The Securities Investor Protection Corp. will advance more than $500 million to victims of Bernard Madoff's massive Ponzi scheme, the trustee charged with liquidating Madoff's investment firm said Wednesday. The amount is a fraction of the $4.43 billion in claims approved since Madoff's arrest in December, the trustee, Baker Hostetler's Irving H. Picard, said. Picard, who so far has recovered $1.4 billion for the estate, said the balance "will have to be paid out of the pro rata distributions we get."
October 30, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Securities Investor Protection Corp. will advance more than $500 million to victims of Bernard Madoff’s massive Ponzi scheme, the trustee charged with liquidating Madoff’s investment firm, said Wednesday in a conference call.
The amount is a fraction of the $4.43 billion in claims approved since Madoff’s arrest in December, the trustee, Irving H. Picard of Baker Hostetler, said.
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