Saturday, 25 February 2017
Last updated 19 hours ago
Mar 26 2014 | 10:10am ET
A day after five former employees of Bernard Madoff were convicted of aiding and abetting his $65 billion Ponzi scheme, the man charged with unraveling it has more good news for victims.
Irving Picard, the court-appointed trustee collecting money to return to Madoff’s investors, said yesterday that he’ll ask a court to allow him to make a fourth distribution to victims. The latest checks, totaling $349 million, come primarily from JPMorgan Chase’s $325 million settlement with Picard, part of its $2.7 billion accord to end a federal criminal investigation into its role in the Madoff scam.
If approved, the latest round of restitution would bring the total returned to victims to about 46% of the $11.05 billion in claims Picard has accepted.
“Our commitment is simple: to recover the maximum amount of funds stolen in the Madoff Ponzi scheme and to distribute these funds to their rightful owners as quickly as possible,” Picard said. “Our legal team remains focused on overcoming the remaining challenges that delay additional, even larger, distributions, and bringing more money into the customer fund.”