports just over 12-hundred Madoff account holders will receive just under five-percent of the money they lost.
In a statement, Picard says there will be more coming in the future, pointing out some funds are tied up in appeals but, quote, "will ultimately be returned to their rightful owners."
Irving Picard, who's acting as trustee for the liquidation of Madoff assets says the first 312-million dollars will be given to fraud victims with approved claims.
Bloomberg.com reports just over 12-hundred Madoff account holders will receive just under five-percent of the money they lost.
In a statement, Picard says there will be more coming in the future, pointing out some funds are tied up in appeals but, quote, "will ultimately be returned to their rightful owners."
